Current accounts: Recycling minimum payments in, and DD's

Moneh

Santander's 123 current account requires £500 in payments to the account every month.
Club Lloyds requires £1500 in payments to the account every month.

Is it possible to just send £1500 to the Club Lloyds account per month, and then simply send £500 of that on to the 123 account?

In total I would have paid £1500 total to satisfy a minimum in-payment total of £2000.

Does this break any Ts&Cs?

They also require 2 direct debits per account per month.
As I only have 3 DD's, if I were to set a fourth one up with my charity of choice, would this be within the requirements?

Thanks in advance for any advice!

Vortigern

Moneh wrote: »

Is it possible to just send £1500 to the Club Lloyds account per month, and then simply send £500 of that on to the 123 account?

Yes.

Does this break any Ts&Cs?

No.

They also require 2 direct debits per account per month.
As I only have 3 DD's, if I were to set a fourth one up with my charity of choice, would this be within the requirements?

Yes, but remember Lloyds needs 2 DDs to be used each month.

You need £3,000 in Santander and £4,000 in Lloyds to get the top tier of interest on each. Assuming that neither account will ever fall below these balances, why not set up standing orders to transfer £1,500 from one account to the other, and back, on the same day each month? Make sure the date is near the middle of Santander's statement month.

ColdIron

Moneh wrote: »

As I only have 3 DD's, if I were to set a fourth one up with my charity of choice, would this be within the requirements?

Unless you really want to give to charity you could use a Tesco Internet Saver or Paypal for DDs