NISA vs Santander Current Acc

colsten

Sounds ok for starters but you need to make sure you meet all the pre-reqs for interest payment. E.g. on the TSBs, you must set correspondence and statements to paperless. On the Club Lloyds, you need 2 mothly paying DDs.

You really need to be happy yourself that you fully understand what you are doing and why. Don't rely on strangers like myself who just give some passing comments and are not responsible for what you do with your money.

xirokx

Sounds ok for starters but you need to make sure you meet all the pre-reqs for interest payment. E.g. on the TSBs, you must set correspondence and statements to paperless. On the Club Lloyds, you need 2 mothly paying DDs.

You really need to be happy yourself that you fully understand what you are doing and why. Don't rely on strangers like myself who just give some passing comments and are not responsible for what you do with your money.

awesome advice

I will make a list of the pre-requistes before hand to ensure I can meet them before opening up the accounts.

Thanks for all your help, I am so grateful and totally understand what you mean about trusting any one and everyone.

Eco_Miser

xirokx wrote: »

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?

Yes. I only use one SO, from Club Lloyds current account to Club Lloyds Monthly Saver, which is mandatory. I prefer to move the money myself by Faster Payment, so I can take into consideration the interest recieved, and the money coming in from external sources (some of the accounts are not just savings vehicles). Just make sure sufficient money is credited to each account each month.

xirokx wrote: »

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.

NO, HE DIDN'T!

He said transfer funds BEFORE the 25th. This is the very last day on which a transfer is guaranteed to be credited for the month (on some accounts, in some months).

I said the 6th because this is the earliest date which is (almost) guaranteed to be on or after the second business day of the calendar month (when most Lloyds Group accounts start their month).

Eco_Miser

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.

That strikes me as dangerously close to the end of period for those accounts that start the period on the second working day.

xirokx

He said transfer funds BEFORE the 25th. This is the very last day on which a transfer is guaranteed to be credited for the month (on some accounts, in some months).

I said the 6th because this is the earliest date which is (almost) guaranteed to be on or after the second business day of the calendar month (when most Lloyds Group accounts start their month).

so any day from 6th to the 25th is OK to do the transfer?

As Colsten recommends the 5th

lol then people say I am making it harder then it is lol

Eco_Miser

Yes, any day from the 6th to 25th, though I would go earlier within that period rather than later.

Colsten probably didn't consider that very occasionally, Good Friday falls on the 2nd of April, making the second working day Tuesday 6th April.

Yes, you are making it harder than it need be; but better that than blithely signing up for accounts based on something you saw on the internet, only to discover too late that it's not suitable for you.

xirokx

so Eco miser would you agree or disagree with this?

b) 6th of each month SETUP SOs to:
- 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

thanks appreciate it

bsms1147

Eco_Miser wrote: »

That strikes me as dangerously close to the end of period for those accounts that start the period on the second working day.

I'm a rebel without a cause.

In all seriousness I wasn't aware of it. Now they've run a few days ago I'll run them again in a few days and continue to use a date a bit later in the month in future.

Eco_Miser

xirokx wrote: »

so Eco miser would you agree or disagree with this?

Yes, set up 4 SOs for the 6th:

1. £500 TSB1 -> TSB2
2. £1500 NW -> Lloyds
3. £500 TSB2 -> TSB1
4. £1500 Lloyds -> NW

Assuming you have at least £500 in each TSB account, and at least £1500 each in Lloyds and Nationwide.

Nationwide8

Am finding this a very interesting thread....Sorry to butt in but didn't realise you could set up SO for an account in/out same day...I have opened all the accounts above within the last few weeks but will be looking at the SO side of it after reading this thread.

Just to ask about the Santander 1-2-3 account....is it OK to pay £500 in/out on the same day by SO if I want ? ....what I mean is do you still earn 3% that way...it's not an increase in balance by £500 mth ( that stays in ) only that gets you the 3%………