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    • Hannah8521
    • By Hannah8521 9th Sep 17, 12:56 PM
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    Hannah8521
    Paying in monthly amounts
    • #1
    • 9th Sep 17, 12:56 PM
    Paying in monthly amounts 9th Sep 17 at 12:56 PM
    On the advice of MSE, I have recently switched bank accounts to Coop. I will be getting 125 to switch. I have to pay in 800 per month, which is fine as I'm paid over 1500 per month.

    I would like to open up a seperate savings account (I've got 2300 savings at the moment and I would like to save more). The Tesco savings account appeals to me because the interest is 3% on first 3000. HOWERVER, it says I have to pay in 750 per month. Can I just transfer 750 from my current account for a few days, then pay it back into my current account?
Page 1
    • xylophone
    • By xylophone 9th Sep 17, 1:08 PM
    • 25,774 Posts
    • 15,228 Thanks
    xylophone
    • #2
    • 9th Sep 17, 1:08 PM
    • #2
    • 9th Sep 17, 1:08 PM
    The Tesco savings account appeals to me because the interest is 3% on first 3000.
    This is not a savings account but a current account.

    http://www.tescobank.com/current-accounts/

    Do you have the necessary three Direct Debits?

    It would be possible to meet the monthly funding requirement by transfer in/out from another bank account.
    • binaryuniverse
    • By binaryuniverse 9th Sep 17, 1:44 PM
    • 713 Posts
    • 443 Thanks
    binaryuniverse
    • #3
    • 9th Sep 17, 1:44 PM
    • #3
    • 9th Sep 17, 1:44 PM
    It's worth looking at Nationwide Flexdirect, which pays 5%, for 12 months, on the first 2500 (and does not need direct debits. Just a pay in of 1000 a month), then start filling up a Tesco account.

    To answer your question: Yes, you can move 750 in to the Tesco account and move it straight back out (You can do this with the Nationwide requirement too). But do bear in mind that this account requires a minimum of 3 direct debits going out, per month.
    Last edited by binaryuniverse; 09-09-2017 at 1:46 PM.
    • datlex
    • By datlex 10th Sep 17, 10:39 PM
    • 1,695 Posts
    • 1,588 Thanks
    datlex
    • #4
    • 10th Sep 17, 10:39 PM
    • #4
    • 10th Sep 17, 10:39 PM
    I circulate 200 weekly between accounts to meet the requirements. Only one I don't do that with is the one my pay goes into. No need to move the full amount at once.
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