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    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!
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    (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).
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    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.
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    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.
 
 
 
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