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Best current accounts - interest rates
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Posts: 398 Forumite
Is it possible to open a Lloyds Vantage account and Halifax reward account and have £1000 transfered in and out each month to earn the interest? E.g.
- Balance: £5000 in Lloyds, £0 in Halifax
- Transfer £1000 with standing order from Lloyds to Halifax. Balance: £4000 in Lloyds, £1000 in Halifax
- Transfer back £1000 with standing order from Halifax to Llyods. Balance £5000 Lloyds, £0 Halifax
- Balance: £5000 in Lloyds, £0 in Halifax
- Transfer £1000 with standing order from Lloyds to Halifax. Balance: £4000 in Lloyds, £1000 in Halifax
- Transfer back £1000 with standing order from Halifax to Llyods. Balance £5000 Lloyds, £0 Halifax
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Comments
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Yes. Although I'd be inclined to make the payments manually, as an error could cause an unauthorised overdraft.
Halifax doesn't even need to be £1000 in one go. I've transferred the same £200 back and forth five times and still received the fiver.0 -
so all you need is a quid and a script that automatically does 1000 transfers right?
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