Funding multiple accounts via standing order

ylesia

Hello

I have multiple current accounts that have minimum funding requirements, at the moment I do transfers manually via faster payments.

I am seeing lots of references on here to people doing it via standing order, do you have the standing orders all set up for the same day or consecutive days?

I have:

1 FirstDirect
5 Halifax Reward
1 Lloyds TSB
1 Santander 123
2 FlexDirect Nationwide
1 Flexaccount Nationwide

For those people who have a similar set up how do you do the transfers? I guess I alway worry about things going wrong and doing it manually seems to give me more peace of mind but it is getting pretty time consuming!

Gromitt

I always worry about SOs as you have little control over them apart from the date, which, if it lands on a weekend or bank holiday, may not happen, and then you might get later SOs happening before the first and then get charged. You can leave larger delays between them, but then you could be losing interest.

I have 10 current current accounts which are all funded and I find it a simple process to fund them all. Takes about 10 - 20 minutes per month and is done at the same time that I'm checking the account balances and transactions anyway, so in reality, probably takes about 5 minutes.

grumbler

Same day is risky if some balance in the chain can be lower than the SO.
Even one day delay is risky as usually a SO requires cleared funds available on the day before it.

ylesia

Gromitt wrote: »

I always worry about SOs as you have little control over them apart from the date, which, if it lands on a weekend or bank holiday, may not happen, and then you might get later SOs happening before the first and then get charged. You can leave larger delays between them, but then you could be losing interest.

I have 10 current current accounts which are all funded and I find it a simple process to fund them all. Takes about 10 - 20 minutes per month and is done at the same time that I'm checking the account balances and transactions anyway, so in reality, probably takes about 5 minutes.

Sounds pretty much the same as me but my problem is I think I procrastinate too much, which is why it feels like it is taking so long! I think I just need to outline a better plan of when to do the transfers and stick to it.

Frogletina

I have standing orders set up for transfers, but if I have funds in place and the time then I sometimes move the money by faster payments before the due dates and then move the date of the standing orders to the following month. This ensures that if I am on holiday or unable to do manual transfers then they will get done by standing order.

Last year I was rushed to hospital unexpectedly in the early hours and was there for 10 days - but I knew that the transfers were going to go through ok. (I know it was probably the least of my worries but it was one less to deal with)

dalesrider

If the only reason for the funding of the First Dirct account is to avoid the charge...
Simply avoided by opening a savings acc, CC, mortgage with them.

Could be one off the list

Halifax 5. Could you cycle the same amount between them and not require outside movement of money.
If so then SO say every 4/5 days would cover that.
But is it really worth the trouble of having 5 acc's for £25 a month? With the risk of missing funding?

Alex92_2

dalesrider wrote: »

If the only reason for the funding of the First Dirct account is to avoid the charge...
Simply avoided by opening a savings acc, CC, mortgage with them.

Could be one off the list

If I get the 1st Account with FD and transfer a bank account to get £100 cashback, if I put £1 into their savings account does this mean that I would not need to put in £1500 PCM to get the £100 cashback then?

Also, as im using all of my bank accounts at the moment, what is a quick bank account to setup online and setup 2 DDs so that I can transfer it over to 1st Account? Tescos?

dalesrider

Alex92 wrote: »

If I get the 1st Account with FD and transfer a bank account to get £100 cashback, if I put £1 into their savings account does this mean that I would not need to put in £1500 PCM to get the £100 cashback then?

Also, as im using all of my bank accounts at the moment, what is a quick bank account to setup online and setup 2 DDs so that I can transfer it over to 1st Account? Tescos?

To be honest on that 1st bit I would ask FD on. Not sure if you have to fund the account for so long.
But certainly having a savings acc will stop the £10 charge.

Why not just transfer 2 of your current DD's over.

ylesia

dalesrider wrote: »

If the only reason for the funding of the First Dirct account is to avoid the charge...
Simply avoided by opening a savings acc, CC, mortgage with them.

Could be one off the list

Halifax 5. Could you cycle the same amount between them and not require outside movement of money.
If so then SO say every 4/5 days would cover that.
But is it really worth the trouble of having 5 acc's for £25 a month? With the risk of missing funding?

I actually really like FD, so use that account as one of my main accounts, originally it was just opened for the £125 and the regular saver, time will tell if that comes back

I have missed funding a couple of times with halifax but the good thing is there is no underfunding fee, you just don't get the fiver.