currently I have two bank accounts, and I want to play one off the other.

trinidadone

I currently have a Reward bank account which requires a deposit of £1000.00 per month, to be rewarded with £5.00 at the end of the month.

I have recently been drawn in with santanders bank account for 5% for up to £2500.00 and provided i put in £1000.00 a month for the next three months, I should receive a £100.

My question is, can I simply transfer £1000.00 from one account to another each month?

anyone know?

kayho123

yes i know a few people who do this ie use the same 1000 to transfer and get the rewards, just check how long the money needs to stay in each account for to earn the reward, i have a feeling its 24 hrs but not sure its a great way to earn money from the banks!

nzseries1

You certainly can! Doesn't matter where the money comes from, or how long it stays there!

trinidadone

kayho123 wrote: »

yes i know a few people who do this ie use the same 1000 to transfer and get the rewards, just check how long the money needs to stay in each account for to earn the reward, i have a feeling its 24 hrs but not sure its a great way to earn money from the banks!

oh ok, I will cheack how long, but all I can see is a min deposit, and noithing about how long the money should be in there, although I am expecting to keep the money in both accounts for several weeks.

why do you think its not a good way to earn money from the banks?

trinidadone

nzseries1 wrote: »

You certainly can! Doesn't matter where the money comes from, or how long it stays there!

oh ok, so do you do this also?

Mikeyorks

trinidadone wrote: »

and noithing about how long the money should be in there, although I am expecting to keep the money in both accounts for several weeks.

The Halifax account just needs 'funding' ......... the money doesn't need to spend any time at all in the account once it's arrived there. You can just send it straight back - in particular as it doesn't earn interest.

With the Santander account - that's interest earning. So you maximise the amount of time your funds stay there?

nzseries1

trinidadone wrote: »

oh ok, so do you do this also?

Yeah, money goes into my halifax reward account so that I get my £5, then straight back into my Lloyds TSB Vantage account where it earns 4% interest.

trinidadone

nzseries1 wrote: »

Yeah, money goes into my halifax reward account so that I get my £5, then straight back into my Lloyds TSB Vantage account where it earns 4% interest.

wow, can I ask, how long do you leave the money in Halifax? do you have any DD with halifax?? which account is your main bank account?

trinidadone

Mikeyorks wrote: »

The Halifax account just needs 'funding' ......... the money doesn't need to spend any time at all in the account once it's arrived there. You can just send it straight back - in particular as it doesn't earn interest.

With the Santander account - that's interest earning. So you maximise the amount of time your funds stay there?

thanks Mikeyorks

nzseries1

trinidadone wrote: »

wow, can I ask, how long do you leave the money in Halifax? do you have any DD with halifax?? which account is your main bank account?

Literally it's transferred in to Halifax then transferred straight out again just to get the £5 payment at the end of the month.

I used to have a Santander high-interest current account but the bonus offer expired and I closed it.

Lloyds is my main account now because I like the fact that they pay a half-decent rate of interest and it's not a limited-time offer, so my money earns a tiny bit of interest while it's sitting there Plus I like their London 2012 olympics debit card, although not many other people seem to like it.

trinidadone

nzseries1 wrote: »

Literally it's transferred in to Halifax then transferred straight out again just to get the £5 payment at the end of the month.

I used to have a Santander high-interest current account but the bonus offer expired and I closed it.

Lloyds is my main account now because I like the fact that they pay a half-decent rate of interest and it's not a limited-time offer, so my money earns a tiny bit of interest while it's sitting there Plus I like their London 2012 olympics debit card, although not many other people seem to like it.

oh ok, so if you deposit, say the 1st of each month with £1000.00, do you make a faster payment out for a £1000.00 also on the 1st or do you leave it there longer?

Also, do you know the max amount you can transfer using the halifax faster payment service?