What do you mean? It isn’t a current account so requires someone to put the money into the account?
You dont have to do it manually
once the money is there and in most cases its a direct transfer from your employeer it does the transfer for you similar to what you explained above moving cash to savings to pay you daily interest
and then putting it back to your current account so you can spend your balance + the interest should you choose to
So to go back to my previous point… “Keep that 3p in my savings so it’s £1000.03. Then add interest to that. It’ll compound over the month and earn me more than if I keep taking that 3p out? No??”
If this new system takes money automatically OUT of my savings account, I won’t ever add to my savings? It’ll just have the initial £1000 in there (as an example) as the interest gets moved out each day?
How does this help encourage saving?
Just like credit and debit cards make you spend more i guess
seing it grow daily helps you mentaly and remember this saving / current account gives you extra on your money which otherwise would sit there
But it won’t grow. You are proposing a system that will remove the interest and put it back into your current account. The savings will not grow at all?
it will if you dont touch it
if you dont use your money it will go back into savings mode after 5pm every evening
So you have a tied-in current account? So the flow is this:
Employer pays me my wage (for argument’s sake £1,500) into my current account
Every night the savings account pulls through £1,000 and earns interest (2%)
Every morning the savings account puts back £1,000 + the 2% interest (which I think is 5p?)
The next night the savings account pulls through £1,000 and earns interest (2%)
Repeat.
Why wouldn’t I just want an account that gives me a straight 1.5 - 2% on that £1,500?
Even at 1.5% due to compounding the difference is negligible - I just don’t see the intrinsic value and benefit of having this pull-through separate product system?
I hope this thread never ends.
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Back into savings mode? So it’s not a savings account? What is it then, a second current account? I’m really confused. I understand the ‘nightly interest’ thinking (don’t agree with it by that’s fine) but don’t understand the flow here at all.
It’s good isn’t it!
How would you pay your bills that come out at 3am or spend money after 5pm?
because with that you will have to do it manually and cant put a side money you are meant to use for you mothnly outgoings
Well, no - but it’s keeping you all off the streets.
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But I won’t because it is a Current Account that is earning interest? Not a separate savings account? I think you may be confused? Monzo allow you to SPEND and SAVE (if you pay the fee) gaining the interest?
Monzo can determine on their system when to pay you the interest and when to take out the direct debits and standing orders nothing is set on stone as long as they change to lets share and pay it daily
It needs to because I’ve got stuff to do 
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Muhahahaaa!
pls pls make it stop…
its one account working as a savings at night and acts as a current during the day
i am quite suprised this is a bit of shocker to all here
too me its quite simple and effective
I’m doing eenie meenie miney mo on which rule to break forcing a topic lock 
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