Didn't see the point in having loads of bank accounts.

adindas

It depends on whether you could take advantage of it. Bank account offer various advantages that you will not get it in just a single or two accounts.
If not that certainly there is no point to have many bank account.

That is the main spirit of this forum taking advantage of any possibility from banking product you could possibly get.

anotheruser

BugsyBrowne wrote: »

Can't see why this is a joke its a simple question but I'm struggling to work out whats the best way to fund each account like do I just do a faster payment into all of them which looks like the account IS being funded therefore no come back from the bank.

Sorry, I may have missed it here.

You have 5+a accounts and plan to transfer £1000 between them all, then the 1000 goes back to the original account (your Lloyds account)?

Erm... why?

Many accounts (like Nationwide's Flexi) will only get you benefits if you have money in there, which stays there. My Halifax £5 reward account doesn't see any money apart from the £5 it gains, which stays there until it's a a few hundred pounds or they stop the offer.

But it's certainly not enough to live off of if the bank goes down, which is highly unlikely. Yes, RBS/Natwest has twice in recent years btu I don't bank with them. I am sure Barclays did once recently too, but I don't have an account with them either. My personal account is with HSBC and my Joint account with Santander, which should be sufficient if either stops working. The event of both suddenly unable to operate is very unlikely.
Other accounts I have are gaining me money for a set period of time, so those keep to themselves.

In answer to the question, I have a spare bit of money that I send via DD through all the accounts per day, starting on the 1st of the month and ending on the 5th or 6th. I transfer it in the account and leave it overnight for good measure.

I only have the cards for my current accounts, the Halifax doesn't have one and my Nationwide card stays at home.

When the Nationwide Flexi is up, I'll be closing that account (unless I can open another one and do the same) as I don't want all these accounts really. More complicated, yet another set of logon details to remember and more of a risk.

YorkshireBoy

anotheruser wrote: »

Sorry, I may have missed it here.

Possibly.

You have 5+a accounts and plan to transfer £1000 between them all, then the 1000 goes back to the original account (your Lloyds account)?

Erm... why?

To replenish it, ie take it back to £5K (or £6K depending on what Vantage deal he's on) so as to maximise the interest earned.

Many accounts (like Nationwide's Flexi) will only get you benefits if you have money in there, which stays there.

I have 3 FlexDirect accounts, and have no money in there. It's all been withdrawn, including a total of £7.5K O/D facility, and put with Halifax for 2.8% (and shortly moving to Santander for 3%).

My Halifax £5 reward account doesn't see any money apart from the £5 it gains, which stays there until it's a a few hundred pounds or they stop the offer.

It must "see" £1K per month (or £750 now they've changed the T&Cs)?

In answer to the question, I have a spare bit of money that I send via DD through all the accounts per day, starting on the 1st of the month and ending on the 5th or 6th. I transfer it in the account and leave it overnight for good measure.

I think you mean SO (standing order)?

When the Nationwide Flexi is up, I'll be closing that account (unless I can open another one and do the same) as I don't want all these accounts really. More complicated, yet another set of logon details to remember and more of a risk.

My 3 FlexDirect accounts are accessed with one log in. And I can check them all at the same time for fraudulent transactions.