Transfer between current accounts

susanann_2

If you open a number of current account to get the most interest, how do people manage the transfers to meet the monthly payment in. Do you set up a standing order to each of your accounts on the same day then transfer it back a day later or do you circulate it from one account to the other. The first way means a large amount coming out then back in two days later or much smaller amount being circulated for almost a month if you max out all of them. It all sounds quite a daunting task to set up. Considering 3 Lloyds, 3 Nationwide, 6 TSB, and 4 Tesco. That I think is the main ones available. Already done Santander.

ChopperST

I prefer to do a faster payment on the 1st of every month to avoid hitting weekends etc. it also allows you to cream off the interest. Just check with some of the accounts that require the funds to be in for 24 hours, others you can simply pay in and straight back out.

susanann_2

Some will allow you to transfer back out on the same day I thought they would all require it to be in for at least 24hrs. So you literally transfer in and transfer out at same time and it works ok? I assume no loss of interest either if it goes out and comes back in to your main account

latecomer

I manually transfer my wages from the account they land in through 5 different accounts before they end up at the final destination account. Takes about 5 minutes a month and satisfies all requirements they have.

Vortigern

susanann wrote: »

I thought they would all require it to be in for at least 24hrs. So you literally transfer in and transfer out at same time and it works ok? I assume no loss of interest either if it goes out and comes back in to your main account

I don't know of any that require you to leave the funding deposit in for 24 hours.

For my TSB accounts I have a standing order transfer £500 from one account to the other, a second standing order transfers £500 back on the same day. 2 more standing orders transfer the interest out to another account.

The same method works for Tesco and probably others, but beware that some accounts require funds to come from an external account.

There is no loss of interest if you pay in and out on the same day. There could be loss of interest if you leave excess money in an account overnight, when that money could be earning interest elsewhere.

colsten

ChopperST wrote: »

Just check with some of the accounts that require the funds to be in for 24 hours

Which ones do you reckon require this? They are all current accounts and I don't think there are any rules / clauses how long money has to stay in a current account.

susanann_2

I have looked at the various accounts LLoyds, TSB , Nationwide, Tesco and cant find anywhere that says the monies have to stay in the account for a period of time. I am wary of this as you dont want to find you dont get your interest at the end of the month. I would find it much easier to do all my transfers on one day as ChooperST says he does and transfer it back at same time all over and done with and no interest loss from where you transfer from in the first place but am concerned about the time factors.

YorkshireBoy

ChopperST wrote: »

I prefer to do a faster payment on the 1st of every month to avoid hitting weekends etc. it also allows you to cream off the interest.

With respect to BoS, Lloyds, and TSB, I'm not sure how you can cream off the interest when it won't have been paid on the 1st of the month.


On the above accounts it's paid at the end of the first working day of the month, which in practice means anywhere from the (early hours of the) 2nd to the 4th of the month.

YorkshireBoy

susanann wrote: »

I have looked at the various accounts LLoyds, TSB , Nationwide, Tesco and cant find anywhere that says the monies have to stay in the account for a period of time. I am wary of this as you dont want to find you dont get your interest at the end of the month. I would find it much easier to do all my transfers on one day as ChooperST says he does and transfer it back at same time all over and done with and no interest loss from where you transfer from in the first place but am concerned about the time factors.

If you're filling them all, then you can use SOs to internally cross fund Tesco, Lloyds, and TSB (because none of them require external funding).


Of all the accounts you mention, only Nationwide requires external funding. When mine were paying 5% I deposited and withdrew same day (from/to an external account) and never failed to get the interest. Rest easy!

colsten

susanann wrote: »

I am wary of this as you dont want to find you dont get your interest at the end of the month..

Don't worry. I have been transferring in and out on the same day, or even within the same 50 seconds, for years, and never had a problem with any interest payments.

There is nothing in any current account T&Cs that requires that certain money needs to stay in an account for a certain amount of time.

susanann_2

Yes going to withdraw from ISA and fill them all. One for me, one for husband and one joint for each. In fact TSB lets you have 6 accounts doing it two each and two joint. I count it as 16 accounts altogether has anyone else tried to do this many and come up with any problems.