Money circuits to satisfy high interest rates?

necronaut

Bank accounts often offer a high interest rate under the condition that £1000-£1500 is paid into the account each month.

Is it possible to, for example, link three of these type accounts with direct debits. Each DD transferring the appropriate monthly-input-amount to one after the other on consecutive weeks. Then you can put in that savings money that is surplus to your ISA and leave them alone to reap the benefits of that premium interest rate.

Anyone do this already?

steady__eddie

What you mention is standard practise with Lloyds Vantage current a/c.s, currently 4% gross. Alternatively, it may be done online with only minutes (or seconds if you can type quickly) in between each transfer.

Loughton_Monkey

We tend, lovingly, to call in 'Money Laundering'.

VT82

Loughton_Monkey wrote: »

We tend, lovingly, to call in 'Money Laundering'.

I prefer 'Money recycling'. It's not any cleaner once it's done the rounds - maybe even a bit dirtier

xxdeebeexx

steady__eddie wrote: »

What you mention is standard practise with Lloyds Vantage current a/c.s, currently 4% gross. Alternatively, it may be done online with only minutes (or seconds if you can type quickly) in between each transfer.

Do people have a DD from one Vantage to another ? Or, is it leaving TSB and back again? If so ...how long is it 'out' for?

Thanks

Dx

MarkFromCornwall

necronaut wrote: »

Is it possible to, for example, link three of these type accounts with direct debits. Each DD transferring the appropriate monthly-input-amount to one after the other on consecutive weeks.
Anyone do this already?

It would be a standing order not a direct debit (or you could use Faster Payments but then you'd have to remember to do it each month).

steady__eddie

"Do people have a DD from one Vantage to another ? Or, is it leaving TSB and back again? If so ...how long is it 'out' for?

Thanks"

My apologies, in my haste to post I couldn't tell the difference between my S.O. and my D.D.