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Sweeping Excess Money

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Hi,

I have all my accounts with either LLoyds or Abbey.

Does anyone know if there is such a facility where excess money over a given limit in an account on a given date, can be automatically moved to an alternative account.

eg. If an account has a £1100 on the first day of the month, the facility could say transfer the £100 into a higher rate interest account.
Then next month, if it had £1050 on the first day, the £50 pound would be transferred

I hope this makes sense and I believe would be quite a usefull way of saving.

Regards

Steve C
«1

Comments

  • mleonard79
    mleonard79 Posts: 1,616 Forumite
    Part of the Furniture Combo Breaker
    That does sound like quite a useful thing to have but I've never heard of a bank doing it before!! Unfortunately I just do it the old-fashioned way by keeping an eye on it and sweeping the money out myself.

    Regards

    Michelle
    :hello: :hello: :hello:
  • Jamielad
    Jamielad Posts: 24 Forumite
    The Woolwich Openplan account used to be able to do exaclty this, and it was quite a handy facility. I still have te account although it's pretty much dormant and I can set up the "sweeping" over the internet. Not sure what they can offer new customers now, I think they only offer Barclays accounts now.
  • nickyc_2
    nickyc_2 Posts: 247 Forumite
    I'm with first Direct & they set it up for me with no problem. I get paid mid-month & it wasn't an issue getting the "sweep" set up for the 14th of each month. Just had to give them the date, the amount to "leave behind" and where to send the money. (realise that this doesn't cover Abbey or Lloyds, but thought I'd let you know it was possible!)
  • Cypher
    Cypher Posts: 440 Forumite
    I didn't know First Direct did this, I manually do it on the 14th of every month as well.

    How did you set it up :confused:
  • Wanno
    Wanno Posts: 130 Forumite
    I'm with Abbey National and you can set up a sweep with them. That was one of the attractions to their account for me. I tried to set it up with them and you have to have another Abbey Account to transfer the money into- which I don't. I like the idea too.
  • gt94sss2
    gt94sss2 Posts: 6,070 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    nickyc wrote:
    I'm with first Direct & they set it up for me with no problem. I get paid mid-month & it wasn't an issue getting the "sweep" set up for the 14th of each month. Just had to give them the date, the amount to "leave behind" and where to send the money.

    HSBC offer 'sweeping' as well - I've had it on one of my accounts for many years..

    Regards
    Sunil
  • KTF
    KTF Posts: 4,848 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    RBS used to do this years ago between the current account and a savings one. You would set the desired balance on the current account and every night it would sweep money one way or the other to achieve it.

    They stopped doing this ages ago though but my Parents account still has it.
  • nickyc_2
    nickyc_2 Posts: 247 Forumite
    cypher - re First Direct, I don't think it's something you can set up yourself, but if you phone them they can do it for you.
  • Murtle
    Murtle Posts: 4,154 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    wow - I liked the idea, but didn't think it was possible. I'm with First Direct and this is the answer I need to budget and save!

    Thanks heaps to the OP for asking the question!!!

    M
  • Bossyboots
    Bossyboots Posts: 6,757 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    While HSBC offer sweeping, you have to be very careful as there is a maximum number of sweeps allowed per month. My OH had his set up to keep his current account at a particular level and then discovered he was being charged for sweeping because more than one a month was done. He had not been told this when he set it up. The charges were refunded and he has now switched to sweeping manually.
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