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  • FIRST POST
    • WibblyGirly
    • By WibblyGirly 2nd Jan 18, 6:12 PM
    • 383Posts
    • 682Thanks
    WibblyGirly
    Is this possible?
    • #1
    • 2nd Jan 18, 6:12 PM
    Is this possible? 2nd Jan 18 at 6:12 PM
    I'd like to take advantage of the 5% interest on the Nationwide current account. It requires me to pay in £1000 a month minimum. I'm a student, I don't work at the minute but I do have plenty of savings to live off until I get a job (hopefully June!)

    Can I, in theory, transfer £1000 (or however much up to £2500) from an account from another bank to that one, leave it a few days to get the interest, then transfer it back out? Do I have to use the account as an actual one? Not just for the interest? Can I send money between multiple accounts like this to get interest or will it look dodgy when I come to apply for a mortgage?

    I'm going in anyway to ask as I want to try get their student account which has a bigger overdraft than mine which I can then add to my LISA before end of tax year.

    Thanks!
Page 2
    • mgdavid
    • By mgdavid 4th Jan 18, 8:08 AM
    • 5,614 Posts
    • 4,948 Thanks
    mgdavid
    The whole tone of post was rude and condescending.

    .........
    Originally posted by ValiantSon
    only in the opinion of 'some bloke on the internet'.
    Not in the opinion of 'some other bloke on the internet'.
    Alternative views are available....
    The questions that get the best answers are the questions that give most detail....
    • ValiantSon
    • By ValiantSon 4th Jan 18, 7:24 PM
    • 2,013 Posts
    • 1,863 Thanks
    ValiantSon
    only in the opinion of 'some bloke on the internet'.
    Not in the opinion of 'some other bloke on the internet'.
    Alternative views are available....
    Originally posted by mgdavid
    Really?

    You genuinely think that this wasn't a condescending comment? If that is so then I hope you have no responsibility for educating or training anyone.

    As the OP has thanked me for my comment I guess that she found it to be rude too.
    • Katiehound
    • By Katiehound 4th Jan 18, 10:18 PM
    • 4,444 Posts
    • 38,868 Thanks
    Katiehound
    I was going to suggest that a TSB classic plus a/c may be a good idea too (especially if you can switch and get that cash bonus)
    Maybe think about that for the future as it pays 3% on £1.5K and I seem to think there are bonuses each month if you fulfil the t&cs. (Don't know this exactly as I have the older a/cs- I have to pay in £500 per month)You do need 2 x DDs though.
    Being polite and pleasant doesn't cost anything!
    If you found my posting helpful please hit the "Thanks" button!
    Many thanks

    2018 Wombling : Entrant 8 ..2319 cc+.2205mm (£2.20.5) + RK £5.21= £30.64.5
    • WibblyGirly
    • By WibblyGirly 4th Jan 18, 10:21 PM
    • 383 Posts
    • 682 Thanks
    WibblyGirly
    I was going to suggest that a TSB classic plus a/c may be a good idea too (especially if you can switch and get that cash bonus)
    Maybe think about that for the future as it pays 3% on £1.5K and I seem to think there are bonuses each month if you fulfil the t&cs. (Don't know this exactly as I have the older a/cs- I have to pay in £500 per month)You do need 2 x DDs though.
    Originally posted by Katiehound
    Thanks! I need to wait until I'm not a student and have paid off my overdraft before switching anywhere but It's on my to do list!
    • WibblyGirly
    • By WibblyGirly 4th Jan 18, 10:25 PM
    • 383 Posts
    • 682 Thanks
    WibblyGirly
    Really?

    You genuinely think that this wasn't a condescending comment? If that is so then I hope you have no responsibility for educating or training anyone.

    As the OP has thanked me for my comment I guess that she found it to be rude too.
    Originally posted by ValiantSon
    I'm just ignoring him. I find it kinda sad that instead of helping or even staying quiet, people get kicks out of being rude. Does it make them feel better? Superior perhaps? Everyone has different life experiences and some people take longer than others to figure things out. Fortunately there are more nice people on here than rude ones. I've had loads of help in this thread and I've already taken steps to better my financial situation.
    • ValiantSon
    • By ValiantSon 4th Jan 18, 10:50 PM
    • 2,013 Posts
    • 1,863 Thanks
    ValiantSon
    I'm just ignoring him. I find it kinda sad that instead of helping or even staying quiet, people get kicks out of being rude. Does it make them feel better? Superior perhaps? Everyone has different life experiences and some people take longer than others to figure things out. Fortunately there are more nice people on here than rude ones. I've had loads of help in this thread and I've already taken steps to better my financial situation.
    Originally posted by WibblyGirly
    I'm glad that it hasn't put you off asking for help in the future.

