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Can I dripfeed in money like this?
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Energize
Posts: 509 Forumite
If I open a Kaupthing Edge savings account at 6.5%, can I then transfer £500p/m to an A&L premier account and then then transfer £250 to the 12% regular savings account and £250 back the to Kaupthing account?
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Comments
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Yes, but...
1. A&L state that the £500 (or more) monthly funding has to be your 'main income', otherwise they may close the regular saver, and
2. Have you considered/calculated the benefit of all that messing about?0 -
About £100 extra maybe? I haven't worked it out. I'd have £3,600 at the start.0
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YorkshireBoy wrote: »Yes, but...
1. A&L state that the £500 (or more) monthly funding has to be your 'main income', otherwise they may close the regular saver, and2. Have you considered/calculated the benefit of all that messing about?About £100 extra maybe? I haven't worked it out. I'd have £3,600 at the start.
I'm not convinced about the benefit of the "drip feed from lump sum" idea, unless it's someone for whom every pound is significant.
(* Edit to correct The Fiddler's sex)
You've never seen me, but I've been here all along - watching and learning...:cool:0 -
LongTermLurker wrote: »
Bearing in mind the £250 which is moving backwards and forwards will only be earning 1% while in the Premier a/c and nothing while in transit, I think OP would get more interest just leaving it with KE - even if it did pay, it would be a hell of a lot of work for a few quid.
With the new transfer system though coming in on the 27th, transfers will only take 1-5 hours max so the interest lost would be negligible, and I don't pay tax on the savings either.0 -
With the new transfer system though coming in on the 27th, transfers will only take 1-5 hours max so the interest lost would be neglible, and I don't pay tax on the savings either.
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And don't forget the risk that they may close the 12% a/c for not paying in a main income.You've never seen me, but I've been here all along - watching and learning...:cool:0 -
Define main income? - Main income is not necessarily a salary going into a bank account. I am SHE
(referenced above) who transfers the £500. As I said I have received part of my interest already and only have one payment to go.
Maybe they are keeping me sweet because I have a chunk in the e-Saver
To the OP you might want to consider depositing in that account - has the same rate as Kaupthing Edge although there are conditions attatched.Noobie (not so) trying to make loads a dosh - please bear with all my questions :beer: Thanks
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The_Fiddler wrote: »As I said I have received part of my interest already and only have one payment to go.
At least if they're reminded what *could* happen, they're able to make a more informed decision.0 -
Since I don't have a job, the interest from my other savings account, would technically be my main income.
EDIT - The gain would be £97 resulting in an AER of 9.19% on my £3600.0 -
2 Questions - Does Kaupthing allow faster payments?
If so will there be a daily limit until the system is fully functionable and stable?
If not then your money will go back and forth using BACS so I can see that you may well miss out on interest for up to 6 days per month.0 -
YorkshireBoy wrote: »I think 'main income' is a new condition...certainly within the last 12 months your account has been running...so it wouldn't be fair to compare your situation to that of the OP.
At least if they're reminded what *could* happen, they're able to make a more informed decision.
Main income is not a new condition, it was there when I applied, but as I said how do you define main income - it ain't necessarily a monthly salaryNoobie (not so) trying to make loads a dosh - please bear with all my questions :beer: Thanks
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