Interest from different accounts

exammy

Hi All,

Just wanted to confirm my plan will work, I'm planning on this

Having my main bulk of money in Santander 123 account with two DD's to get interest

A £300 Standing order to the first direct account which will then go into the regular saver
A £1,000 to a tsb plus account and then to my other plus account both of which have £2k in, then that £1k will standing order to a nationwide account and then finally back to the Santander.

Can anyone confirm this will work ok?

Really appreciate the help on here!

Vortigern

It should work OK.

Do you need to keep £1 in a first direct savings account to avoid paying a £10/month banking fee to first direct?

exammy

I think you're right and will also do that!

the only other thing that concerns me is opening loads of current accounts at the same time, i dont want my credit score to be affected.
I currently have the Santander and opened the first direct over the last few days still need to open llyods x2 and nationwide though, will this affect it?

innovate

You only need to possibly be concerned about the number of searches if you are looking to get a mortgage in the next 6-12 months. As long as you keep the accounts in good nick and your credit file doesn't show any defaults, there is unlikely to be any negative impact on anything.

You can largely ignore the ratings the credit agencies give you. None of the banks and building societies will use these ratings. They will all do their own scoring. Having said this, a terrible rating by a CRA will be due to one or more problems in your credit file, so is an easy indicator to prompt a more detailed look at things.

exammy

Thanks, I wont be getting a mortgage within the next two years that's for sure.

All of my accounts will be in credit aswell!

badger09

exammy wrote: »

Hi All,

Just wanted to confirm my plan will work, I'm planning on this

Having my main bulk of money in Santander 123 account with two DD's to get interest

A £300 Standing order to the first direct account which will then go into the regular saver
A £1,000 to a tsb plus account and then to my other plus account both of which have £2k in, then that £1k will standing order to a nationwide account and then finally back to the Santander.

Can anyone confirm this will work ok?

Really appreciate the help on here!

Sounds like a good plan

You might want to increase those SOs slightly, so that not only do you meet the minimum funding requirements, you also skim off the monthly interest from the 2 x TSBs and Nationwide if they are all 'full'. Otherwise, you can transfer the interest to Santander manually, but I guess you're trying to automate it all