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Savings account to pay regular bills
Comments
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If they want to use a product for which it isn't designed, that's not my problem or fault.
What are you talking about? Nobody has blamed you for anything.
I have explained to you how a regular saver could actually be a better option than an easy access account. Your comment makes no sense.I use Regular Savers to save regularly, not to use to pay bills.
Nobody is stopping you from doing that. What is your point?
The right regular saver can be used to save money to meet annual bills. I have explained this to you, and shown you the interest that could be earned.
What you choose to do is your own business. I have tried to help the OP by showing the potential benefits of using the right regular saver for their needs. You have tried to pick an argument and been wrong in what you said. You have then taken the hump when it was shown that you were wrong (and not for the first, or even the second time).Even if I wanted to, I couldn't because they both only allow one penalty free withdrawal per year.
And your point is?
The regular savers you have might only allow this, but I have already shown you that there are other regular savers available with more flexible terms and conditions. Your use of a different product is utterly irrelevant.Telling someone to use a Regular Saver as an Easy Access account, when you've already provided proof that a tiny percentage of Regular Savers allow unlimited withdrawals, isn't exactly a good choice either.
What? Are you for real?
I have shown how two products that are easily available to customers offer a potentially better deal than an easy access savings account. How is that not a good choice?Even if you do choose Nationwide or Santander, provided you have the Current Account that it links to (which both pay interest, by the way) and provided you want to bank with either of those (which you didn't factor in), if you use the balance you've saved 8 months in, you won't get any interest at the end of the 12 months because you only get interest on your balance. That is a flaw, and it's not an idea that I put forward.
Again, you're making no sense. I'll deal with each of those points in turn:
1) "Even if you do choose Nationwide or Santander, provided you have the Current Account that it links to (which both pay interest, by the way) ": Yes Santander 123 and Nationwide FlexDirect do both pay interest. So what? In the case of Santander, it is less than the regular saver (1.5%, but with a £5 p/m fee, equating to an actual rate of 1.2% - this can be improved through use of direct debits earning cashback, but it will never be more than 1.5%), and in the case of Nationwide it is the same, but only for the first year. After that, a new regular saver can be opened at 5%, while the current account only pays 1%. How do the linked current accounts paying some interest make the regular savers a bad choice? And as I have explained to you previously, it is entirely possible to open a new current account.
2) "and provided you want to bank with either of those (which you didn't factor in)": All of this is dependent on whether somebody wants to bank with a particular company. Your point is nonsense (again). Recommending any account requires that the potential customer wants to use that bank. :wall: I have no idea why you think I "didn't factor that in". By suggesting these products, which are linked to current accounts, I was obviously "factoring in" that the OP would need to open one of those accounts (if he didn't already have one).
3) "if you use the balance you've saved 8 months in, you won't get any interest at the end of the 12 months because you only get interest on your balance.": Yes, what's your point? The interest earned in those hypothetical 8 months is still greater than you will earn in the easy access savings account over the same time period or, indeed, over the full 12 months. I'm going to make this really clear for you: YOU WILL EARN MORE INTEREST IN THE REGULAR SAVER.
4) "That is a flaw, and it's not an idea that I put forward." No, it isn't a flaw. It is exactly how it should work. Why aren't you getting this? Nobody said that you had proposed it! Don't be so solipsistic.
Although it isn't the first time, is it? https://forums.moneysavingexpert.com/discussion/comment/73818995#Comment_73818995If you don't max out a Regular Saver, there isn't much point, no. It is fact.
No, it isn't a fact it is your opinion and, as I have already demonstrated by providing the figures, it is a flawed opinion. The facts actually support what I have said. I have already explained to you, in a previous thread (linked below), the difference between fact and opinion. You made the same mistake there too by asserting that your opinion was a fact and you didn't need any evidence to prove it. :wall:Some will pay out £35 on a max deposit. Don't save full amount and you might get a fiver or tenner. Wow, big woop!
Wrong again! I have already shown the figures and proved that you are wrong. You are now plucking numbers out of the air in the desperate hope that it will prove you right: it won't.You can't deny that maxing out a Regular Saver to get the max interest isn't the best scenario (if you can, otherwise it's a long wait for £5).
You still don't seem to get this, do you? It isn't £5. See my previous post (#18), where I gave you a worked example.I haven't objected to someone using a Regular Saver for what you're saying, I'm saying I don't think it's necessarily the best option because of the restriction most place on them.
