Could this pssibly Work ? Any experience, please ?

adindas

Dear

Some banks require us to put a minimum amount of money into account let say like Co-op e.g. £800.00 in order to get the Insurance Perks ?.

For some people this is not achievable. I am just thinking, the possible solution is to put it into smaller amount say £200, 4 times to meet £800 funding requirement using the same money.
As far as as I am aware there is not any requirement that this funding requirement have to be one go (please correct me if I am wrong, or something I have missed).

So we could use this for our advantage.
- Go to the the bank high street bank whcic have automatic teller machine (ATM) to deposit the sum of money.
- Deposit £200 into the ATM (my personal eperienc this prorcess is instant)
- Withdraw it again using cahs mashine but make sure that the money is already booked into a/c. In mY expereince if we pay cash directly into machien, it is instant.
- The money which is recently withdrawn is to be Deposited it again into ATM.
- We repeat this process 4 times, so the funding requirement £800 is met.

Have anybody tried this and could confirm that it could work ?.
Or Probably someone have a thought to highlight if there is a flaw in this tricls.

Thank you

ADINDAS

Baldur

Daily withdrawal limit on card?

chris_m

Why muck around with cash? How about a set of standing orders to pay in, out, in, out, etc?

I've got that working a treat with a pair of Halifax accounts, the same £250 zings around between them to make up a total paid into both of £1000 in the month. I just go into online banking early each month and transfer out my free fivers, job done ;-)

Note to self - check that the timings will still work over the Christmas period

adindas

Oh certainly. Thank you for correction.

ADINDAS

Baldur wrote: »

Daily withdrawal limit on card?

adindas

Set up weekly SO might work but the problem with that is you will be loosing the interest rate.

Even it is a FP SO we need to leave it about 5 days to avoid going overdraft.


ADINDAS

chris_m wrote: »

Why muck around with cash? How about a set of standing orders to pay in, out, in, out, etc?

I've got that working a treat with a pair of Halifax accounts, the same £250 zings around between them to make up a total paid into both of £1000 in the month. I just go into online banking early each month and transfer out my free fivers, job done ;-)

Note to self - check that the timings will still work over the Christmas period

rb10

adindas wrote: »

Set up weekly SO might work but the problem with that is you will be loosing the interest rate.

Even it is a FP SO we need to leave it about 5 days to avoid going overdraft.


ADINDAS

So just remember once a month to do a couple of immediate transfers.

Straight in by FP, straight out again by FP. Takes no more than five minutes. No chance of going overdrawn as you're entirely in control. No chance of losing any interest (unless FP fails to work on the outward run).