barclays rainy day saver

[steveo3002]

just moved some ££ over to their rainy day saver

site says
Interest is calculated daily using the statement balance and is paid monthly on the first working day of the month. Interest rates are banded. This means that you’ll earn the higher rate of interest on the first £5,000 of your balance, and the lower rate of interest on your additional balance over £5,000

would i be right thinking i dont have to watch it like a hawk to stop it going over £5000 , if interest makes it £5050 i still get my 5% on £5000 right

[OldSkoolRS]

I don't think you need to watch it like a hawk; you'll still get your 5% on the first £5k and if you happen to go over then that bit will just get the lower rate. It's not like the whole amount goes down, so (say) £5050 would get you less interest than £4950.

I've got something similar with Virgin, though the rate is lower at 2% and that's up to £25k. (And possibly a Santander 2.75% e-saver, but can't log on to it yet ).

[steveo3002]

yeah so no harm in keeping full £5000 in there at all times.....pull any interest out and put somewhere else at my leisure