Hi,
I'm trying to get the best interest for may wages. I see this as a combination of 1) credit interest current account and 2) a regular savings account.
From the Best Buys post (Thanks guys for the ongoing work updating this)
it seems like 1) Halifax and 2) Anglo
Reading the Halifax rules I need to deposit minimum of €1,500 pm to get 7.23%
[broken link removed]
How it works:
Simply lodge €1,500 to your account each month - you don't even have to keep it there for the entire month. Earn 7.23% EAR interest on balances up to €2,000.
Can you tell me if this is true: To get the full amount I would need a balance €2,000 in the account each day of the month. Any more than €2,000 does not receive interest so no point having it there. The balance has to be reduced by €1,500 and a new €1,500 deposited each month.
I'm thinking of getting my wages paid in to Halifax. Paying the bills and moving anything remaining above €2,000 to the Anglo savings account.
Reading the Anglo rules I just have to make a contribution as I like each month. No minimum means I can skip a month if I need to.
[broken link removed]
In my case lets say for the sake of argument my net monthly take home pay is €2,500. I get this paid into Halifax.
I've met the requirement to deposit €1,500. I pay my bills and anything above €2,000 I transfer to Anglo.
Next month I get paid and will have a balance of €4,500 + interest from the previous month in the current account.
Again I've put a fresh €1,500 in to the current account. I pay the bill and for sake of argument I have a balance of €4,000.
I then move €2,000 to Anglo and get my monthly interest on the €2,000 in Halifax.
Wash, rinse, repeat.
Makes sense?
Thanks,
Peterus
I'm trying to get the best interest for may wages. I see this as a combination of 1) credit interest current account and 2) a regular savings account.
From the Best Buys post (Thanks guys for the ongoing work updating this)
it seems like 1) Halifax and 2) Anglo
Reading the Halifax rules I need to deposit minimum of €1,500 pm to get 7.23%
[broken link removed]
How it works:
Simply lodge €1,500 to your account each month - you don't even have to keep it there for the entire month. Earn 7.23% EAR interest on balances up to €2,000.
- Interest is calculated on the balance in your account at the end of every day and credited to your account monthly.
- The amount of interest you earn will vary depending on how much money is in your account.
- If you don’t want to lodge €1,500 every month we pay you credit interest of 0.1% on all balances.
Can you tell me if this is true: To get the full amount I would need a balance €2,000 in the account each day of the month. Any more than €2,000 does not receive interest so no point having it there. The balance has to be reduced by €1,500 and a new €1,500 deposited each month.
I'm thinking of getting my wages paid in to Halifax. Paying the bills and moving anything remaining above €2,000 to the Anglo savings account.
Reading the Anglo rules I just have to make a contribution as I like each month. No minimum means I can skip a month if I need to.
[broken link removed]
In my case lets say for the sake of argument my net monthly take home pay is €2,500. I get this paid into Halifax.
I've met the requirement to deposit €1,500. I pay my bills and anything above €2,000 I transfer to Anglo.
Next month I get paid and will have a balance of €4,500 + interest from the previous month in the current account.
Again I've put a fresh €1,500 in to the current account. I pay the bill and for sake of argument I have a balance of €4,000.
I then move €2,000 to Anglo and get my monthly interest on the €2,000 in Halifax.
Wash, rinse, repeat.
Makes sense?
Thanks,
Peterus