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  • FIRST POST
    • prezzacc
    • By prezzacc 5th Jun 17, 11:28 PM
    • 96Posts
    • 5Thanks
    prezzacc
    Standing orders close together
    • #1
    • 5th Jun 17, 11:28 PM
    Standing orders close together 5th Jun 17 at 11:28 PM
    Hi,

    To fulfil some minimum pay ins to accounts I've set up standing orders.

    Account 1 pays £1000 to account 2 on the 27th.
    Account 2 pays £1000 to account 1 on the 27th.

    Account 1 then pays £1000 to account 3 on the 28th where it stays.

    As far as I can figure out even with weekends & bank holidays I can't miss a payment as there is a clear day between account 1 receiving and making its second payment?!

    Or am I missing something and risking it!?

    Thanks
Page 2
    • YorkshireBoy
    • By YorkshireBoy 7th Jun 17, 7:15 PM
    • 29,144 Posts
    • 16,948 Thanks
    YorkshireBoy
    Hiya

    3 is flexaccount yes.
    Originally posted by prezzacc
    So it does have a minimum funding requirement then (you said it didn't in post #16). It's £750 to continue to receive the free travel insurance you say you have on it...isn't it?
    • prezzacc
    • By prezzacc 7th Jun 17, 7:23 PM
    • 96 Posts
    • 5 Thanks
    prezzacc
    Yes,

    As i mentioned i was so used to it being fulfilled i forgot it had a minimum on. You are correct.

    Thanks
    • EachPenny
    • By EachPenny 7th Jun 17, 8:09 PM
    • 1,148 Posts
    • 987 Thanks
    EachPenny
    As i mentioned i was so used to it being fulfilled i forgot it had a minimum on. You are correct.
    Originally posted by prezzacc
    Not wanting to labour the point but in that case make sure you keep on funding the FlexAccount to keep the insurance active - at least until you know for sure you will never need it again or the perk is withdrawn.

    There is still no reason not to open a 123 account and move DD bills there. You shouldn't do it as a switch because you'd lose the travel insurance, but you could open a 'clean' account, transfer the DD's manually and then have a single SO which transfers from the joint FlexAccount to the 123 account. Whether you go for a full 123 or the 'Lite' version will depend on how much you are likely to leave sitting in the account. If your bills are regular amounts you could cut things very fine with the 'Lite' account, just transferring enough each month to pay the bills or the £500 minimum pay in. It would also give you access to the 5% Regular Saver.
    "In the future, everyone will be rich for 15 minutes"
    • Vortigern
    • By Vortigern 10th Jun 17, 3:56 PM
    • 2,208 Posts
    • 1,423 Thanks
    Vortigern
    ..3 is flexaccount yes.
    Originally posted by prezzacc
    Your FlexAccount needs to be funded externally to keep the free travel insurance.
    So you might do: HSBC > NW2 > HSBC > NW3 All transfers to be done manually on payday.
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