And I have shown you where it is a better option than an easy access savings account. Why can't you just accept that you made a mistake? Is your ego really that fragile?The whole point is to save regularly so you build up a pot which you can either leave or put toward something at the end of the term, presumably someone of average intelligence can deduce that from the name of the product :beer:
The "whole point" is to use the account however you wish. There are no laws that say you must use it a certain way, so each person may use it in whatever way is to their best advantage. What you do is not what everyone else must do. There's your solipsism again.
If average intelligence results in you not being able to understand the very clear explanation I gave in post #18 then God help us.
If you still don't understand then I can't help you. Perhaps you should get rid of the chip on your shoulder and be prepared to accept that somebody thought of something you didn't. Get used to that happening in life, because it is going to happen a lot more. Learning some humility and good grace will benefit you in the future.
By the way, are you ever going to back up your previous statements in other threads that, "some banks are wising up to [people moving money in an out to meet funding requirements]" ? You've said it twice and been challenged on it twice, but have thus far failed to back it up:
https://forums.moneysavingexpert.com/discussion/comment/73868452#Comment_73868452
https://forums.moneysavingexpert.com/discussion/5783066
(I won't draw your - or anyone else's - attention to the other nonsense you wrote in the second of those threads about bank closures etc.).0 -
Regular Savers may or may not be the best option, but if the account is one which allows withdrawals without any penalty, then it makes sense to get the best rate possible on whatever amount, whether that be maxing the account or not. Once the FlexDirect 5% year has been used, Nationwide and Santander Regular Savers are the next best thing. Interest is calculated daily and added at maturity, so even if the account balance is much lower than it has been previously, there will still be interest due.
If the interest may be required to put towards bills, then of course an interest paying current account or an Easy Access Account with a monthly interest option will be the way to go.0 -
Regular Savers may or may not be the best option, but if the account is one which allows withdrawals without any penalty, then it makes sense to get the best rate possible on whatever amount, whether that be maxing the account or not. Once the FlexDirect 5% year has been used, Nationwide and Santander Regular Savers are the next best thing. Interest is calculated daily and added at maturity, so even if the account balance is much lower than it has been previously, there will still be interest due.
If the interest may be required to put towards bills, then of course an interest paying current account or an Easy Access Account with a monthly interest option will be the way to go.
What do you mean by when the Flexdirect has been used? The day you one a Flexdirect Account, you can open the linked regular saver and save into it from the Flexdirect account and have both going at the same time for 12 months.
You'll only get interest on the what your balance is halfway though at the end of the term. You get interest on the average balance, not the whole balance end of term.0 -
ValiantSon wrote: »What are you talking about? Nobody has blamed you for anything.
I have explained to you how a regular saver could actually be a better option than an easy access account. Your comment makes no sense.
You said that the my so-called flaws would cause someone to make a 'less good choice'. I'm not telling anyone what to do, but again the whole point of a Regular Saver is to save regularly, not to use it as an easy access account to pay bills 3 months into a 12 month term.ValiantSon wrote: »Nobody is stopping you from doing that. What is your point?
I didn't say anyone was, so what's your point?ValiantSon wrote: »The right regular saver can be used to save money to meet annual bills. I have explained this to you, and shown you the interest that could be earned.
What you choose to do is your own business. I have tried to help the OP by showing the potential benefits of using the right regular saver for their needs. You have tried to pick an argument and been wrong in what you said. You have then taken the hump when it was shown that you were wrong (and not for the first, or even the second time).
They can all be used to pay bills, if you deposit the max, or as much as you can watch month, until the end of the term when it becomes easy access with the most interest accrued and you can use it for what you wish. I'm not wrong with that. It's not me who sounds like he has the hump tbh.ValiantSon wrote: »And your point is?
The regular savers you have might only allow this, but I have already shown you that there are other regular savers available with more flexible terms and conditions. Your use of a different product is utterly irrelevant.
Yeah, two.... Which require you to have a linked current account, meaning you'd have to most likely switch as well (provided someone wants to). My use is the same product, still a regular saver... :TValiantSon wrote: »What? Are you for real?
I have shown how two products that are easily available to customers offer a potentially better deal than an easy access savings account. How is that not a good choice?
