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    • Thread Starter
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    Hey how do these things work?

    So first of all im planning to set up 2 new accounts. One with this deal and the other is just a 3% interest current account (Tesco). Then as the title suggests the other account is the one where I pay 500 a month and get 5% (TSB). so first of all I put in 1k to Tesco

    So all lets say I have £1 in the TSB account, if I pay in the 500 from Tesco to it then withdraw it the next day would I just get the interest on the £1 or would it be on the 501?

    Secondly if I did this would the Tesco account get the interest on the 1k or the 500 as the 500 went out for a day? and would they also pick this up and think im doing something dodgy with my accounts?

    But I am going to assume its the money in the account on a set day so the 1st day of the month? Or could it be the average amount over the whole month?

    Hope that all makes sense
    • PS Reviewer
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    PS Reviewer
    I have these accounts too. Put all your money in the TSB one, then transfer 500 into tesco then the next day back into TSB each month. I think the interest is calculated daily so you want to keep the max amount possible in the high interest account as much as you can.
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    There's a maximum amount of money you can put in the TSB account though (I think around 3000) so if you have more money than this leave the excess in tesco
    • PS Reviewer
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    If you put more than this max in you don't earn interest on the excess
    • Thread Starter
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    ;Ok thanks I will get that sorted now
 
 
 
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