Moving money to meet pay-in limits

girl_withno_name

Just wondered if this was legal / allowed ... for example, getting salary paid into a Halifax Reward account and becoming eligible for £5/month bonus, then transferring that cash out to a Santander 123 account to earn interest on the balance for the rest of the month.

badger09

girl_withno_name wrote: »

Just wondered if this was legal / allowed ... for example, getting salary paid into a Halifax Reward account and becoming eligible for £5/month bonus, then transferring that cash out to a Santander 123 account to earn interest on the balance for the rest of the month.

Yes it is allowed. :T

Many posters on here are shuffling the same £1000 (or occasionally £1500) through 8 or 9 accounts every month to meet various funding requirements. Just be careful of those accounts which specify external funding, meaning you can't transfer from say 1 Nationwide account into another to meet the requirement. Most have no such restriction

You can set up standing orders to do it automatically, or do it manually - only takes a few minutes each month.

Go for it!

girl_withno_name

Thanks - was worried I was going to be called all sorts for suggesting such a thing then!

badger09

girl_withno_name wrote: »

Thanks - was worried I was going to be called all sorts for suggesting such a thing then!

Not on this board.

We all try to help each other to beat the banks (legally and within their T&Cs) at their own games

Asking for ways to preserve/hide/give away assets to family, while still claiming state benefits, will provoke an entirely different response though