multiple in credit bank accounts?

gsalerni

Does anyone know of any barriers to opening lots of the top 'In Credit' bank accounts to reap the cash from several of them? The best ones have minimum pay in amounts but any reason you couldn't just satisfy the top one with your salary payment and then just move it around as many as you can manage in a month (more now with Fast Payments perhaps ) ? Do any one of them perhaps insist (and verify) that it must be a salary payment or that it must be paid at the end of the month only??? Besides credit score impact I can't see any obvious barrier other than the interest lost while the banks deliberately make the money dissapear from either account for 2 days please while they transfer it electronically from one to the other....

ylesia

Between hubby and I we have:

1 First Direct (opened for 7% Regular Saver ISA last year and £100 incentive)
3 A&L Premier accounts (one for 0% overdraft and 2 at the 6%)
5 Halifax Reward Accounts
2 Santander accounts (5% AER)
1 Nationwide (old account left open for europe usage and mortgage)

My salary goes into First Direct and I use this to feed the 3 A&L's and 1 Santander. Hubbys salary goes into one of the Halifax Rewards, this goes round the halifax reward accounts in a matter of minutes and then feeds the other Santander and the mortgage payment into the Nationwide. Bit of work each month but the £55ish a month is worth it