re-123 a/c

joe134

Hi Guys, just opened 2 x 123 A/c,s in wifes name only, set up dd,s today, and set up Standing orders for both A/c,s from outside bank,Hsbc, which is our joint current main bank a/c.
Couple of questions;
1;Can I open 2 joint A/cs, or will they class a joint as part of a third/4th for wife?
2; if not, can I open 2 A/c,s in my name only, plenty DD,s but none that qualify for cashback, as used these 4 to use with wifes 2 a/c,s.
3; just read terms about funding, "not a calender month", has confused me.
Standing orders have been set up for 1st of every month.
Reason, got £80k to invest, but don,t want to tie up, want instant, others only take max £5k
Derby issue 4 ends ,end of month, would prefer linked online to hsbc, but derby,s only paying 1.2% now;
Any advice welcome, before I phone, or apply online.:beer:

anselld

1 No sure, but I suspect not.
2 Yes
3 So long as your SO stays the same date each month it will be fine.

You can also have 3xLloyds vantage, 3xBoS Vantage and 3x TSB something or other, i.e. 9x 5k = 45k at 3%

Perhaps an alternative if you are trying to keep everything in wires name.

YorkshireBoy

anselld wrote: »

3 So long as your SO stays the same date each month it will be fine.

For safety's sake, I'd suggest the SO date should be set as far away as possible from your date of account opening (from which your 'statement month' is derived), but at least 4-5 days, to allow for weekends and Bank Holidays getting in the way.

joe134

anselld wrote: »

1 No sure, but I suspect not.
2 Yes
3 So long as your SO stays the same date each month it will be fine.

You can also have 3xLloyds vantage, 3xBoS Vantage and 3x TSB something or other, i.e. 9x 5k = 45k at 3%

Perhaps an alternative if you are trying to keep everything in wires name.

Hi anselid,thanks for reply;;
the idea was to use all in wifes name , because, I,m a tax payer, wife isn,t;
However, managing them all can become a chore, so, ;;
would the best bet be to max out the said accounts to the limit possible to create interest, then set up, Standing orders , from all these new Accounts, to repatriate the same money, back the the HUB account, Hsbc, because, the outgoings to supply all these accounts would be very large if not replenished, IE; Standing orders coming in reverse?
EG;;Hsbc£500> 123 by SO;; 1st of every month
123 £500>Hsbc by So;;1st of every month
Ad infinitum.?

Then same with all other A/cs I set up, so I physically do NOT have to do anything but monitor them all.

Then just use Hsbc for everyday buisiness, all income coming in, leftover DD,s going out,hole in the wall etc, as normal.
No intentions of using any of these new A/cs for anything but as an interest generating system?Just keep them topped up, but no more?

joe134

YorkshireBoy wrote: »

For safety's sake, I'd suggest the SO date should be set as far away as possible from your date of account opening (from which your 'statement month' is derived), but at least 4-5 days, to allow for weekends and Bank Holidays getting in the way.

Hi Y, why,s this, is it something to to with the calender month thing?
I cannot understand that bit of small print
or, is it, so the money does not go to a" not open a/c yet" and returned.
From Esholt:-)

anselld

joe134 wrote: »

However, managing them all can become a chore, so, ;;

Setting up is a chore, but once set up the Lloyds, BoS, TSB accounts are zero maintenance. Just set up three standing orders to rotate the £1000 through the accounts 1->2->3->1 on the same day. Plus, if you like, three standing orders to pay out the interest each month so you stay within the £5000.

Then it is 100% "hands free".

YorkshireBoy

joe134 wrote: »

Hi Y, why,s this, is it something to to with the calender month thing?
I cannot understand that bit of small print

From the "important information"...

Fund the account with £500 a month (a minimum balance of £1,000 is required to receive interest). This is not a calendar month, it is the month from the date you opened your account.

If your account is opened on the 16th of November, your 'statement month' runs from the 16th to the 15th of the following month. So you need to deposit the £500 between these dates.

Because SOs are not sent on non-working days (but delayed until the next working day), funding around account opening date may mean you'll end up making 2 deposits one 'statement month' and none in the next 'statement month'.

joe134

YorkshireBoy wrote: »

From the "important information"...If your account is opened on the 16th of November, your 'statement month' runs from the 16th to the 15th of the following month. So you need to deposit the £500 between these dates.

Because SOs are not sent on non-working days (but delayed until the next working day), funding around account opening date may mean you'll end up making 2 deposits one 'statement month' and none in the next 'statement month'.

hI Y, thanks for reply; That bit confused me.
The 2 A/c,s were confirmed by letter as set up on 19th october, but, just set up online setup, and phone set up.,DD,S today.Haven,t funded it yet, till DD,s are set up, no interest till they are, which can be up to 14 days they said?
I set the SO from Hsbc from 1st nov, whch has gone in both A/cs.
is this ok?

joe134

anselld wrote: »

Setting up is a chore, but once set up the Lloyds, BoS, TSB accounts are zero maintenance. Just set up three standing orders to rotate the £1000 through the accounts 1->2->3->1 on the same day. Plus, if you like, three standing orders to pay out the interest each month so you stay within the £5000.

Then it is 100% "hands free".

Gotcha anselld, all money out and back in same day on all A/c,s, when maxed up to limit, so just got to check once a month for all A/c,s
Ain,t having a bob or 2 a pain?
need to look at the A/C,s you said;and ensure enough in Hsbc to meet all SO,s to begin with, must be a few £k to set them all up in wifes name only.can you give me links to said a/cs please?
Can still set 2x 123 A/c,s in my name, as 3% minus tax and £24 per annum charge, still would give better return than other stand alone online banks, like Derby I,m in now,@ 3.06% which goes to 1.2% at end of the month;:beer:

If I pop my clogs first, wife wouldn,t have a clue what to do. Cannot use Pc, and cannot keep track of all this:-)


:rotfl:

anselld

joe134 wrote: »

need to look at the A/C,s you said;and ensure enough in Hsbc to meet all SO,s to begin with, must be a few £k to set them all up in wifes name only.can you give me links to said a/cs please?

I am not sure if you have quite got it though; there is no need to link anything to HSBC it all stays in the same bank.

e.g. say you have £15k
3 Lloyds vantage at 5k each, call them LV1, LV2, LV3
LV1 standing order to LV2
LV2 standing order to LV3
LV3 standing order to LV1
LV1, 2 and 3 standing order for monthly interest to wherever you like.

Nothing comes or goes from Lloyds except the interest.
No need to do anything or check anything monthly unless you want to withdraw.

The links ...
http://www.lloydsbank.com/current-accounts/vantage.asp
http://www.bankofscotland.co.uk/bankaccounts/vantage/
http://www.tsb.co.uk/current_accounts/classic_and_classic_plus_accounts.asp

Archi_Bald

anselld wrote: »

Nothing comes or goes from Lloyds except the interest.

And the monthy £1Ks

anselld wrote: »

No need to do anything or check anything monthly unless you want to withdraw.

I think it is unwise to leave any instant access account unchecked for a whole month. I check my accounts daily though some may consider this OCD.