Turn on thread page Beta
    • Thread Starter
    Offline

    12
    ReputationRep:
    I'm thinking of opening up a new current account, but almost every single one with a great AER have a catch: you must credit the account with at least £1000 a month. I cannot do this.

    However, is it possible to pay in money from your old account (say, £1000) to your new account at the beginning of the month, get the interest, then pay £1000 back to your old account. Lather, rinse, repeat.

    Or does this not work (i.e. does the balance at the end of month 2 need to be £1000 more than it was at the end of month 1)?

    I really wish I knew how these work!
    Offline

    17
    ReputationRep:
    (Original post by Zii)
    I'm thinking of opening up a new current account, but almost every single one with a great AER have a catch: you must credit the account with at least £1000 a month. I cannot do this.

    However, is it possible to pay in money from your old account (say, £1000) to your new account at the beginning of the month, get the interest, then pay £1000 back to your old account. Lather, rinse, repeat.

    Or does this not work (i.e. does the balance at the end of month 2 need to be £1000 more than it was at the end of month 1)?

    I really wish I knew how these work!
    It usually works, AFAIK

    Check the detailed T&Cs to be sure, but "pay in" means just that. Most people won't just let money accumulate in their current account anyway - it'll get spent or transferred out to a savings account.

    If you want to be really sneaky about it, you could just set up standing orders one day after the other to make your transfers. I probably wouldn't recommend this though, just in case the bank chose to investigate and didn't like this arrangement (though I doubt they would for just one customer).
    Offline

    2
    ReputationRep:
    I don't know, but I'm sure it would......1st of the Month - £1000 in, 27th of the month - £1000 out, 1st of the Month - £1000 in.
    Offline

    0
    ReputationRep:
    That would be fine - as long as credits are greater than 1000 in that month. Seriously though the amount of interest will be pretty insignificant to worth bothering if your balance is pretty low anyway.
 
 
 

1,893

students online now

800,000+

Exam discussions

Find your exam discussion here

Poll
Should predicted grades be removed from the uni application process

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Write a reply...
Reply
Hide
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.