Transfer between current accounts

YorkshireBoy

susanann wrote: »

I count it as 16 accounts altogether has anyone else tried to do this many and come up with any problems.

I have around 20 current accounts now (did have more!). Others on here have 30+ accounts (some of these will likely be jointly held).


What sort of problems are you thinking of?

talexuser

I've transferred in and out the same day on Santander, Nationwide, TSB and Tesco and not lost any interest compared to my calculations.

colsten

Lots of people here have many current accounts, in a quest to chase the best interest rates. You just need to be well organised and have everything documented so you know which of your money is where.

You could consider adding Halifax Reward accounts - they pay £5 a month if you pay in £750 a month and have 2 monthly paying DDs. For the DDs, set up a couple of Tesco savings accounts and pul some money into them from the current accounts that need DDs.

There are threads on the forum about all those accounts.

YorkshireBoy

colsten wrote: »

You could consider adding Halifax Reward accounts - they pay £5 a month if you pay in £750 a month and have 2 monthly paying DDs. For the DDs, set up a couple of Tesco savings accounts and pul some money into them from the current accounts that need DDs.

...which for you two is an annual return of £180 for no outlay and very little work!

susanann_2

I had thought about Halifax Rewards but I need another three direct debits for the Lloyds accounts so will have to set up Tesco's for those. Did not think Halifax would accept all Tesco's D/D. It gets more complicated where you need the D/Ds. Its a daunting task opening all these and setting it all up but the appalling rates in the ISA now is prompting me to do it.

susanann_2

YorkshireBoy wrote: »

I have around 20 current accounts now (did have more!). Others on here have 30+ accounts (some of these will likely be jointly held).


What sort of problems are you thinking of?

Opening sixteen accounts over a few days I wondered if they might be refused or something due to opening so many.

dingdong3000

I do mine manually each month and it requires no longer than 20 minutes for me to transfer between accounts. I could do DD/SO but i prefer manually.

ossie48

susanann wrote: »

Opening sixteen accounts over a few days I wondered if they might be refused or something due to opening so many.

Im doing the same but am taking it easy, Ive only opened 6 in the last week as im trying to get my head around the logistics. Someone posted last week that their credit rating was affected when doing the same (multiple accounts) and they were refused when they tried to open an account.

Eco_Miser

susanann wrote: »

Opening sixteen accounts over a few days I wondered if they might be refused or something due to opening so many.

That has been reported, once. The refusal could have been for some other reason. Most of the people with many accounts opened them over a period of years, as new offers arose.

On transfer timing, I move the money round by faster payments on the second working day of the month. Remember if the accounts are fully funded, the money going out could come from the existing balance rather than the just deposited sum; there's no way to tell.

susanann_2

Part way into opening these current accounts at Lloyds, TSB, Nationwide, Tesco (16 accounts in total when done). Can I just confirm with someone that with LLoyds Club A/C i can circulate monies around the Lloyds accounts and back to the first one three in total and that will meet their requirements for money paid in, including the one you start the transfer with. I believe I can do the same with the 6 TSB accounts as well. Nationwide and Tesco have to be funded from outside sources I believe. Just wanted to check with someone doing this as I will be pig sick after doing this I get it wrong and lose my interest for a month.