How To Get Free Money From Your Bank Account
Imagine there's one day every year where a complete stranger hands you fifty quid. Now imagine that was garuanteed every year for the rest of your life. That's like being given a pair of shoes. Or twenty pints. Or a meal out. If you're a regular earner, this could be a reality, so follow our simple advice to get your bank to pay you money for doing absolutely nothing!
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Most Banks offer current account's with higher rate's of interest if you can commit to paying in a certain amount a month.
Shop around to find the highest-paying current account you can, and then arrange to have your salary paid into it every month.
Keep your regular current account, which won't be paying as much interest, but will provide a holding pot for your spending money. -
Work out how much you pay every month in standing orders, direct debits and other regular payments. Include your rent or mortgage, insurance payments and all your utility bills. Subtract this total from your monthly salary. The remainder is yours to spend as you like, so transfer it into your regular current account, leaving the money for your direct debits in your high interest account.
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Arrange for all your standing orders and direct debits to come out of your high-interest account as late in the month as possible. If you get paid on the 1st, arrange for your standing orders to come out on the 30th. This will mean that for those 30 days the money will be sitting in your account earning you interest.
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Fredrick earns £1500 per month, which is paid into a high interest current account on the 1st of every month. He works out that he pay's £800 in bills so leaves this where it is and moves the other £700 to a regular current account. He then arranges for his bills and standing orders to come out of his high interest account on the 28th of the month, meaning £800 is sitting in his high interest account for the best part of 4 weeks. At an interest rate of 6% he'll earn an extra £48 every year!