5% Savings Loophole

Eco_Miser

Yes that would work.
You can pull any reasonable amount to your Tesco Savings accounts.
No current accounts, including Tesco, allow DDs in. A few savings accounts allow DD pulls from a single linked current account, but Tesco is the only one that allows pulls from multiple current accounts, so that is the one that is recommended here.

YorkshireBoy

Lady_Inversneckie wrote: »

any tweaking?

Consider dropping off £250 at TSB and £400 at Lloyds along the way for their regular savers at 5% and 4% respectively. Would need to increase the £1,500 to £1,750 though.

Eco_Miser

YorkshireBoy wrote: »

Would need to increase the £1,500 to £1,750 though.

Or change the routing so that TSB comes after Lloyds.

Also consider Halifax for the free fiver.

YorkshireBoy

Eco_Miser wrote: »

Or change the routing so that TSB comes after Lloyds.

That could (would?) involve additional admin, if new payees are required. Changing the amount would be far easier I'd suggest.


Personally, I'd also automate wherever possible with SOs (since it appears the posters accounts are 'full')...


Bos1-->BoS2-->BoS3-->BoS1


I'd also cross-fire (using Santander as a 'hub'), rather than daisy chain, TSB, Lloyds & Nationwide, as that would involve less admin at the Nationwide 12 month point.

Eco_Miser

YorkshireBoy wrote: »

That could (would?) involve additional admin, if new payees are required. Changing the amount would be far easier I'd suggest.

True, but the OP doesn't seem to have the system set up yet, so she can set the most efficient order from the outset.

And if cross-firing, using Lloyds as the hub requires less money being moved overall, as the £1500 is satisfied by the returning crossfires.

YorkshireBoy

Eco_Miser wrote: »

And if cross-firing, using Lloyds as the hub requires less money being moved overall, as the £1500 is satisfied by the returning crossfires.

There's always more than one way to skin a cat!

caveman38

YorkshireBoy wrote: »

Consider dropping off £250 at TSB and £400 at Lloyds along the way for their regular savers at 5% and 4% respectively. Would need to increase the £1,500 to £1,750 though.

Butting in in the OP's thread. Why is that not £2,150 and if all the ins and outs are done on the same day using faster payments.
a) how do you nominate that as FP and not SO, and b) if day falls on weekend or BH would all, some or no payment be processed and how does that affect the process. Thanks.

YorkshireBoy

caveman38 wrote: »

Why is that not £2,150

Because in the proposal being discussed its not necessary to send £1,500 back to Santander.

and if all the ins and outs are done on the same day using faster payments.
a) how do you nominate that as FP and not SO

Not sure I understand what you mean, but a manual payment you initiate yourself is a one-off immediate fast payment.

and b) if day falls on weekend or BH would all, some or no payment be processed

In the posters proposed funding circle with those providers, all payments would be delayed until the next working day.

and how does that affect the process.

It doesn't. The only provider I know that sends SOs on a weekend is Tesco, but if all accounts are full (or at least have balances in excess of the funding amount being sent) then the worst that can happen is you lose a tiny amount of interest.

caveman38

What I should have said YB is can you nominate to pay your outgoings as FP and not as Standing Orders. Do banks have a default method to pay other institutions or is FP the default method now. BTW thanks for the help.

Archi_Bald

You don't "nominate" any payments - - you either make a one-off payment (which will be processed by the Faster Payments infrastructure) or you set up a regular payment, aka SO (which will also be processed by the Faster Payments infrastructure).