Santander 2.75% Account

blueste

Rollinghome said:

Swipe said:

I always go monthly for tax purposes

Worth remembering that it's very possible that another account offering a still higher rate will come along before April and you'll want to move your money there. 

Getting monthly interest from now can ensure that up to 5 months interest is paid during this tax year, which will suit some people. 

But getting annual interest gives the flexibility of being paid in the next tax year, by keeping the account open with just a pound if necessary, or being paid this year, by closing it before April 6. Which might be a better option for others.

Which accounts close if you reduce the balance to nil out of interest?

refluxer

blueste said:

Which accounts close if you reduce the balance to nil out of interest?

Quite a few banks offer easy access accounts that require a minimum balance of £1 - Marcus, Tesco, Ford Money, Zopa etc.

I'm not sure how many of those accounts would close automatically if you reduced the balance to zero though as I tend to leave £1 in the ones I've opened if I think there's a chance that the rate might increase at some point in the future, as is often recommended. Doing that also allows easy access to other accounts that bank may offer without the hassle of have to sign up again as a new customer.

wiseonesomeofthetime

blueste said:

Rollinghome said:

Swipe said:

I always go monthly for tax purposes

Worth remembering that it's very possible that another account offering a still higher rate will come along before April and you'll want to move your money there. 

Getting monthly interest from now can ensure that up to 5 months interest is paid during this tax year, which will suit some people. 

But getting annual interest gives the flexibility of being paid in the next tax year, by keeping the account open with just a pound if necessary, or being paid this year, by closing it before April 6. Which might be a better option for others.

Which accounts close if you reduce the balance to nil out of interest?

My Monmouthshire BS one did, and I didn't even realise until I could no longer log in. They never even asked for the passbook back 🤷‍♂️

financialbliss

Just checked as I wasn't sure of the date, but my Marcus account has had a balance of zero since 1st April.

wiseonesomeofthetime

Daliah said:

Tryinghardtosave said:

It is my other banks that are limiting to 10K daily transfer out. 

Which banks have a £10k daily limit?

Monzo, for one. Possibly Starling, though cannot find my FP limit in my app, only debit card spend which has daily limit of £10k

Higher than that you need to contact the bank for special authorisation to move your own money. 

xylophone

My account was opened in minutes. 

Lucky old you!

I've been a current account customer for years (a/c used for all utility payments) and applied a couple of days ago through on line banking.

All I've had so far is an e-mail acknowledgement with application reference number and the undertaking to get back within three days.....

refluxer

financialbliss said:

Just checked as I wasn't sure of the date, but my Marcus account has had a balance of zero since 1st April.

Ah, OK. I guess phrases like 'start saving with £1' must just be used for marketing purposes then - it'll presumably be written into the T&Cs if an account was to close automatically. Many people (like myself) presumably just play it safe by leaving £1 as a matter of course if they want to retain the account. 

Daliah

wiseonesomeofthetime said:

Daliah said:

Tryinghardtosave said:

It is my other banks that are limiting to 10K daily transfer out. 

Which banks have a £10k daily limit?

Monzo, for one. Possibly Starling, though cannot find my FP limit in my app, only debit card spend which has daily limit of £10k

Higher than that you need to contact the bank for special authorisation to move your own money. 

Starling daily limit is £100,000. Though they won't just let it sail through, there will be extra checks (which, in my experience, are actually quite efficient and fast).

EDIT: Correction. Starling max is now £1,000,000, in line with the max transaction amount of Faster Payments.


Several other banks also have higher daily limits if you give instructions by phone or in Branch. For example, Santander is £25k FP, but £100k over the phone or in Branch.

Plus, if something big is really, really urgent, all the major banks support CHAPS payments; i.e. you can pay them to shift higher amounts on the same day

XDA

Can someone advise on this question on the application process:

Opening your account

• How much do you expect to deposit when the account is open (between £1 and £2 million)?

Do they mean how much you’ll deposit in total or how much you’ll deposit on initial opening?

I put £5000 but I have about £18000 that I’ll be looking to transfer over in the next week - Will that matter?

I’m only transferring £1 initially but will be moving around £18000 in stages next week.

financialbliss

I entered £1, as I did a test payment first. I had issues getting payments back out of the eSaver, so pleased I didn't go all in from the get go.