Who knew

M0nica

MawtheMerrier Some people move money into savings accounts to pay bills from rather than pay over the odds for monthly direct debits.

My direct debits cost me nothing - who charges for them these days? (Other than for business accounts)

Direct debits aren't charged for but companies usually charge extra to spread your payments over 12 months: £40 a year, £3.50 a month.

The relevant thing is that only savings accounts accrue interest.
Which is taxed. So perhaps if the person doesn't have a tax history it becomes complicated both for the bank and HMRC ?

I've got a savings account but it was started years ago when I was a tax payer. When I took out a lifetime mortgage recently I had the money paid into my current account and then transferred it to the savings account. No mention was made of money laundering.

You can earn up to £1000 a year interest on savings tax free (more if you're on a low income) .
I move my accounts regularly to take advantage of offers and have never been asked my tax status as I don't have the huge amount needed to generate £1000 interest!!

Strangley enough,i had a savings account and when my card expired they told me they don`t give new ones out so i have to go into my current account to access my savings,bluddy stipid idea imo.