Current Accounts with a Monthly Minimum Payment

YorkshireBoy

Sensory wrote: »

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.

It doesn't work like that.

Vantage, for example, can have up to 33/34 days interest, and FlexDirect can have between 28 and 31 days interest.

So now you're up to 4 standing orders for your 2 accounts. Surely it's better to log in once per month and make the transfers manually?

Sensory

YorkshireBoy wrote: »

It doesn't work like that.

Vantage, for example, can have up to 33/34 days interest, and FlexDirect can have between 28 and 31 days interest.

Of course... :doh:

I'll just have to give up on my desire for complete automation.

YorkshireBoy wrote: »

So now you're up to 4 standing orders for your 2 accounts. Surely it's better to log in once per month and make the transfers manually?

So assuming FPO/FPI, the money would be in and out within the same day and no loss of interest would occur?

Hominu

Sensory wrote: »

Of course... :doh:

I'll just have to give up on my desire for complete automation.

Not really. If you cream off 28 days interest each month, you may leave a few £ in the account over the year, but what kind of interest are you going to get on a few £ ? pence?

Sensory

Hominu wrote: »

Not really. If you cream off 28 days interest each month, you may leave a few £ in the account over the year, but what kind of interest are you going to get on a few £ ? pence?

With Vantage it would probably be just over £1 a month leftover (pence of interest). It's little gain, but I'm willing to do things manually if necessary in order to keep a nice round figure of £5000.

ejv

YorkshireBoy wrote: »

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.

Sorry to ask if its been answered.
Do LTSB,BoS & FlexDirect ask for minimum SO/DD to avail the benefits?
I was circulating £1000 in Halifax for some time,for £5 monthly reward, and they now ask for 2 DD from next month, if I have to avail that.

YorkshireBoy

ejv wrote: »

Do LTSB,BoS & FlexDirect ask for minimum SO/DD to avail the benefits?

No.

However, LTSB did ask for 2 x DDs set up last Autumn to avail of 4% for a year or so (instead of the standard 3%).