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Author Topic: recommend me a high interest bank account  (Read 1807 times)

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.John

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recommend me a high interest bank account
« on: September 21, 2005, 03:34:25 pm »

So I can put my overdraft into it, else tell me if there's some daft rule against this sort of thing.

« Last Edit: September 21, 2005, 03:34:45 pm by .John »
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AndyS

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Re:recommend me a high interest bank account
« Reply #1 on: September 21, 2005, 03:45:25 pm »

I dont believe there is any rule about this.... in fact Ive been planning to do that for quite some time... I just thought it would be a little too cheeky to move it into a different account with the same bank

So Im moving it into my egg savings account

There are loads around 4% AER, Natwest and  Egg online savings accounts being 2 examples.. not had a problem with either
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Ashe

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Re:recommend me a high interest bank account
« Reply #2 on: September 21, 2005, 06:01:56 pm »

unless you want flexibility, youd be better off with a highher interest savings account that restricts your access to it so you can only make X withdrawals a year, or give notice to withdraw. building societies give good interest for that.

or a mini isa  :V
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PsychoBunni

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Re:recommend me a high interest bank account
« Reply #3 on: September 21, 2005, 06:43:01 pm »

If you want a lot of interest then an ISA is probably your best bet.  However its not instant access, if you want cash out you have to transfer it into your current account.

Apparently halifax one of the better high interest saving accounts at the moment, or so a lot of out customers tell me when I try to sell them a savings account.  Ha.  Try ING direct aswell, I think their savings account interest rate is at around 5% which is pretty damn good.  
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Ashe

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Re:recommend me a high interest bank account
« Reply #4 on: September 21, 2005, 06:43:52 pm »

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Re:recommend me a high interest bank account
« Reply #5 on: September 22, 2005, 08:57:46 am »

If you want a lot of interest then an ISA is probably your best bet.  However its not instant access, if you want cash out you have to transfer it into your current account.

And you're only allowed to put 3g into it each year.
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.John

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Re:recommend me a high interest bank account
« Reply #6 on: September 22, 2005, 08:59:08 am »

I'd only be putting the 1000 overdraft into it
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pacmunchkin

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Re:recommend me a high interest bank account
« Reply #7 on: September 22, 2005, 09:00:15 am »

good plan dude
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Re:recommend me a high interest bank account
« Reply #8 on: September 22, 2005, 02:21:09 pm »

ive been using ING since january.
they've been great i've had no problems with them at all, you can set up a regular direct debit with them or just pay into it as and when or a bit of both. the only down side i suppose is it take about 5 days to transfer your money back into your bank acc. their interest rate is 4.75% a month now  :mikeisahomo
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Re:recommend me a high interest bank account
« Reply #9 on: September 22, 2005, 10:41:16 pm »

I'm a bit confused,  isn't an overdraft gonna accumulate debt?  What's point on using something that has debt tied to it to save up with?

Or will you still earn more then the debt?

*confuzzled*
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Re:recommend me a high interest bank account
« Reply #10 on: September 23, 2005, 08:51:54 am »

Have 1000 overdraft, put it into a high interest account, earn interest on the money, put the tolat back into your acount = have more money than when you started  :mikeisahomo
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AndyS

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Re:recommend me a high interest bank account
« Reply #11 on: September 23, 2005, 09:05:08 am »

The over drafts on student accounts tend to be interest free hence the above action working
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