Yep, I'm not an AI. They aren't really easily available. You're credit checked for a current account, your credit checked when switching, you'd have to switch, and if you switch away the RS would atomically close. So these two examples aren't actually easily available.ValiantSon wrote: »Again, you're making no sense. I'll deal with each of those points in turn:
1) "Even if you do choose Nationwide or Santander, provided you have the Current Account that it links to (which both pay interest, by the way) ": Yes Santander 123 and Nationwide FlexDirect do both pay interest. So what? In the case of Santander, it is less than the regular saver (1.5%, but with a £5 p/m fee, equating to an actual rate of 1.2% - this can be improved through use of direct debits earning cashback, but it will never be more than 1.5%), and in the case of Nationwide it is the same, but only for the first year. After that, a new regular saver can be opened at 5%, while the current account only pays 1%. How do the linked current accounts paying some interest make the regular savers a bad choice? And as I have explained to you previously, it is entirely possible to open a new current account.
Yeah I know, I've had both the 123 and the Flexdirect, so what is your point? Your explaining this to me is utterly irrelevant.ValiantSon wrote: »2) "and provided you want to bank with either of those (which you didn't factor in)": All of this is dependent on whether somebody wants to bank with a particular company. Your point is nonsense (again). Recommending any account requires that the potential customer wants to use that bank. :wall: I have no idea why you think I "didn't factor that in". By suggesting these products, which are linked to current accounts, I was obviously "factoring in" that the OP would need to open one of those accounts (if he didn't already have one).
I was just checking you actually knew what you was talking about, take a chill pill Bill.ValiantSon wrote: »3) "if you use the balance you've saved 8 months in, you won't get any interest at the end of the 12 months because you only get interest on your balance.": Yes, what's your point? The interest earned in those hypothetical 8 months is still greater than you will earn in the easy access savings account over the same time period or, indeed, over the full 12 months. I'm going to make this really clear for you: YOU WILL EARN MORE INTEREST IN THE REGULAR SAVER.
Yeah I know, I have two regular savers. Your explaining this to me is utterly irrelevant. For the fourth or fifth time, I never said RS doesn't pay out more than EA. I'm not sure why you keep harping on about it because I said we agree on that. But that's not the original point was making, which you still don't seem to understand.ValiantSon wrote: »4) "That is a flaw, and it's not an idea that I put forward." No, it isn't a flaw. It is exactly how it should work. Why aren't you getting this? Nobody said that you had proposed it! Don't be so solipsistic.
Well, it is, because you won't get interest on what you've deposit as you would have withdrawn it already. And you can't make up the balance later. That's a flaw on the customers part. But once again, if they want to use it purely as EA and not to primarily save in, their choice.ValiantSon wrote: »Although it isn't the first time, is it? https://forums.moneysavingexpert.com/discussion/comment/73818995#Comment_73818995
First time someone behaves like you? No, I agree with you on that too.ValiantSon wrote: »No, it isn't a fact it is your opinion and, as I have already demonstrated by providing the figures, it is a flawed opinion. The facts actually support what I have said. I have already explained to you, in a previous thread (linked below), the difference between fact and opinion. You made the same mistake there too by asserting that your opinion was a fact and you didn't need any evidence to prove it. :wall:
If you put £50 a month into the Nationwide RS for 12 months, you'd get £16. Can't pay car insurance and tax and other bills with £616, and definitely not six months in, you'd have half that. £250, you'd get £80. You could pay car insurance, car tax and other bills with £3,080. FACT. Worth waiting 12 months for that. Do you even know how interest accrual works?ValiantSon wrote: »Wrong again! I have already shown the figures and proved that you are wrong. You are now plucking numbers out of the air in the desperate hope that it will prove you right: it won't.
Wrong again! I have already shown the figures and proved you are wrong. You haven't even provided numbers in the desperate hope it will prove you right. It can't.ValiantSon wrote: »You still don't seem to get this, do you? It isn't £5. See my previous post (#18), where I gave you a worked example.
Actually with Halifax you'd get £3 depositing £25 a month for 12 months. :beer:ValiantSon wrote: »And I have shown you where it is a better option than an easy access savings account. Why can't you just accept that you made a mistake? Is your ego really that fragile?
Because it isn't if you can only withdraw once per year or not all. Can't you accept that. You're basing this all off of two RS. Tiny proportion. Is your ego really that fragile?ValiantSon wrote: »The "whole point" is to use the account however you wish. There are no laws that say you must use it a certain way, so each person may use it in whatever way is to their best advantage. What you do is not what everyone else must do. There's your solipsism again.