    I agree that you have had some great replies. There isn't really anything I could add as everything I would have said has been (and more).

    Best wishes.
    • MABLE
    • By MABLE 5th Jan 18, 8:43 AM
    • 3,548 Posts
    • 1,866 Thanks
    MABLE
    The whole tone of post was rude and condescending.

    You may well have understood these things when you were still a child - congratulations - but not everyone does and it is so much better to politely explain, rather than make snide condescending remarks. The post in question did nothing to improve the OP's understanding, but instead just mocked them.
    Originally posted by ValiantSon
    May be so but learn from an expert. The poster in question knows his stuff.
    • gatters
    • By gatters 5th Jan 18, 6:08 PM
    • 17 Posts
    • 7 Thanks
    gatters
    Thanks! I need to wait until I'm not a student and have paid off my overdraft before switching anywhere but It's on my to do list!
    Originally posted by WibblyGirly
    Your regular savings to LISA plan seems appropriate but I'd expect paying off your overdraft as soon as it is not 0% would be prudent.
    • enthusiasticsaver
    • By enthusiasticsaver 5th Jan 18, 6:21 PM
    • 6,607 Posts
    • 13,891 Thanks
    enthusiasticsaver
    I'd like to take advantage of the 5% interest on the Nationwide current account. It requires me to pay in £1000 a month minimum. I'm a student, I don't work at the minute but I do have plenty of savings to live off until I get a job (hopefully June!)

    Can I, in theory, transfer £1000 (or however much up to £2500) from an account from another bank to that one, leave it a few days to get the interest, then transfer it back out? Do I have to use the account as an actual one? Not just for the interest? Can I send money between multiple accounts like this to get interest or will it look dodgy when I come to apply for a mortgage?

    I'm going in anyway to ask as I want to try get their student account which has a bigger overdraft than mine which I can then add to my LISA before end of tax year.

    Thanks!
    Originally posted by WibblyGirly
    A cautionary word re “free” student overdrafts. They can be withdrawn with just a few months notice and at some point you will be charged for it once you are no longer a student. Many people have been sucked into using these and then suddenly hit with charges once you graduate. Best avoided IMHO
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • ValiantSon
    • By ValiantSon 5th Jan 18, 6:36 PM
    • 2,013 Posts
    • 1,863 Thanks
    ValiantSon
    May be so but learn from an expert. The poster in question knows his stuff.
    Originally posted by MABLE
    Knowing what you are talking about doesn't excuse someone for being rude. If he genuinely wished to share his knowledge and understanding then he could have done so in a positive and friendly way. He did not, however, and instead chose to mock and belittle the OP. In fact there was nothing helpful in his post even after wading through the condescension and rudeness.

    There is no excuse for that kind of behaviour.
    • WibblyGirly
    • By WibblyGirly 5th Jan 18, 8:58 PM
    • 383 Posts
    • 682 Thanks
    WibblyGirly
    I have another 2 years of my overdraft being free I do plan to pay it off asap though when I'm working as I'll likely be earning twice what I was when working low paid retail. I'm going to pretend I'm still on retail wages while putting the rest away.
    • Repeat3Times
    • By Repeat3Times 5th Jan 18, 10:38 PM
    • 49 Posts
    • 12 Thanks
    Repeat3Times
    I've got a NW account with £2500 in it. Not used the debit card at all, or have any direct debits. Simply pay in £1000 per month and move that on. Had no problems.
    Originally posted by binaryuniverse
    Can you share how long you keep that £1000 in the NW account before moving it on, typically?
    • binaryuniverse
    • By binaryuniverse 6th Jan 18, 12:23 AM
    • 685 Posts
    • 433 Thanks
    binaryuniverse
    I have it all automated. The £1000 will leave the account, to elsewhere, on the same day it the account receives £1000 from another bank account. So it's not even the 'same' £1000.

    But you could, technically, pay in £1000 then pay it straight back out again, in seconds, and it'd qualify.
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