Santander 1-2-3 Account

anotheruser

Why not spread it over a few days?
Or in your case, 14 days...

Mine start on the 1st of the month and stay in overnight, then transfer to the next.

anoncol

anotheruser wrote: »

Why not spread it over a few days?
Or in your case, 14 days...

Mine start on the 1st of the month and stay in overnight, then transfer to the next.

Thats how i would set it up if i had all these accounts.

YorkshireBoy

anotheruser wrote: »

Why not spread it over a few days?
Or in your case, 14 days...

For me, that would be an inefficient use of my time, for example many of the transfers are 'internal'.

For example, once logged in to my Halifax online area I can cycle round 4 x Halifax Rewards, 3 x BoS Vantage*, and send £1K to each of my 3 Nationwide FlexDirect accounts, £800 to my Nationwide FlexAccount, and another £1K to my Santander account...all in one session and takes around 3-4 minutes?

Then log in to Nationwide, collate the £3.8K in to one account and send it back (£3K replenishes the BoS vantage accounts and the other £800 is moved wherever it's needed).

Next it's LTSB* to cycle the £1K payments round three accounts.

And finally, to Santander to bring the £1K back to Halifax.

So, 4 log ins and the job's done...for another month!


* Creaming off the interest as I go.

MissE001

Clariman wrote: »

Hi all. I haven't use the site for a while, so apologies if this has been asked a thousand times already.

DAK if it is possible to have more than one Santander 1-2-3 Account? e.g. could my wife and I each have our own account and a joint one?

Many thanks
Clariman (author of the soacalc that many here use on the debt boards)

Definitely possible - I done this for my mum & dad. We struggled to find enough DDs for both of the accounts as they were reluctant to completely close their original current account but managed it as I persuaded them to take the 123 Credit card as well. At least they're now getting 3% interest each on £20k instead of the 0% they were getting in their original current account :T

a&akay

anotheruser wrote: »

Why not spread it over a few days?
Or in your case, 14 days...

Mine start on the 1st of the month and stay in overnight, then transfer to the next.

Each to their own. I do use SOs to make sure that I've got the £1 in my savers to cover the DDs set up to satisfy the conditions of other accounts that demand them. Eg SOs set up on 5th for £1 in and DDs out on the 10th. This covers the SO time lag on long bank holidays that sometimes can happen. I recycle this small amount of cash every few months. I need about £10k from my savers every month, for reasons I won't go into here, to keep the time down and get the money recycled within a reasonably short period ie 30 mins. My OH doesn't earn that much each month:D. SOs don't work over W/E and Bank Holidays as the FP website explains below. We were in Venice over the 1st recently but the recycling just waited till we got back and didn't affect the interest etc earned. An SO may have been set up leaving me with heavy overdraft fees if the timing was wrong:(. Systems can crash as MSEers regularly report. Keep the risk low.

Standing Orders




A standing order is a regular payment that you set up to pay the same recipient, the same amount on regular dates.

• Available Monday to Friday, excluding bank holidays
• Same day payment Value limit of up to £100,000
• Standing orders sent via Faster Payments are received by the beneficiary on the day the payment is sent. It is not possible to guarantee exactly when the payment will reach the recipient’s account, although 90% of payments are sent by 6am.

a&akay

adindas wrote: »

Interested in doing it by myself, just need to learn more.
Did he pay any of BT fee ?

I am aware of NW Flex Direct with 4x£2500 of 0% overdraft facility that could last for at least a year. Some credit cards allow 0% on spending on limited time up to several months. Some CCs allow 0% interest on a definite time on balance transfers.

Would you please elaborate more on this specific banking products that could make this happen £32k stoozing at the same time especially if there is not any BT fee or interest to be paid ?

Happy to help MSEers as that's what the site is about. My OH and I are interchangeable so ignore the logic of the replies:D. My OH opens 0% cards and we both spend on them on a slow Stooze, saving the amount spent in the best saving account as per the model. 0% balance transfers are accepted if they provide a cash advantage thus prolonging the slow Stooze, but all recent ones incurred a fee. I track these on my spreadsheet together with the date the statement is raised and the date the 0% deal ends. We don't take any that cost in the long term. We pay the due minimum amount plus a very small addition, as advice is a minimum payment marker is reportedly bad for credit ratings? This presumably affects the ability to build up a bigger Stooze pot but it appears very hit and miss due to internal credit scoring about which little is given away. I've given up on finessing the payment date to just before it's due as the risk is not worth the few pence involved and pay immediately the statements are produced. My simple spreadsheet tells me when to pay them off fully before incurring interest. The recent Lloyds Platignum offer was 1.5% fee for 15 months. Nationwide was 1.55% till 25 Aug 14 so both no-brainers in Stoozing terms for 3%+ returns for a non-taxpayer. We are taking recent 3% balance transfer offers as well because our cash flow could involve our shares, which are on the up, and paying off the pot could involve cashing these in at an inopportune date. Taking the 3% offers puts off the day of sale. Just our luck I'll get this timing wrong but that's life.