If average intelligence results in you not being able to understand the very clear explanation I gave in post #18 then God help us.
If you still don't understand then I can't help you. Perhaps you should get rid of the chip on your shoulder and be prepared to accept that somebody thought of something you didn't. Get used to that happening in life, because it is going to happen a lot more. Learning some humility and good grace will benefit you in the future.
I never asked for help, tbh. I wasn't actually replying to you in the first instance. It's you who replied to me, so chew on that.ValiantSon wrote: »By the way, are you ever going to back up your previous statements in other threads that, "some banks are wising up to [people moving money in an out to meet funding requirements]" ? You've said it twice and been challenged on it twice, but have thus far failed to back it up:
No, the clue is in the name. Regular Saver, to save regularly. If you can't work that out then no wonder you refuse to see what others say. It's not my fault your blind sighted, narrow minded and refuse to see others opinions. You still can't recognise that I'm not actually disagreeing with the bottom line here, and that is hilarious that you can't even see that. I have never disputed that, if your provider lets you, using an RS as easy access pays out more than an easy access account. I'm was just highlighting the restrictions and flaws. You're just like the other one who thinks everyone should do everything his way and gets offended when people do things different to him despite it having no bearing on you. Comical.ValiantSon wrote: »https://forums.moneysavingexpert.com/discussion/comment/73868452#Comment_73868452
https://forums.moneysavingexpert.com/discussion/5783066
(I won't draw your - or anyone else's - attention to the other nonsense you wrote in the second of those threads about bank closures etc.).
I won't even comment on your stalking. Pretty creepy. And don't bother replying because I won't be checking back to look. I'm stultified beyond comprehension now.0 -
What do you mean by when the Flexdirect has been used? The day you one a Flexdirect Account, you can open the linked regular saver and save into it from the Flexdirect account and have both going at the same time for 12 months.
If you cared to read it more carefully, you would see that I actually said, "Once the FlexDirect 5% year has been used, Nationwide and Santander Regular Savers are the next best thing. FlexDirect only pays 5% for one year, after that it pays 1%. I'd have thought it was pretty self-explanatory.You'll only get interest on the what your balance is halfway though at the end of the term. You get interest on the average balance, not the whole balance end of term.
I understand how the interest works and (repeating myself for the umpteenth time) I have given you the calculations of what this means for interest earned paying £250 p/m in a regular saver at 5%, versus an easy access account at 1.35%.
Once again, and take great care in reading this: YOU EARN MORE INTEREST IN THE REGULAR AVER THAN YOU DO IN THE EASY ACCESS SAVINGS ACCOUNT!0 -
For the two in question, no you wouldn't. I'm only aware of M&S requiring a switch to qualify for the regular saver. There must be more that I'm missing though, otherwise you wouldn't have claimed "most likely". Please could you list them.Yeah, two.... Which require you to have a linked current account, meaning you'd have to most likely switch as well (provided someone wants to).
I wish you would, because I asked you a question there. Since you're not checking back I'll ask you again here...And don't bother replying because I won't be checking back to look.
You claimed banks were wising up on those crediting accounts by FP, and were now asking for a salary credit instead. I asked which banks these were (of those paying interest, rewards, etc). Please could you answer here. To try and entice you into replying, I'll donate £10 to charity for each and every one on your list (that I can verify online). Deal?0 -
Not strictly true. You get interest on the daily balance, which probably averages to more than the balance at the halfway point.You'll only get interest on the what your balance is halfway though at the end of the term. You get interest on the average balance, not the whole balance end of term.
In particular, if you don't change the day of the monthly subscription, you'll get interest on the final balance (before interest) for the last month.Eco Miser
Saving money for well over half a century0 -
You said that the my so-called flaws would cause someone to make a 'less good choice'. I'm not telling anyone what to do, but again the whole point of a Regular Saver is to save regularly, not to use it as an easy access account to pay bills 3 months into a 12 month term.
You are still not getting it, are you? You can use it however you want within the terms and conditions of the account. This is not a complex idea.I didn't say anyone was, so what's your point?
My point is pretty obvious: you are arguing that a regular saver shouldn't be used in the way described because you have chosen not to - this is an egocentric and solipsistic attitude (and utter nonsense).They can all be used to pay bills, if you deposit the max, or as much as you can watch month, until the end of the term when it becomes easy access with the most interest accrued and you can use it for what you wish. I'm not wrong with that. It's not me who sounds like he has the hump tbh.
