Current Account with an automatic 'sweep' system

scottdaws0n

Can anyone advise of banks which offer a current account with an automatic 'sweep' service.

For example, if my salary is paid into the current account and a pre-set limit of say £1,000 is reached, anything above this amount is 'swept' across to another account such as a savings account.

I understand the Royal Bank of Scotland offer this automated 'sweep', but do any other banks offer this service?

innovate

I think First Direct does but their interest rates are abysmal.

There are other current account which pay relatively decent interest and/or cashback .

alanq

First Direct does though the rate on the linked savings account is low. It would be much better to make the effort to move the funds yourself into a savings account paying the best rate available.

Alternatively consider an interest-paying current account.

Update: While I was preparing my post I see innovate has offered much the same response.

Gizmo247

I think Santander have this facility but it is one of the few facilities that is not controllable from their Online service, you have to phone up to setup and update.

Yes, First Direct does have this (and only one sweep per customer) but as interest rates are poor then only really useful to offset mortgage users as a way of segregating money into a different offset pot.

Hominu

Gizmo247 wrote: »

I think Santander have this facility but it is one of the few facilities that is not controllable from their Online service, you have to phone up to setup and update

Considering their current account offers 3% interest and their savings accounts are typically less than 2%, I don't know why anyone would want to do this anyway.

As said, FD do support it, but you wouldn't want it.

Far easier to just use an interest paying current account like BoS, TSB or Santander.

innovate

And not to forget the 5% FlexDirect, even if it only last a year - - but who knows how long the 3%ers last. Make hay whilst the sun shines!

iamparakeet

I'm interested in how this panned out for you.
I just learned about First Direct's auto-sweep feature. This seems like a great way to pile all the available cash in to my upcoming offset mortgage savings account after monthly payment.

However, do any of these auto-sweep accounts (First Direct, Santander, other) allow auto-sweeping out of their current account to a savings account with another provider? Or only to their own savings accounts?

Any other banks with this auto-sweep facility?

Thanks.

innovate

Only option I am aware of is that you sweep it into one of their own savings accounts. All of which pay mediocre to abysmal interest, and could therefore be considered more or less useless.

Also, as has been mentioned already, quite a few current accounts have been offering significantly better interest rates than savings accounts for quite some time now.

Lansdowne

robertandrews wrote: »

do any of these auto-sweep accounts (First Direct, Santander, other) allow auto-sweeping out of their current account to a savings account with another provider? Or only to their own savings accounts?

Thanks.

I don't think this would be possible. A sweep needs to work in both directions and it would require the other provider to co-operate.

Also, the whole point of a bank providing this facility, from the bank's point of view, was to ensure the customer kept their money with them. It has mostly been replaced by current accounst paying significant interest.

iamparakeet

innovate wrote: »

Only option I am aware of is that you sweep it into one of their own savings accounts. All of which pay mediocre to abysmal interest, and could therefore be considered more or less useless.

Also, as has been mentioned already, quite a few current accounts have been offering significantly better interest rates than savings accounts for quite some time now.

I don't mind about interest rate, this would just be to automate the transfer of irregular amounts (the full balance of the account) out of that account each month.

scottdaws0n

I opted for RBS in the end. Despite recent technical failures, their 'sweep' system seemed good, and it is working well. They will only sweep money between 2 accounts within the RBS at the same branch, and the transaction takes places at the end of the financial day. i.e. closing time. Its working perfectly. Its a free service. You have to contact the local branch to set it up. Couldn't ask for more! Good luck!

robertandrews wrote: »

I'm interested in how this panned out for you.
I just learned about First Direct's auto-sweep feature. This seems like a great way to pile all the available cash in to my upcoming offset mortgage savings account after monthly payment.

However, do any of these auto-sweep accounts (First Direct, Santander, other) allow auto-sweeping out of their current account to a savings account with another provider? Or only to their own savings accounts?

Any other banks with this auto-sweep facility?

Thanks.