Current Accounts with a Monthly Minimum Payment

Sensory

Would it be too suspicious if I simply shifted the same £1000 between different accounts (all in my name) every month? Then the next month, start against with the first account. I'm a full-time student and don't earn enough income for even one of these accounts, but I do have savings.

Herbalus

No reason why it won't be allowed, although be prepared for fraud checks and delayed transfers in the first month(s) until they get used to it. Especially with Santander if you have one of their accounts - it seems every time I set up a payment to a new account for the first time, even using their One Time Password that they text to me, they put a block on it and then I have to ring them up. Apart from that it'll be fine.

Gromitt

I have 8 such accounts (excluding the account my salary goes into) and do it every month, no problems whatsoever.

dr_adidas01

Sensory wrote: »

Would it be too suspicious if I simply shifted the same £1000 between different accounts (all in my name) every month? Then the next month, start against with the first account. I'm a full-time student and don't earn enough income for even one of these accounts, but I do have savings.

Its ok its what many MSE's do to get various rewards and account benefits.

As others have mentioned Santander can be a bit odd when you first do it, but once they get used to it they seem ok with it.

Sensory

Does the money need to be in the account for a minimum specified period?

matttye

Sensory wrote: »

Does the money need to be in the account for a minimum specified period?

Depends on the account(s) in question but, in my experience, not usually.

innovate

Sensory wrote: »

Does the money need to be in the account for a minimum specified period?

None that I am aware of

YorkshireBoy

Sensory wrote: »

Does the money need to be in the account for a minimum specified period?

Depends if you're using some SOs as well as manual deposits to shift cash around, since some banks stipulate there must be cleared funds in the account the working day before to meet scheduled outgoing payments.

Sensory

So if I had two accounts primarily used for savings (e.g. Vantage and FlexDirect), I could set up standing orders between them for the same day, effectively 'swapping' their £1K deposits each month. Is that efficient, or is there a better way to do it?

YorkshireBoy

Sensory wrote: »

So if I had two accounts primarily used for savings (e.g. Vantage and FlexDirect), I could set up standing orders between them for the same day, effectively 'swapping' their £1K deposits each month. Is that efficient, or is there a better way to do it?

Will the accounts always be full?...ie £2.5K in the FlexDirect and £5K in the Vantage?

If so you won't be gaining anything in terms of "efficiency" because you'll still need to log in each month to cream off the interest.

What SOs will do for you though, is ensure you don't forget to fund the accounts.

Personally, I make all my transfers manually...usually on the 2nd day of the month when BoS and LTSB pay the Vantage interest. With FlexDirect I'll do it a day or two earlier, because they pay their interest a little earlier in the month.

Sensory

YorkshireBoy wrote: »

Will the accounts always be full?...ie £2.5K in the FlexDirect and £5K in the Vantage?

If so you won't be gaining anything in terms of "efficiency" because you'll still need to log in each month to cream off the interest.

In theory, if I kept the accounts at their (interest-paying) maximum throughout the month, the interest received would also remain the same every month, so I could set up another standing order to siphon off the interest on the day it's paid into each account.