5% Savings Loophole

caveman38

Futuristic wrote: »

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

"Move money in" from tesco banking.

Thanks for that. I found it an it says "If moving money in from another account in your name for the first time, we'll set up a Direct Debit Instruction , which normally takes 10 days to process".


Does it really take that long?

Futuristic

caveman38 wrote: »

Thanks for that. I found it an it says "If moving money in from another account in your name for the first time, we'll set up a Direct Debit Instruction , which normally takes 10 days to process".


Does it really take that long?

Yes, it won't let you select a date within the next 10 days or so. Not exactly sure the process banks go through but I assume it's to do with security verification that takes place internally and notice being sent between the 2 banks.

It will be the same delay of 10 days with any sort of DD you'll ever setup (bills etc)

elliottmp2p

CURRENT ACCOUNT PAYMENTS

bankaccountsavings.co.uk simply pairs off accounts even if the qualifying amounts are different, examples below.

Anyone had any problems qualifying for interest:
1) going to/from SAME external bank account
2) on the SAME day.

Thanks!!!

BoS1 1500 Lloyds 1500
Lloyds 1500 BoS1 1500

BoS2 1000 Sant123 1000
Sant123 1000 BoS2 1000

elliottmp2p

I'm currently banking on 2 DDs from the SAME Internet Saver (the second Saver application did not open automatically and they'll be writing or calling in the next week so any 2nd DD likely to miss this month).

I selected Add Account under Move Money in, added Club Lloyds again but changed details a bit (nickname, amount, date).

It went through as a 2nd DD request for 10 days time rather than same day SO and I now have 2 different DD refs on my Lloyds account (I know someone has done this from one account before on the board).

I must say I'm finding the process of partially opened accounts, limitations to changing settings and trying to work out most efficient way to fund the monthly/qualifying payments payments in one go a bit of a challenge, I doff my hat to the forum experts! :T

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

elliottmp2p

YorkshireBoy wrote: »

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.

Thank you Yorkshire Boy. HSBC said the same, fund the account day before even though there's a 2nd sweep at 3.30pm.

Do you mind me asking if you make any SOs from a single funded account with a sufficient balance, say Sant 123, to return same day or maybe just match accounts 1:1 same day without need for a hub/any cascading (TSB1-BoS1-TSB1 and TSB2-BoS2-TSB2 etc), thanks!:think:

YorkshireBoy

elliottmatt1972 wrote: »

Do you mind me asking if you make any SOs from a single funded account with a sufficient balance, say Sant 123, to return same day or maybe just match accounts 1:1 same day without need for a hub/any cascading (TSB1-BoS1-TSB1 and TSB2-BoS2-TSB2 etc), thanks!:think:

A mixture of both. Internal cross funding on accounts that allow it, and hub & spoke from 1-2-3 on those that don't.

caveman38

Or are the setting up these accounts not always straightforward.
Often my wife gets asked to provide ID at the bank where I don't and I'm now having difficulty opening joint accounts.
Although we now both have NW Flex accounts, they are having to send paperwork in order to finalise the joint account. Also I cannot open TSB joint without going along to the bank to open it. I'm assuming the same will happen with Lloyds.
Is this normal or am I just unlucky?

Rosie1980

While doing this with my Mum she couldn't open several of them on the same day because they are all in the same banking group. So it took a few days to get the first accounts open. Then once the Bank of Scotland account was open she couldn't open another online, she had to call them and be on the phone for nearly an hour. Then they said they could only open one a day so she had to call back the next day, after another 15min wait the third account was open.

I just told her to keep thinking of all the interest, it was all worthwhile!

I was hoping to open a joint TSB account but no I have to go to branch to do that. I also wanted to open my daughter a 3% account with HSBC which apparently I can't do in my branch I have to travel to another branch with her to open it. I've never had to have the child with me to open a child's account just their birth certificate.

They make you work for your interest that's for sure!

RandS

If you find you need more DD.s than you can muster...

Several Charities will accept a D.D one or two for as little as a pound a month.

The Post Office savings account Did/does when i last checked abt a year ago.

Don't get upset with Santander's fee hike, treat it as a game YOU CAN win if you practice.

If you want to beat the banks at their own game.
1. Get a spread sheet, I use Quicken but its no longer available in UK format. I cant see why you shouldn't substitute, Dollors for pounds in your own head and so use a different version. Otherwise there are other Home/Private Finance progs you can find.
or make up your own if your good at MS Excel

2. It takes time, lots of time. If you want the rewards but don't have the time..forget it

3. Setting up lots of "current"/savings accounts..NOTE what you do and the date you do it.

4. Number your standing orders and save a description. it makes it easier for you to track

5. keep a log of what date you have set for your S.O's

6. WARNING...Saving is a hard habit to break once hooked your in for life. Anybody know where i can get one of those caps with the green shield on the front?

redux

RandS wrote: »

2. It takes time, lots of time. If you want the rewards but don't have the time..forget it

No it doesn't. It takes maybe on average a couple of minutes a month, either with some regular standing orders or logging in and doing faster payments transfers. Why over-dramatise things with technical stuff like software spreadsheets, when there are bank statements anyway?