Moving money between current accounts to meet minimum payment threshold?

torridonscot

Hi! I want to benefit from another bank's regular savings account but don't really want to move banks. A requirement is to hold a current account with them to benefit from this and pay in £1000 minimum a month. Can I just move £1000 in it temporarily every month then take it out and move it back to my bank?? The bank accounts guide on MSE suggests this is ok do to.

Thanks

exel1966

Most you can. Which bank, what current account, what regular saver, why so vague?

torridonscot

Not being vague on purpose, wanted to know if it's possible in principle.

My bank is Barclays and I'm interested in either First Direct or Nationwide's regular savings accounts. Their current accounts: 1st Account or Flexaccount

HeadAboveWater

You need to keep the money in the account with the First Direct Regular Saver....

no partial withdrawals. If the account is closed before the end of the fixed period, interest will be paid at the standard Savings Account variable rate.

exel1966

torridonscot wrote: »

Not being vague on purpose, wanted to know if it's possible in principle.

My bank is Barclays and I'm interested in either First Direct or Nationwide's regular savings accounts. Their current accounts: 1st Account or Flexaccount

Yes you can move the money into the current accounts and instantly back out again to fulfil the credit terms.

You really need to take a look at both websites as you have your figures wrong.

joedenise

You only need to pay in £750 nor £1000 per month with Nationwide. Just go into branch to open the account and when you open the account they will try to get you to transfer your DDs but just tell them you're not ready to do that at the moment but will consider it once you have seen how the account runs.

That's what I did a few years ago. Have since changed to NW as my current account when Santander took over A&L!

Denise

premierfella

HeadAboveWater wrote: »

You need to keep the money in the account with the First Direct Regular Saver....

What makes you say that? I only ask in case I've missed something as I never have done and its not been an issue (I obviously keep £1 in an active standard FD savings account to avoid the £10 monthly fee).

HeadAboveWater

premierfella wrote: »

What makes you say that? I only ask in case I've missed something as I never have done and its not been an issue (I obviously keep £1 in an active standard FD savings account to avoid the £10 monthly fee).

Sorry for the confusion. To quote FD...

Banking with first direct usually costs £10 a month, but we'll waive the fee if you pay in at least £1,500 to your 1st Account each month, maintain an average monthly 1st Account balance of £1,500, or hold a selected first direct additional product.

Additional product can be the E-saver and just put in £1 - that's what I've done. The Regular Saver doesn't waive the £10 fee.

However, the Regular Saver has 8% interest where you can save min of £25 max £300 a month, up to £3600 per year during the 12 month fixed term. But you can't withdraw money from the Regular Saver or you'll lose the 8% interest - hence my last post.

Does that make sense?!?!?!?!

torridonscot

exel1966 wrote: »

Yes you can move the money into the current accounts and instantly back out again to fulfil the credit terms.

You really need to take a look at both websites as you have your figures wrong.

Which figures are wrong? First direct require £1000 min, Nationwide £750. Still debating between the two...

torridonscot

Perfect sense headabovewwater. Thanks

psychic_teabag

For Nationwide I think you have to do the £750 in and out for 3 months before you qualify for the reg.saver. Unless you let them switch your account. I'm hoping to qualify next month.

For First Direct, I don't think you actually need to move any money, but they'll charge a fee unless you either pay £1500 per month or keep £1 in a savings account. Oh, and the standing order for the reg.saver has to come from the 1st account.

Similarly for Halifax reward account, you get a free £5 per month for moving £1k in and out.

I'm glad Martin's guides now mention that you can just move money in and out. They used to go on about minimum salary requirements to qualify, which was just a silly oversimplification.