You are the person who is trying to argue against a demonstrated fact. There are only two possible reasons for this: you are either a) too thin-skinned to accept that someone else knew more than you; or b) you lack the capacity to understand.
As to me taking the hump, all I can say is that I am not the one who is trying to argue a point that has already been proven wrong.
And you are still trying to argue it! :wall:Yeah, two.... Which require you to have a linked current account, meaning you'd have to most likely switch as well (provided someone wants to). My use is the same product, still a regular saver... :T
I'm glad that you are applauding yourself because there is no reason why anyone else would do so!
You don't need to switch an account to open a new bank account. Again, you are talking rubbish.
Yes, I have identified two regular savers that allow you to do what I have described. How is this a point in your favour? There are two easily available products that prove I am correct. :wall:Yep, I'm not an AI. They aren't really easily available. You're credit checked for a current account, your credit checked when switching, you'd have to switch, and if you switch away the RS would atomically close. So these two examples aren't actually easily available.
Given that AI stands for, "artificial intelligence", I am prepared to accept that.
They are easily available. You are talking rubbish again. You don't have to switch! A credit check is not some terrible and insurmountable problem. Lots of people regularly apply for bank accounts (and other financial products) requiring a credit search. They are still living, and have the account/product that they applied for. They are easily available and you are just wrong.
Why would anyone switch away from a current account where they were benefiting from a linked regular saver that they wished to continue using. You don't half write a lot of twaddle!Yeah I know, I've had both the 123 and the Flexdirect, so what is your point? Your explaining this to me is utterly irrelevant.
It isn't irrelevant, I was responding to your comment that tried to make out that this was some sort of problem. It is in't.
I know that you find following a logical argument difficult, but do try to keep up.I was just checking you actually knew what you was talking about, take a chill pill Bill.
You were checking that I knew what I was talking about? :rotfl: Wow, your arrogance knows no bounds.
By the way, what you actually meant to write was, "I was just checking [that] you actually knew what you [STRIKE]was[/STRIKE] were talking about[STRIKE],[/STRIKE]. [STRIKE]t[/STRIKE]Take a chill pill[,] Bill." (There is no charge for correcting that for you).Yeah I know, I have two regular savers. Your explaining this to me is utterly irrelevant. For the fourth or fifth time, I never said RS doesn't pay out more than EA. I'm not sure why you keep harping on about it because I said we agree on that. But that's not the original point was making, which you still don't seem to understand.
You don't understand it because you keep repeating the point (already proven incorrect) that an easy access savings account is a better option than a regular saver. I fully understand what you are saying, but what you are saying is wrong (as I have demonstrated). :wall:
It isn't irrelevant. I was explaining (for the umpteenth time) that taking the hypothetical 8 month period, a regular saver with easy access terms (which exists) pays more interest. You keep trying to argue against this, even though I have shown you the calculations.Well, it is, because you won't get interest on what you've deposit as you would have withdrawn it already. And you can't make up the balance later. That's a flaw on the customers part. But once again, if they want to use it purely as EA and not to primarily save in, their choice.
And still you don't get it! Firstly, you will get interest on the deposits made after withdrawal, and any balance remaining from before. Secondly, you can continue to make deposits after withdrawing money. It isn't a flaw. You are simply wrong.First time someone behaves like you? No, I agree with you on that too.
By that I assume you mean that someone has corrected you when you were wrong about something previously. Welcome to the realities of life. You are not right about everything and people will correct you. Get used to it.If you put £50 a month into the Nationwide RS for 12 months, you'd get £16. Can't pay car insurance and tax and other bills with £616, and definitely not six months in, you'd have half that.
Where has this £50 p/m suddenly come from? You are inventing numbers again to try and desperately prove your point. I was talking about depositing the full £250 every month.
£50 p/m gives £16.13 interest, but six months does not give half of that figure. Six months would give £4.31. With £250 p/m, six months would result in interest of £21.53, whereas 12 months would give £80.64. It is you who doesn't understand how interest works, as you have so amply demonstrated, but thanks for giving me another example to add to the list.
