NISA vs Santander Current Acc

xirokx

However, if there's a problem with one of the banks, meaning one of the SOs is delayed, you'll lose interest.

is that a common fete?

so you would recommend I setup the SOs around the 25th of each month?

Eco_Miser

If an SO near the end of the month gets delayed, you fail to meet the required monthly payment and lose ALL the interest for that month. If an SO near the beginning of the month fails, you have time to make a manual payment.
I'd suggest setting them for about the 6th - late enough to avoid the beginning of the month, even when weekends and bank holidays delay the beginning of the accounting period; but with plenty of time for corrections if something goes wrong. If the accounting period for any of your accounts depends on the start date of the account, avoid that as well.

xirokx

Thanks for your reply

I have overweekend only opened 1 additional natwest account , so I can switch and earn some money from doing so.

I am yet to open 6 current accounts and setup SO.

Would you say its fine to open up the 6 current accounts, split the money as per my above post and then worry about the SO later?

Reason I say this is because previously YorkshireBoy advised me to transfer funds around the 25th and now you are saying do around the 6th.

Get it done as soon as possible in the month, certainly before the 25th or so. That way you avoid any issues when the end of the month falls on a weekend or Bank Holiday.

Please help me to finalise the setting up of SOs so that I can get these accounts open and arrange the dates for SOs and let that run before I even get into switching bank accounts.

I saw the loophole post over the weekend which tells you what do to from day 1 to day 7 after opening up the bank accounts but thats for 19K, can I follow that schema however just ensure it works for 10K but the dates of transfer etc would be same only the amounts would differ

Or could you give me simple break down as per the loophole schema to follow? Once its setup it will run itself I realise this as long as the transfer rate dont change. However I just need to make sure I am doing things right from the beginning.

Thank you

bsms1147

Please help me to finalise the setting up of SOs so that I can get these accounts open and arrange the dates for SOs and let that run before I even get into switching bank accounts.

I have all my SOs set for the first of the month, which would satisfy both calender and monthiversary requirements for any institution.

The only accounts that don't have SOs coming out are ones where the balance is near to zero for the month, namely firstdirect and Halifax, they go manually.

xirokx

I have all my SOs set for the first of the month, which would satisfy both calender and monthiversary requirements for any institution.

Do you transfer in and back out on the same day?

bsms1147

xirokx wrote: »

Do you transfer in and back out on the same day?

Yes, providing there is enough in the account to cover the outgoing SO in the instance that the oncoming one fails.

colsten

xirokx wrote: »

I saw the loophole post over the weekend which tells you what do to from day 1 to day 7 after opening up the bank accounts but thats for 19K, can I follow that schema however just ensure it works for 10K but the dates of transfer etc would be same only the amounts would differ

The 'loophole' article massively overcomplicates things. You can do all the transfers on the same day.

bsms1147 wrote: »

I have all my SOs set for the first of the month, which would satisfy both calender and monthiversary requirements for any institution.

The only accounts that don't have SOs coming out are ones where the balance is near to zero for the month, namely firstdirect and Halifax, they go manually.

Same here

xirokx wrote: »

Do you transfer in and back out on the same day?

Yep, even same minute!

xirokx

colsten wrote: »

The 'loophole' article massively overcomplicates things. You can do all the transfers on the same day.

Same here

Yep, even same minute!

ahh i see, so do all the transfers on same day - thanks

same minute?? but you have no control of when its done? you must do it manually then?

so if now , today, open up 6 accounts and later when i go home i can deposit into them these amounts:

2 x 1800 in 5% TSB Plus Accounts
2 x 1800 in 5% TSB Plus Accounts
1 x 2300 in 5% Nationwide FlexDirect
1 x 4100 in 4% Club Llyods

when would you recommend I setup the standing orders so that I can arrange to meet the £500 - £750 - £1500 required to gain interest?

thanks alot

colsten

xirokx wrote: »

same minute?? but you have no control of when its done? you must do it manually then?

yes, that's only the manual ones

xirokx wrote: »

when would you recommend I setup the standing orders so that I can arrange to meet the £500 - £750 - £1500 required to gain interest?

5th of each month
- swap £500 between the 2 TSBs
- swap £1500 between Club Lloyds and FlexDirect

xirokx

so just to make sure 10000%

a) open these accounts

2 x 1800 in 5% TSB Plus Accounts
2 x 1800 in 5% TSB Plus Accounts
1 x 2300 in 5% Nationwide FlexDirect
1 x 4100 in 4% Club Llyods

b) 5th of each month
- swap £500 between the 2 TSBs and back in on the same day
- swap £1500 between Club Lloyds and FlexDirect and back in on same day

c) keep eye on interest rate

thats it?

sorry i know im a pain, just want to be 1000%

I will get on the case when I hear back from you

thanks