Advice - shuffling money round accounts

YorkshireBoy

Zola. wrote: »

I have setup both those Tesco accounts now and linked £1 from halifax to go into each as an opener...hasnt happened yet but I guess it may take a day or two.

You've set this up at the Tesco end? If so, it'll probably take 8-10 days if memory serves.


If you mean you've sent immediate FPs from Halifax to Tesco then ignore the above.

Zola.

jennifernil wrote: »

Remember to have/leave enough in your Reward account to cover those DDs.

Indeed, I dropped a tenner into the Halifax account to use as the DD funds, after every 4 weeks I will drop the money back from Tesco accounts to Halifax.

YorkshireBoy wrote: »

You've set this up at the Tesco end? If so, it'll probably take 8-10 days if memory serves.

If you mean you've sent immediate FPs from Halifax to Tesco then ignore the above.

Yeah the Direct Debit setup said it will take 10 days, so the first two DD's will come out on 31st October.

badger09

Don't forget, there'll be £5 'reward' going in every month

YorkshireBoy

Zola. wrote: »

Indeed, I dropped a tenner into the Halifax account to use as the DD funds, after every 4 weeks I will drop the money back from Tesco accounts to Halifax.

Consider setting the regular pulls for £2.50 to each account. That way, all you have to worry about is transferring in and out £750 each month...everything else happens automatically. Then when you want to treat yourself to something just withdraw from Tesco.

Yeah the Direct Debit setup said it will take 10 days, so the first two DD's will come out on 31st October.

Could be 10 working days? Either way, if the regular DD pulls are set for the 31st of each month that's way too late and will catch you out when this date falls on a weekend and/or Bank Holiday, meaning you'll lose the Reward for such months.

bouicca21

I second the idea of writing down the details - I'm already getting confused. I'm about to open the necessary Tesco accounts and create the two DDs on my second (non-reward) Halifax account. I take it that as soon as they show, I'll be able to switch the account to the co-op, pay in the necessary £800 and get their £100 before switching again?

colsten

Steve_xx wrote: »

There aren't any other accounts, other than the Tesco accounts where you can set your own dd mandates you see.

Well there are others but since the Tescos are the easiest there is no point confusing people with options.

YorkshireBoy

colsten wrote: »

Well there are others

Some of us even have other accounts which support multiple DD funding, eg old Egg Savings accounts now with YBS.

And anyone with a YBS offset mortgage could benefit from the same into the linked offset savings account.

but since the Tescos are the easiest there is no point confusing people with options

Oops!

colsten

Zola. wrote: »

When I get all my documentation and everything verified I will start the money moving process on the 1st of next month

Don't do it on the 1st as this is too close to the end of the Halifax and TSB month ends (which is the first working day of each month). For these, the 5th or 6th of a month is ideal.

This might also be a good date for Santander but you must check what your Santander statement month is and then decide when to make your Santander monthly deposits.

colsten

Zola. wrote: »

Yeah the Direct Debit setup said it will take 10 days, so the first two DD's will come out on 31st October.

You have a problem if your DDs are set for the 31st. It is too close to the Halifax month end, and might not be paid in time if the 31st is a weekend, or you are in a month with no 31st...............

The October 31 *might* go through in time, keep an eye on it. Immediately after Oct 31, change your DD dates to something in the middle of the calendar month.

YorkshireBoy

colsten wrote: »

Don't do it on the 1st as this is too close to the end of the Halifax and TSB month ends (which is the first working day of each month).

Isn't the requisite credit due in a calendar month, not billing period month? At least that's what the T&Cs appear to say.