Advice - shuffling money round accounts

aliasojo

colsten wrote: »

Yes it could well work correctly but why take chances when you have 20-odd days where it's not risky? I have no idea what would happen if the 1st was the first working day of the month, for instance.

It's not as if you would gain any advantage by making the monthly deposits on the first possible date in a month.

Just for information really - my D/D's have been set for the 1st of each month since these Reward accounts first came out. Never had a problem and the fivers have always been paid.

Zola.

Thanks all Its not going to make me rich, but its easy money and I suppose good discipline / knowledge for the future.

I will adjust the DD when it first comes out (if it is the 31st), to the first week of the month, around 4th or 5th.

My plan is to go full circle in one swoop of moving 1k around to fulfill all bank requirements.

Does anyone know if any of these banks are slow to process payments? I know Santander to Halifax and vice versa do faster payments and are virtually instant. Are TSB and Nationwide the same?

Archi_Bald

Banks are legally obliged to get payments to the recipients by the end of the next business day, unless they suspect fraudulent transactions. In reality, most faster payments arrive almost instantly, and all current account providers offer faster payment. Santander, and sometimes Lloyds, are often doing extra checks, particularly for new payees, and payments might not complete for several hours.

jennifernil

YorkshireBoy wrote: »

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.

This is what we do. We have £2 to Tesco and £3 to charity DDs to take care of the Reward, then move the "savings" into better accounts every so often.

Zola.

Hi all, little update

All accounts are now setup and active, with exception to Internet Banking at Nationwide (waiting on a code to get access hope to get that before the weekend).

DD's setup from teo Tesco accounts for Halifax reward - the first ones go out on 31st. I will adjust the DD to come out thereafter on the 5th of everything or so.

The plan is to fill the TSB and NW accounts and then transfer £1000 around those two and Halifax to cover all transfer in requirements and then back to my main current account.

Should I do this on the 1st of every month, or does it not matter?

If I do it on the 1st every month, will the interest be awarded on the 1st the following month?

Steve_xx

Zola. wrote: »

Hi all, little update


DD's setup from teo Tesco accounts for Halifax reward - the first ones go out on 31st. I will adjust the DD to come out thereafter on the 5th of everything or so.

Should I do this on the 1st of every month, or does it not matter?

If I do it on the 1st every month, will the interest be awarded on the 1st the following month?

Set up a fresh DD to pull £1 from the Halifax Reward account and make it in the middle of the month. Once it's set up and you feel ok about it, then cancel the 31st of the month dd mandate/s.

Stay away from month ends and month starts. Why give yourself headaches you don't need to have? I do all this on the 8th of the month, thereby staying clear of month starts, end, bank holidays and Februarys etc.

Zola.

Finally, I have shuffled the money into each of the accounts, filling TSB, Nationwide. My direct debits came out today from Halifax and into Tesco. I have also circled the £1000 through them all and back into my main Santander account.

When would I likely see the interest payments from TSB and Nationwide, and when would the Halifax fiver be paid? Would I be correct in thinking it would be one month from today?

Steve_xx

Zola. wrote: »

Finally, I have shuffled the money into each of the accounts, filling TSB, Nationwide. My direct debits came out today from Halifax and into Tesco. I have also circled the £1000 through them all and back into my main Santander account.

When would I likely see the interest payments from TSB and Nationwide, and when would the Halifax fiver be paid? Would I be correct in thinking it would be one month from today?

Interest on the above is usually credited on first or second working day of the month. Similarly for the Halifax £5 reward. So you will see interest early in December and the same for the Halifax reward.

YorkshireBoy

Zola. wrote: »

Finally, I have shuffled the money into each of the accounts, filling TSB, Nationwide. My direct debits came out today from Halifax and into Tesco. I have also circled the £1000 through them all and back into my main Santander account.

When would I likely see the interest payments from TSB and Nationwide, and when would the Halifax fiver be paid? Would I be correct in thinking it would be one month from today?

TSB: 2nd working day of December
Nationwide: 30th November (or possibly early hours of 1st December)


Perhaps you could check your T&Cs, where you'd find your answers, to see if I'm right?


Halifax Reward: 2nd working day of December.

YorkshireBoy

Steve_xx wrote: »

Interest on the above is usually credited on first or second working day of the month.

I'm out of the 5% intro period on Nationwide, but seem to remember they paid on a calendar month basis?