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earn 3.00% AER interest on balances up to £500... watch

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    Real quick question guys....

    Does this mean I'll get 3% of anything £500 below, and when it goes past £500 in my account I won't get interest any more. Or they'll only do interest of £500 regardless of anything over that £500 pound?
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    Link to details of the account in question?
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    http://www.santander.co.uk/csgs/Sate...COM_TemplateB2
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    yes
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    Pretty **** as you have to pay in £50 every month, and it sounds like you have at least £500 anyway. So you won't get any interest unless you choose to keep paying in £50 every month, so it's pretty poor. It'd be good if you were working and you didn't have £500 already...

    Edit: It seems ok compared to the other available options, and tbh the rates are dreadful everywhere. Santander like to make their offers seem a lot better than they are, they're not great.
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    No, just if you dont deposit £50/month in:

    We will not pay you interest on any amount over £500, or on your whole balance if you do not make pay at least £50 into your account each month.
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    (Original post by Quady)
    No, just if you dont deposit £50/month in:

    We will not pay you interest on any amount over £500, or on your whole balance if you do not make pay at least £50 into your account each month.
    So if I have

    7 trillion in my account, they'll still only give me interest of £500?
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    (Original post by SkinFadeHaircut)
    So if I have

    7 trillion in my account, they'll still only give me interest of £500?
    No. Even worse.
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    (Original post by little_wizard123)
    No. Even worse.
    None at all !!!
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    Why do I here people who can live of their interest then :/
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    (Original post by SkinFadeHaircut)
    None at all !!!
    No. £15. You earn interest on any money up to £500, but no interest on anything above. so if you have £500 at the start, you'd earn 0.03 x £500 which is £15. If you had a a million quid in it you'd get 0.03 x 500 + 0.00 x (999,500) which is just £15.

    Also remember you have to put in £50 each month, so if you're not getting any money each month from somewhere then you'd have to keep it in some other account and transfer £50 in each month. Waste of time.
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    (Original post by SkinFadeHaircut)
    Why do I here people who can live of their interest then :/
    Because they don't have student current accounts
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    (Original post by SkinFadeHaircut)
    Why do I here people who can live of their interest then :/
    Because they don't put it in a current account?
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    (Original post by Quady)
    Because they don't put it in a current account?
    What kind of account would they put it in ?
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    (Original post by SkinFadeHaircut)
    What kind of account would they put it in ?
    A savings account, or normally use an income shares fund.
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    (Original post by SkinFadeHaircut)
    What kind of account would they put it in ?
    Off-shore for teh tax avoidance
 
 
 
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