5% Savings Loophole

ceredigion

bigadaj wrote: »

Could be worse, at least it's not the mail.

Oh I don't now, it's owned byBarclay brothers.

stoneman

In the original article it mentions that the TSB classic plus accounts have to be funded externaly but I was under the impression that you could just transfer from one of your accounts to another to satisfy the £500 pay in.

I managed to get the 2 individual and joint account for myself and OH while it was still available but only last week deposited £2k in each.

I have just set up a transfer from all of my accounts one to the other then her accounts one to the other on the same day.

Is this ok or do I have to go from one of mine to hers the vice versa until I reach the end?

Kendall80

stoneman wrote: »

In the original article it mentions that the TSB classic plus accounts have to be funded externaly but I was under the impression that you could just transfer from one of your accounts to another to satisfy the £500 pay in.

My 2 classic plus accounts feed each other, as do the wifes.

elliottmp2p

Hi, I'm moving from a simple, manual process to a more complex set up for current accounts and savers.

Am I right in thinking
- most transfers made just after midnight of the date
- interest calculated cob
allowing the in/outs to be done from a single account/same day without loss of interest and avoiding min payments staggered over several days.

So if the current accounts are fully funded I could just feed in/out from Sant 123 on WD1, the caveats being:

- Reduced payments back where Savers are funded by SO from linked Current Accounts
- Returning DDs in the Tesco Saver accounts
- Sant 123 to be topped up by P2P repayments for Saver payments

Unfortunately, my hub account at the moment is HSBC current account so I think routing the above would lead to a loss of up to 2 days' interest per below, or can this timeline be shortened:

- WD1 Sant 123 to HSBC
- WD2 HSBC in/out transfers
- WD3 HSBC to Sant 123

My set up for sole accounts (only) will be as follows:

1x Sant 123
1x Lloyds (DDs to Tesco savers)
1x Llodys Saver
2x BoS
1x BoS Saver
1x Halifax Reward (DDs to Tesco savers)
1x Halifax HtB
2x Tesco Instant
2x Tesco Internet Saver
1x HSBC Saver
1x TSB
1x TSB Saver
1x NW Saver (c/a promotional expired)

Many thanks for any help given

redux

elliottmatt1972 wrote: »

Hi, I'm moving from a simple, manual process to a more complex set up for current accounts and savers.

Some people talk about tripping these as a circular series over several days, but I can't see why it would matter much when there is a decent amount of money around. Indeed if that means an account spends a day over the balance for the good interest, then interest is being lost.

So I think I agree with you - I don't know banks' exact timing on a day, but if none of the transactions would cause an actual overdraft they could all be on the same day, especially when done radially via one account with a significant balance.

But surely you might as well do this with your Santander account, rather than out and return via the HSBC.

DocOxon

Well, I think that googling the relevant bank's cut off times will yield some explanation(?), especially as 'Standing Orders' are processed through the Faster Payment service:

For instance, First Direct do publish their cut off times, if you google them (I cannot publish URL because I am a new user)

With Barclays: I am only starting to see what I can do to get the cashback. In the meantime I noticed that they also give free one year subscription to Kaspersky Internet Security.
I am far from being a fan of Barclays, after bad experience ages ago, it was just recently that I needed a foreign currency account and they were the only ones who were able to provide the services that I needed, and I had to open a current account with them first.:(

ceredigion

DocOxon wrote: »

Well, I think that googling the relevant bank's cut off times will yield some explanation(?), especially as 'Standing Orders' are processed through the Faster Payment service:

For instance, First Direct do publish their cut off times, if you google them (I cannot publish URL because I am a new user)

With Barclays: I am only starting to see what I can do to get the cashback. In the meantime I noticed that they also give free one year subscription to Kaspersky Internet Security.
I am far from being a fan of Barclays, after bad experience ages ago, it was just recently that I needed a foreign currency account and they were the only ones who were able to provide the services that I needed, and I had to open a current account with them first.:(

Maybe, you could explain to me what a banks cut off time has to do with the time the standing order is credited.

colsten

There seems to be some over-thinking going on............

sharpe106

stoneman wrote: »

In the original article it mentions that the TSB classic plus accounts have to be funded externaly but I was under the impression that you could just transfer from one of your accounts to another to satisfy the £500 pay in.

I managed to get the 2 individual and joint account for myself and OH while it was still available but only last week deposited £2k in each.

I have just set up a transfer from all of my accounts one to the other then her accounts one to the other on the same day.

Is this ok or do I have to go from one of mine to hers the vice versa until I reach the end?

The article states this but the website when you sign up just states need to be funded £500, no mention of where it comes from

redux

colsten wrote: »

There seems to be some over-thinking going on............

I hope I wasn't part of that. I was trying to suggest the exact timing in the day wouldn't matter.