Transferring money from bank to bank to get 2x interest

Legacy_user

Hi People,

Someone on another post directed me towards another website forum where someone had advised to:

"you should do the following daily Monday - Saturday:

Transfer savings from Lloyds to Santander before 8.15pm
then back again from Santander back to Lloyds between 8.15 and 10pm

So the balance is with Lloyds overnight, rather than Santander. This way you'll be earning 4% with Lloyds daily, and 3.0% with Santander daily."

1. Is this legal?

2. Is this possible?

3. Does anyone here do it or recommend it?

YorkshireBoy

Yes, yes, and yes.

However, you missed question 4, which is...

4. Could they close your account and ask you to bank elsewhere?

To which the answer is also yes!

System

I guess I'll give it a miss then.

planemad

Which of their account offerings gives 4% and 3 %?

G_M

planemad wrote: »

Which of their account offerings gives 4% and 3 %?

Lloyds Vantage (if you upgraded at the right time).

Santander 123.

opinions4u

I used to do similar with cheques where the small building society next to where I worked paid interest on uncleared funds from the day of deposit and Halifax paid me 7% interest on their staff only Deposit Cheque Account which continued to be paid until the cheque was presented for payment.

So I got double interest from Thursday to Tuesday.

kidmugsy

Are there any other banks/BSs that could play the role of Santander in this game?

Hominu

kidmugsy wrote: »

Are there any other banks/BSs that could play the role of Santander in this game?

I don't know any with a low enough level of customer service satisfaction to be able to play the roll of Santander