- pay in a minimum £500 a month, and
- register for Internet Banking, and
- sign up for Paperless Statements and Correspondence.
I have a TSB account with a balance of around £1500, this rarely changes.
I want to take advantage of the interest without changing my main bank so if I pay in the minimum deposit of £500 a month and then withdrawal that same amount a few days later, and then deposit another £500 again the following month and again withdrawal it and so on and so on month after month. Am I still complying with the terms and entitled to the interest on the remaining balance?
I can't find and stipulation how long the deposit needs to remain in the account or wether or not a withdrawal so soon after the deposit is still compliant with the terms. I know the actual deposit wont incur interest I am only concerned about the remaining £1,500.
Good debate as the interest rate is fairly high at around 4.89% gross and paid monthly, is it worth the hassle?