Alliance and Leicester Direct Current Account

td_007

Good explanation - do this with A&L and Abbey current accounts. With a string of such a/cs it is possible to park a decent amount of money. With joint a/cs you further increase the potential. Who would have thought that one can make more in currents a/cs these days compared to saving a/cs?

slinga

Thanks cash-magnet for that explanation.

I suppose the £500 each month is to prevent people opening too many accounts, i.e. I've got £20,000 to invest but couldn't afford the £4000 each month even if it was only paid in for a few days before being withdrawn..

cash-magnet

You don't need £4000. Just use another account like this.

BoB = Bank of Bounce account holding a spare £1000 you can move around.
A1, A2, A3, A4 = Your 4 accounts requiring £1000 per month deposited.

Just bounce £1000, from account BoB to account A1 then back to BoB
then repeat for each of the other 3 accounts requiring the £1000 monthly funding. This method works if your Ax accounts do not allow internal transfers to count as monthly funding, otherwise just bounce money in from Bob to A1, then do instant transfers internally from A1 to A2 then A2 to A3 then A3 to A4, all funded so transfer your money back to its starting point back in BoB ready for next months bounce-around..

If you are lucky with the banks using faster payments, this can actually be achieved very quickly. So there you are, you only need a single lump sum of £1000 to do this.