Making money from transferring funds with your bank account

drr

Hi guys,

First of all apologies if this has already been answered.

As we all know there are a number of benefits with bank accounts such as their facility to transfer money to and from accounts etc.

My question is, would it be possible for me to open several of these accounts with such benefits and transfer my money around each month?

For instance, I read that a Tesco current account requires a £750 pay in each month and another account requires a £500 pay in.

Is there anything stopping me from simply using these accounts in this way just to move money around and benefit from the perks they offer?

Do many people do this?

colsten

Many people here have multiple accounts. Spend some time reading through the forum, there are threads for all the relevant accounts.

badger09

colsten wrote: »

Many people here have multiple accounts. Spend some time reading through the forum, there are threads for all the relevant accounts.

Some posters seem to make a point of opening every new account as soon as it appears

drr

I guess there's quite a bit of extra cash to be made doing this then?

YorkshireBoy

drr wrote: »

I guess there's quite a bit of extra cash to be made doing this then?

Are you looking for "perks" (as you mentioned earlier) just for moving money around, or interest on a large amount of savings (currently making a pittance in an ordinary savings account), or both?


For "perks", look to Halifax Reward (free fivers) and Club Lloyds (cinema tickets, magazine subscriptions, etc).
For "interest", look to TSB Plus, Nationwide FlexDirect, Club Lloyds, BoS, Santander.

jonesMUFCforever

OP to benefit from these accounts you need to max them out with funds to get the most interest.