Savings Account vs Current Account when the Current Acct has same interest as Savings Account

ceredigion

YorkshireBoy wrote: »

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Nice to have you back fella.

bp5678

Katiehound wrote: »

For the Tesco current a/c you will need DDs. Not sure how many, maybe 3? (for each a/c) There is also a minimum pay in per month.
Sorry can't be more helpful- my a/cs are subject to earlier & less restrictive conditions.

You could feed £250 pm into the Nationwide RS which pays 5%.

Could my 3 DD's be money moving from one account to another?

Also could the £750 pay in be paid from an existing account?

bp5678

londoninvestor wrote: »

A good point which didn't strike me until others made it on this board is that savings accounts are arguably more secure, in the sense that there are fewer ways for money to get out of them - usually you can only withdraw to a linked account, which reduces the ability of crooks to steal from you or scam you.

As someone here said (sorry, I forget who), it's particularly good to make sure that the majority of your savings aren't in the account that belongs to the debit card you walk around with.

If I had my card stolen and they got in, if I call my bank I thought they not only block the card but also refund me the money that was stolen?

colsten

bp5678 wrote: »

Could my 3 DD's be money moving from one account to another?

yes but you need to find an account that can pull in money by DD. These are now as rare as hens' teeth. Check out Post Office.

bp5678 wrote: »

Also could the £750 pay in be paid from an existing account?

yes if the T&Cs allow it / do not preclude it