Bank accounts Watch

saffarinda
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#21
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#21
(Original post by IWMTom)
Pretty sure that meets the criteria of - and I quote - "keeping the money in there".
Yeah, but it’s about inserting money and transferring it after the interest has been given. If they found two bank accounts who gave interest at different periods of the month then I’m sure they could just transfer back and forth and gain interest that way
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IWMTom
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#22
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#22
(Original post by saffarinda)
Yeah, but it’s about inserting money and transferring it after the interest has been given. If they found two bank accounts who gave interest at different periods of the month then I’m sure they could just transfer back and forth and gain interest that way
The interest is calculated based on your average balance over the month, so that would not work.
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username4485218
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#23
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I agree with saffarinda. No idea what Tom is on about.

Interest is calculated DAILY and credited once a month.

Good idea to do as saffarinda suggests.
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georgem93
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#24
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#24
Not answering your questions but FYI - Goldman Sachs have launched a savings account in the UK called the Marcus, it pays 1.5% interest on balances up to £250,000 with no min/max monthly deposits.
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username4485218
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#25
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#25
1.5% is poor compared to many other options. As has already been stated, you could currently get 5% for up to £1500, and just have £500 going in each month, with at least £500 coming out just prior to that, so you keep getting 5% every month. Plenty of other options > 1.5%.
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IWMTom
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#26
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#26
(Original post by Robbo50)
I agree with saffarinda. No idea what Tom is on about.

Interest is calculated DAILY and credited once a month.

Good idea to do as saffarinda suggests.
Half of the month you have £0, the other half you have £2000 - at 1% that's only £0.82 based on a 30 day month. Keep the money in for the whole month, £1.64.

Moving money around to meet the income criteria is a good idea, but only if you keep a balance within those accounts for the whole month! It's not a difficult concept to grasp!
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georgem93
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#27
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#27
(Original post by Robbo50)
1.5% is poor compared to many other options. As has already been stated, you could currently get 5% for up to £1500, and just have £500 going in each month, with at least £500 coming out just prior to that, so you keep getting 5% every month. Plenty of other options > 1.5%.
I’m very much aware of the 5% accounts, but I’m also very aware of the limits they have in place in terms of maximum balances they will pay interest on, and how much you can put in each month.
I was highlighting the benefit of 1.5% on balances up to £250,000 with no maximum monthly deposits. For example, I opened my Marcus account and put £30,000 in on the same day.
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username4485218
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#28
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#28
(Original post by IWMTom)
Half of the month you have £0, the other half you have £2000 - at 1% that's only £0.82 based on a 30 day month. Keep the money in for the whole month, £1.64.

Moving money around to meet the income criteria is a good idea, but only if you keep a balance within those accounts for the whole month! It's not a difficult concept to grasp!
That is not what saffarinda was saying. I agree with not recommending Bob doing what he suggested. Interest is calculated daily, and some accounts, e.g. TSB one saffarinda referred to, requires incoming minimums. i.e. moving money around is worthwhile. Please use a more appropriate tone, as I do know about banking. saffarinda appears to as well. Thanks.
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username4485218
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#29
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#29
(Original post by georgem93)
I’m very much aware of the 5% accounts, but I’m also very aware of the limits they have in place in terms of maximum balances they will pay interest on, and how much you can put in each month.
I was highlighting the benefit of 1.5% on balances up to £250,000 with no maximum monthly deposits. For example, I opened my Marcus account and put £30,000 in on the same day.
Ok. Fair enough. Obviously, down side is it's variable rate and it also includes a 'bonus' for 12 mths, which I'm sure you are aware of. Others may not be. Also, for undergraduates, if they have as much as 30k spare, they might want to use some of that in the second year and are better off taking out a 1 year bond which, if they shop around, will earn more than 1.5%. Your suggestion is good for anyone wanting instant access to large sums like you referred to.
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