is it worth it? transferring between accounts

NowRetired

I have, for the past few months, been transferring £1,000 between 3 bank accounts to make money.

I have been totalling up what I gain each month.

£8 approx. from Nationwide for £2,500 in a Flex account,

£5 from the Halifax reward account and the rest of my money making £1 or less a month in my BoS vantage account.

So £14 per month max.

Do you think it is worth it?

My wife thinks I'm mad. :eek: So do my sons and daughters.

What do others think?

Time to go back to 1 bank account that I can forget all about as what goes in is more than what comes out each month?

baggers02

If you have the cash to move about to do this why not!!

InsideInsurance

Only you can say if 168 quid a year is worth the effort it takes. It'll depend on how tight your finances are, how much free time you have and if there is any moral consideration (some like getting one over on the banks).

Assuming money isnt THAT tight, surely you just set up standing orders to bounce the money around

innovate

NowRetired wrote: »

My wife thinks I'm mad. :eek: So do my sons and daughters.

What alternatives have they suggested? To me, it seems definitely mad not to collect interest when it is on offer.

Your nick suggests you are now retried, so surely the few minutes every month you spend on this are not a drain on your time? Have you calculated your hourly rate from collecting the interest? For many people, that hourly rate can be significantly higher than what they can/could get working. Keep going! And spend the money on yourself if your nearest and dearest think it isn't worth getting.

NowRetired

Assuming money isn't THAT tight

Money isn't tight, that is why my wife thinks I am becoming obsessed over, as she puts it, a pint of beer a week.

In fact it isn't even a pint of beer any more.

Some people think of it as £168 a year, others as £3.20 a week.

Hominu

Considering what people go through to get £100 knocked off their energy bills, I'm surprised more people don't do this, but the vast majority think it's nuts to do things like this.

Personally, if I could make an extra £168 per year I'd be all for it for the simple single transfer per month. If the difference was less than about £4 per month I'd struggle with it though.

cockmad

NowRetired wrote: »

I have, for the past few months, been transferring £1,000 between 3 bank accounts to make money.

I have been totalling up what I gain each month.

£8 approx. from Nationwide for £2,500 in a Flex account,

£5 from the Halifax reward account and the rest of my money making £1 or less a month in my BoS vantage account.

So £14 per month max.

Do you think it is worth it?

My wife thinks I'm mad. :eek: So do my sons and daughters.

What do others think?

Time to go back to 1 bank account that I can forget all about as what goes in is more than what comes out each month?

You are certainly not mad, just very wise.

If your wife, sons or daughters ever have a dispute with their bank and subsequently decide to leave, they will find to their detriment the adverse effect it will have on their credit rating and applications. They will realise that the 'old man' was
way ahead of them.

Never be complacent, always be frugal and don't keep your eggs in one basket.;)

NowRetired

don't keep your eggs in one basket

That's why I have 4 current accounts, 2 savings accounts, my wife and I an ISA each and 5 credit cards.

xylophone

£2500 left in the Nationwide flex direct current account can be regarded as a one year fixed rate bond paying 5% (gross). That's how I think of it- the £1000 paid in monthly can then go wherever you like on the day it is transferred in.

Jox

I think it's a good thing so carry on if you're happy to do it.

If it's a big hassle for you and taking up too much time and energy and causing you stress then knock it on the head.

Deneb

If you offered £168 to your wife tonight, would she refuse and say "Don't bother, it's not worth it?"

It may not seem much if you break it down on a weekly basis, but if like me, you intend to save the money rather than spending it, then the benefits of compounding will reap dividends over time.

I'd say it's silly not to take advantage of what's on offer, but then I went to the bank to pay in a cheque for £0.01 today. This is MSE after all :-)