Transferring money between accounts to meet minimum credit requirement?

goinkonit

We have just opened one of these accounts, does anyone know if you transfer cash out to a different bank account say Nat West to a different person does it go straight away? The nat west does it immediately to this person but it is the same bank. Do different banks do it this quick?

colsten

Santander have the capability to send Faster Payments pretty much instantly / within 2 hours, and most payments will do so.

However, they have a very annoying "security feature" for some now payees. Your payments might not arrive until the end of the next working day, which is perfectly within a bank's legal obligation but too slow for many of us.

Once you have made a larger payment to a payee and it has arrived with the payee, further payments are normally pretty much instant.

Lungboy

A related question that didn't deserve its own thread: how do you know when your account needs to be credited by? For example, I'm going to open 2 TSB accounts and a Nationwide account. I'm guessing the initial deposit of £2k/£2.5k will count for the first month, but after that is it 28 days or calendar month that counts for the purposes of paying in the £500/£1000?

elektra

darkfield wrote: »

The only usual restriction is that the money needs to come from a different organisation, but as you appear to be opening accounts with different organisations, this shouldn't hinder you.

Can anyone remind me which are ok to come from within same organisation. With the now redundant lloyds vantage and opening new TSB and Santander I want to simplify chain of payments rather than setting up new payees

TSB - Looked at t&c's and can't find it stipulates must be external
BOS -Looked at t&c's and can't find it stipulates must be external

but happy to be corrected if someone can point me in right direction

Cornucopia

Lungboy wrote: »

A related question that didn't deserve its own thread: how do you know when your account needs to be credited by?

These accounts seem to be set up so the "month" is fair, not strict.

ie. your salary (if you paid it there) would vary around a particular point in the month, and they allow any qualifying credit to do so, too. Presumably the underlying rule is something like "maximum 5 week interval" or something like that.

Vortigern

Lungboy wrote: »

A related question that didn't deserve its own thread: how do you know when your account needs to be credited by? For example, I'm going to open 2 TSB accounts and a Nationwide account. I'm guessing the initial deposit of £2k/£2.5k will count for the first month, but after that is it 28 days or calendar month that counts for the purposes of paying in the £500/£1000?

both TSB and Nationwide use calendar months; so if you've made a deposit in July, you don't need to make a further deposit till August. It does not need to be on the same day each month.

Vortigern

Cornucopia wrote: »

Presumably the underlying rule is something like "maximum 5 week interval" or something like that.

No, it isn't! Don't presume anything, read the terms and conditions.

Cornucopia

And what does it say?

Archi_Bald

Cornucopia wrote: »

And what does it say?

What did it say when you read the T&Cs?

Cornucopia

Archi_Bald wrote: »

What did it say when you read the T&Cs?

Didn't bother. I'm sure if there were anything bad in there, I could still complain. If necessary citing the Regulators' guidelines and/or the Unfair Contract Terms Act.

I'm a fair person - I will treat Santander fairly, and I expect them to do the same.