Advice - shuffling money round accounts

Steve_xx

Zola. wrote: »

For the Nationwide account it says

"*How it works: Pay in at least £1,000 per month (excluding internal transfers) and we'll pay you 5.00% AER (4.89% gross p.a.)on the first £2,500 of your balance each month. At the end of the first year the rate will revert to 1.00% gross p.a./ AER (variable). If you pay in less than £1,000 per month then no interest is paid for the relevant monthly period."


Does that mean you cant shuffle money between your accounts to qualify? i.e. the money has to come from an external source?

Yes, it means the shuffle has to come from outside of Nationwide. So in your case where you propose to have the TSB account you would log on, send 1k at some point during the month to Nationwide. Then immediately log in to Nationwide and send the £1k back to TSB!

Zola.

Sorry that was an epic blonde moment, my other accounts would obviously count as an external source haha. Thinking too literal there.

Zola.

I have now completed the FlexDirect account. I will use it for 12 months then close it once the deal runs out.

Thanks all for your help

Steve_xx

Zola. wrote: »

I have now completed the FlexDirect account. I will use it for 12 months then close it once the deal runs out.

Thanks all for your help

Now now, don't be too hasty to close accounts. Instead you can use accounts that have become useless to switch to other accounts that offer incentives to join, like the Halifax Reward Account, the Co-op Current Account, Marks & spencer Current account and First Direct Current Account. Each of these is worth approximately £100 to switch to (at the moment).

Zola.

I am learning a lot today!

I have just noticed that I have actually have a dormant halifax reward account, that has been sitting on nil for 2 years. If I stuck £1 in it and then paid in 750, setup two direct debits I'll get a fiver a month.

How easy is it to setup 2 direct debits to pay myself? Does that count?

Steve_xx

Zola. wrote: »

I am learning a lot today!

I have just noticed that I have actually have a dormant halifax reward account, that has been sitting on nil for 2 years.

If I put a quid in it, then pay in £750 a month and transfer it straight out will I still qualify for the £5 reward?

Yes, hang onto the HBOS Reward account, because you get £5 a month for nowt. You need two direct debits set up on it and then shuffle £750 a month in and out of it. In fact, I think you can still have two of these.

colsten

coolpix wrote: »

Just opened Lloyds account and it does indeed state have to pay 2 DDs per month. I'm going to cancel as its starts to get to complicated. Going for TSB and possibly BoScotland.

Blimey, that seems a bit extreme, to pass on a lovely 4% current account and a lovely 4% regular saver just because you need 2 DDs. As I posted earlier, and as has been discussed many many many times on this forum, setting up a couple of bespoke DDs is so easy to do.

Zola. wrote: »

Can you recommend any other accounts that pay a good rate like that but don't require Direct debits ?

Only good account that isn't mentioned here is the BOS Vantage. DDs are not a showstopper.

Steve_xx wrote: »

I know it's a dogs dinner but to get anything like decent interest this is what has to be done.

It is only a dog's dinner if you make it one.

Zola.

Steve_xx wrote: »

Yes, hang onto the HBOS Reward account, because you get £5 a month for nowt. You need two direct debits set up on it and then shuffle £750 a month in and out of it. In fact, I think you can still have two of these.

For the reward card requirement, How easy is it to setup 2 direct debits in my halifax account to pay myself in another account? can it be as little as two 50p payments?

colsten

Setting up bespoke DDs for any accounts that require it is very easy, and the same process regardless of the account the DDs will be drawn from. You can make the DDs for small amounts. I, and many others, use £1s with Tesco Savings accounts but the amount doesn't matter much as the money ends up in my own accounts.

I suggest you can do the same.

Zola.

I am in my halifax account and I am really struggling, I cant see an option anywhere to create a Direct Debit to pay into my other account.

Can someone please advise? I can see an option to setup a standing order, but that wouldnt count for the reward account.