5% Savings Loophole

caveman38

Can the Tesco savings accounts used for "pulls" be opened prior to opening their current account for the £3K 3% use.
I can't see any reason why not but would like confirmation.

eskbanker

sambo23 wrote: »

I had a question about the accounts that want you to use the 7 day switching service to receive a £100 bonus (or similar amount). I only have 1 joint Santander 123 account and don't really want to close the account.

Can I open a "dummy" account (which I have no intention of keeping) for like 7 days and maybe give it 2 of my direct debits, then use this 7 day switching service to transfer the 2 direct debits and then I have ticked all the boxes?

Cheeky I know

Yes, many on here have done this, search for terms like 'donor' or 'sacrificial' accounts. Chances are you'll need to open such accounts more than 7 days in advance of initiating a switch though, but yes, the principle is sound. As ever, check the Ts & Cs of the new account, and especially those of the switching bonus offer, to ensure you're fully compliant....

ceredigion

sambo23 wrote: »

I had a question about the accounts that want you to use the 7 day switching service to receive a £100 bonus (or similar amount). I only have 1 joint Santander 123 account and don't really want to close the account.

Can I open a "dummy" account (which I have no intention of keeping) for like 7 days and maybe give it 2 of my direct debits, then use this 7 day switching service to transfer the 2 direct debits and then I have ticked all the boxes?

Cheeky I know

Yes though may take longer than 7 days to set it all up

eskbanker

caveman38 wrote: »

Can the Tesco savings accounts used for "pulls" be opened prior to opening their current account for the £3K 3% use.
I can't see any reason why not but would like confirmation.

I certainly had Tesco savings accounts long before opening current accounts with them, they are different products with no interdependencies that I'm aware of....

elliottmp2p

Hi, as I can't set up payees on my Sant123 (no uk sim with me at mo overseas), I've calculated the minimum to fund my monthly savers & return 500 into Sant. To avoid going OD, I'd pre-fund main current account day 1, ping everything around day 2 and return 500 on day 3.

On bankaccountsavings.co.uk they simply pair off the accounts for the in/out rather than cascading between each other. Done on same day I'd expect this would avoid loss in interest rather than the 2 days I'm expecting on Sant 123 and still meet criteria for external funding returning from the same account?

Apologies for going round in circles/over-thinking but any pointers how you automate your pay-ins/monthly savers most welcome, thank you!

elliottmatt1972 wrote: »

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

elliottmp2p

To save me searching through every bank's T&C (HSBC was pretty arduous) has anyone ever had their SOs out rejected for exceeding their OD limits before matching ins were received same day?

Or will they re-try until close of business (or midday on next working day as I read for one) so that even a million would work same day if the in/outs matched??

Thanks!!!

YorkshireBoy

elliottmatt1972 wrote: »

To save me searching through every bank's T&C (HSBC was pretty arduous) has anyone ever had their SOs out rejected for exceeding their OD limits before matching ins were received same day?

Or will they re-try until close of business (or midday on next working day as I read for one) so that even a million would work same day if the in/outs matched??

Thanks!!!

My opinion is that you're best only using SOs on accounts that are full (or at least have sufficient balance to cover the outgoing payment value). All other transfers should be made manually.

To your question, I think these days most banks say they'll attempt a payment later in the day if the first one fails for lack of funds.

caveman38

To satisfy the Lloyds Club 2 x DD stipulation. Can you have them coming from 2 pulls from separate Tesco Savers.
If yes can someone tell me how you set them up to show that money paid into Tesco Saver is seen at Lloyds as a DD

colsten

Yes they can.

You "Move Money In" to your Tesco accounts. It is self-explanatory when you do it.

Futuristic

caveman38 wrote: »

To satisfy the Lloyds Club 2 x DD stipulation. Can you have them coming from 2 pulls from separate Tesco Savers.
If yes can someone tell me how you set them up to show that money paid into Tesco Saver is seen at Lloyds as a DD

Yes 2 tesco (internet) savers works, this is how I do it. Tesco setups up a DD automatically.

"Move money in" from tesco banking.