I could pay my car tax and insurance with £616. Again, not everyone is just like you, so not everyone has the same bills as you. Nonetheless, this is an utterly specious argument because you have invented your own figures, rather than taken the reasonable assumption that someone would pay the maximum available into the regular saver, and, furthermore, they would still have more interest than they would in an easy access saver.You could pay car insurance, car tax and other bills with £3,080. FACT. Worth waiting 12 months for that. Do you even know how interest accrual works?
Yes, I do know how interest accrual works, thanks, but as I've already demonstrated, you appear not to. :rotfl:
Thanks for giving me that, "FACT". Sadly for you it isn't a fact. You are making assumptions about what somebody else's bills would come to. Egocentric and solipsistic once again.Wrong again! I have already shown the figures and proved you are wrong. You haven't even provided numbers in the desperate hope it will prove you right. It can't.
What on earth are you on about? I have provided the figures. I did so in post #18, which I have referred you back to. :wall:Actually with Halifax you'd get £3 depositing £25 a month for 12 months. :beer:
!!!!!!? This doesn't relate to anything I have said. What are you on about?
If you are referring to Halifax's regular saver, then you would earn £4.05 in interest on £25 p/m over 12 months. It pays 2.5%. If you are referring to the £3 p/m reward on their Reward Current Account, then you wouldn't get anything on a £25 p/m deposit. To earn the reward you would need to pay in £750 p/m (although not keep it there) and pay out two different direct debits.
I'd stop drinking that beer if I were you, as it seems to be rotting your brain cells.Because it isn't if you can only withdraw once per year or not all. Can't you accept that. You're basing this all off of two RS. Tiny proportion. Is your ego really that fragile?
I've already dealt with this and you are just wrong.I never asked for help, tbh. I wasn't actually replying to you in the first instance. It's you who replied to me, so chew on that.
Such erudition!No, the clue is in the name. Regular Saver, to save regularly. If you can't work that out then no wonder you refuse to see what others say. It's not my fault your blind sighted, narrow minded and refuse to see others opinions. You still can't recognise that I'm not actually disagreeing with the bottom line here, and that is hilarious that you can't even see that. I have never disputed that, if your provider lets you, using an RS as easy access pays out more than an easy access account. I'm was just highlighting the restrictions and flaws. You're just like the other one who thinks everyone should do everything his way and gets offended when people do things different to him despite it having no bearing on you. Comical.
Putting all the ranting drivel aside, if you'd care to actually read the question again, I asked if you were ever going to justify your statements about banks, "getting wise" to people moving money between accounts to meet funding requirements on current accounts.I won't even comment on your stalking. Pretty creepy. And don't bother replying because I won't be checking back to look. I'm stultified beyond comprehension now.
It isn't stalking. You have said a number of grossly ignorant things in a number of different threads. I have a memory and referred back to them. It takes all of about two minutes to find the links.
You are either a troll, unspeakably fragile and arrogant, or just not very bright.0 -
What do you mean by when the Flexdirect has been used? The day you one a Flexdirect Account, you can open the linked regular saver and save into it from the Flexdirect account and have both going at the same time for 12 months.
You'll only get interest on the what your balance is halfway though at the end of the term. You get interest on the average balance, not the whole balance end of term.
By when the FlexDirect has been used I am referring to the fact that is now a one time offer only, with the 5% rate lasting for a year only. If the original poster sought to maximise the rate of interest earned on their savings, the only way to earn 5% (with their deposits FSCS protected) after this year is currently in Regular Savings Accounts. Of course it makes sense to use both the FlexDirect and the Regular Saver in Year 1.
Both the Regular Savers paying 5% that may suit the original poster due to withdrawals being allowed state that interest is calculated daily and paid annually/on maturity, or in Nationwide's case on closure. See
https://www.nationwide.co.uk/products/savings/flexclusive-regular-saver/features-and-benefits and https://www.santander.co.uk/uk/savings/regular-esaver. Of course you don't get interest on the whole balance at the end of the term, as they will only pay interest on the money that is in the account for the time that is in the account. I was simply saying that the OP does not lose any of the interest already earned if the money is withdrawn before the end of the 12 month term and used to pay bills, which was suggested in an earlier post.
As for the suggestion that the accounts should not be used to store money that might be needed to pay bills, there is nothing in the terms and conditions to prevent this. Accounts that don't suit the purpose due to not allowing withdrawals or paying a lower rate of interest in the event of early closure have not been recommended. As long as the terms and conditions are complied with, it is up to the individual how they use the account. Similarly, current accounts aren't intended as savings accounts, but many people use them as such.0
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