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Savings Loophole Querry
Comments
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Quote
What I think that you are missing is that the money that stays put earns the interest and the money that travels fulfills the terms and conditions that give rise to that interest.
OK I get it. To start, I first need to deposit capital at the beginning of the first month, say:
Tesco 2x£3000
Bank of Scotland 3x£5000
Nationwide 2x£2500
TSB 2x£1500
and leave this capital in these accounts giving a total £29000 to earn £956 gross.
Now use £1000 from some other current account to cycle around the above accounts to meet the terms and conditions that give rise to the above interest.
Unfortunately, I have used all my direct debits in my Santander accounts and the above needs 6 DD's for the Bank of Scotland accounts.0 -
Quote
What I think that you are missing is that the money that stays put earns the interest and the money that travels fulfills the terms and conditions that give rise to that interest.
OK I get it. To start, I first need to deposit capital at the beginning of the first month, say:
Tesco 2x£3000
Bank of Scotland 3x£5000
Nationwide 2x£2500
TSB 2x£1500
and leave this capital in these accounts giving a total £29000 to earn £956 gross.
Now use £1000 from some other current account to cycle around the above accounts to meet the terms and conditions that give rise to the above interest.
Unfortunately, I have used all my direct debits in my Santander accounts and the above needs 6 DD's for the Bank of Scotland accounts.
Just about, but there's no need for a separate travelling £1,000. Think musical chairs - every single £'s a player! And every single £ earns interest every night providing you do it all by FPS on the same day - OK?0 -
Someone with a very big spoon will be along shortly.0
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