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Can I dripfeed in money like this?
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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 - bingoNoobie (not so) trying to make loads a dosh - please bear with all my questions :beer: Thanks
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jonesMUFCforever wrote: »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.0 -
jonesMUFCforever wrote: »2 Questions - Does Kaupthing allow faster payments?0
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The_Fiddler wrote: »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
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, FiddlerYou've never seen me, but I've been here all along - watching and learning...:cool:0 -
jonesMUFCforever wrote: »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.0 -
LongTermLurker wrote: »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 happensI'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 actuallyis 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 probsNoobie (not so) trying to make loads a dosh - please bear with all my questions :beer: Thanks
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