Sweeping Excess Money 31 October 2006 at 2:42PM edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts 11 replies 812 views

churchs

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

mleonard79

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

Jamielad

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

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

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

Wanno

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

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

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

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

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

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.