5% Savings Loophole

YorkshireBoy

shangaijimmy wrote: »

For those with multiple Halifax rewards accounts am I correct that we can have 1joint and 1 sole account each?

That's the official stance, yes.

Then for the £750 a month pay in we can transfer between each so - main current to Halifax sole 1 to halifax joint to Halifax sole 2 then back to main current?

Internal transfers are currently allowed, yes.

shangaijimmy

Fantastic I'll crack on!!

shangaijimmy

3 accounts opened, tesco savers sorted and online dealings sorted. Just waiting for activation codes for Halifax and payday!

dave_allen77

Hi,


I am in the process of settings all of these accounts up and have hit a stumbling block. I do not have enough direct debits. I have a Santander account and am trying to leave Gas, Elect, Water, Council Tax etc. on that account and use the remaining DD's on Club Lloyds & Halifax. There are 2 of each of the Lloyds and Halifax. One for me and one for the missus.
What I want to know is can I set up Standing Orders instead or can I set up a Direct Debit for a Credit Card that I am not using but keeping for emergencies or is there another option I have not thought of.

NoMore

Tesco internet savings accounts allow you to setup DD to pull money from accounts.

colsten

dave_allen77 wrote: »

What I want to know is can I set up Standing Orders instead

You cannot substitute DDs with SOs but as per NoMore, Tesco savings accounts allow you to set up any number of (small amount) DDs.

dave_allen77

Perfect. I knew there was a better way. Thanks for help. Just opening account now.

Paully232000

I have eventually got around to doing this.

One TSB account opened 5%
One Nationwide account opened 5%
One Club Lloyds opened 4%

craigfunkulus

Does the interest get calculated based on how much money you have in the account all month or is it simply based on how much total has been transferred in?
So if I put £1000 into the Nationwide FD account on day 1 and transferred it back out on day 2 at the start of the next month I would get £50 credit, or would I only get a percentage of that?

The Nationwide says this and it is comfusing finance mumbo-jumbo to me;

How we pay interest: On the last day of each month we calculate the interest you've earned each day of that month and then pay you this interest on the 1st day of the next month. We normally pay you this interest 'net' of any tax, which means we deduct any tax due and pass it to the government for you.


Followup question, if I would get the interest based on the total paid in can I put the same £1000 back in to get £2000 and then £500 again to make up the total limit? I assume I would need to leave at least £1 in it but I would acheive that with the interest.

Thanks in advance!

Hopefully I'll be going to open about 5 bank accounts tomorrow!

colsten

Interest is always calculated daily, based on the balance of your account at the end of the day. This applies to all providers.

The mumbo-jumbo is actually as clear as it gets - short of saying don't be a dumbo and expect to receive interest on money you don't have in the account.