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Can I dripfeed in money like this?

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  • Energize wrote: »
    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.

    And You transfer it to A&L as your main income - bingo :D
    Noobie (not so :D) trying to make loads a dosh - please bear with all my questions :beer: Thanks :D


  • jem16
    jem16 Posts: 19,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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.

    Money is pulled in through DD as far as I know. So no delay for interest on the way in.
  • KTF
    KTF Posts: 4,848 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    2 Questions - Does Kaupthing allow faster payments?
    Not yet according to the faster payments checker.
  • LongTermLurker
    LongTermLurker Posts: 1,998 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    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 salary
    Totally agree - I may have mixed up the terms 'main income' and 'salary' above. However, if OP is claiming benefits, then I suspect, technically, they would be main income - unless the amount of interest was greater, but then I guess that would remove eligibility for most benefits... I suspect this would be an interesting case to put before the bank :rolleyes:

    I'm with YB though; I was only pointing out what the official line is. The overiding principle of any investment is risk vs reward; the rules are clearly documented so there would be no arguement (apart from what your main income actually is). Therefore, the "reward" is £97 (OP's figures) and the "risk" is that he/she may lose up to 72 days' interest @ 6.5% (JonesMUFCforever's figures); the effort involved seems higher than the reward warrants to me, but I accept I'm luckier in that I have a salary to fall back on.

    BTW, sorry to "re-sex" you, Fiddler ;)
    You've never seen me, but I've been here all along - watching and learning...:cool:
  • jem16
    jem16 Posts: 19,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    2 Questions - Does Kaupthing allow faster payments?

    I emailed them to ask. Their reply was that they had no immediate plans to introduce this but that the issue has been raised with them on numberous occasions and to keep checking their website for updates.
  • Totally agree - I may have mixed up the terms 'main income' and 'salary' above. However, if OP is claiming benefits, then I suspect, technically, they would be main income - unless the amount of interest was greater, but then I guess that would remove eligibility for most benefits... I suspect this would be an interesting case to put before the bank :rolleyes:

    Perhaps we should ask the OP to try it and see what happens ;)
    I'm with YB though (actually, I'm also from God's County so maybe it's just an inherent thought pattern); I was only pointing out what the official line is. The overiding principle of any investment is risk vs reward; the rules are clearly documented so there would be no arguement (apart from what your main income actually is). Therefore, the "reward" is £97 (OP's figures) and the "risk" is that he/she may lose up to 72 days' interest @ 6.5% (JonesMUFCforever's figures); the effort involved seems higher than the reward warrants to me, but I accept I'm luckier in that I have a salary to fall back on.

    I agree also actually ;) is it worth the hassle - I'm toying with wheither it is worth continuing with regular savers after my current lot run out.
    BTW, sorry to "re-sex" you, Fiddler ;)

    No probs :D
    Noobie (not so :D) trying to make loads a dosh - please bear with all my questions :beer: Thanks :D


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