Sweep Account

dark^knight

Hi,

I have just opened a savings account with the 'sweep' facility.

However, I am trying to think about which date I should sweep my current account.

I am paid on the 25th of the month, and when the 25th falls on the weekend, I could be paid as early as 23rd.

Therefore, should I sweep the current account on 22nd?

Thanks

edinburgher

Two things to consider:

1) What day does your last DD/SO leave the account?
2) If this day is the 22nd (or later), would you have enough cash left over to see you through the next few days?

If so, go for the 22nd, if not, maybe a day or two later?

alanq

Please tell us which organisation offers a sweep facility? There have been requests in the past for information about such accounts in this forum.

dark^knight

It's a RBS account. They have a few accounts with the sweep facility.

E.g:
http://www.rbs.co.uk/personal/savings/g1/instant-access/savings-account.ashx

Rufus_Dufus

First Direct also has a sweep facility.

D1zzy

dark^knight wrote: »

It's a RBS account. They have a few accounts with the sweep facility.

E.g:
http://www.rbs.co.uk/personal/savings/g1/instant-access/savings-account.ashx

At 0.1% interest - get proactive and do your own sweep once a month into say AA, Egg, Tesco, Sainnsburys - who will pay between 2.5 and 2.8%
Tesco - if you want FP in and out

edinburgher

At 0.1% interest - get proactive and do your own sweep once a month

That's a very valid point - there used to be an electronic version of one of the many 'piggybank' challenges on the forums in which people did just this (weekly or monthly depending upon when they were paid).

dark^knight

dark^knight wrote: »

It's a RBS account. They have a few accounts with the sweep facility.

E.g:
http://www.rbs.co.uk/personal/savings/g1/instant-access/savings-account.ashx

I take that back.

Just popped into the branch this morning to set the date for the sweep and have been told that the sweep facility has been withdrawn (mind the pun ) from personal accounts and is only offered for private accounts.

I have just sent a strongly worded email to complain about this, as I have just been basically mis-sold this account by RBS! :mad: