Nationwide Current Account / Santander 123 Account / Santander 123 Credit Card

msallen

Presumably you're cycling money through these accounts to ensure that you get a decent interest rate on your savings. If you have savings, then they will cover any shortfall for a few hours - if you don't then why are you bothering?

jondavis30

I'M cycling money through these accounts to get a decent interest rate, yes.

However, the accounts have terms and conditions, some you have to put £1500 a month in, another £1000 and another £500 and another £500. and have 2 direct debits per month.

Given that the total amount I have is not more than the amount to be cycled through the accounts (yet - but will be in 3 months time - the accounts have been set up in advance). Some carry account fees, others require a minimum monthly pay in with cashback benefits unless you don't pay the amount in.

Therefore - it's essential that the money starts cycling from now.

Not that this has anything to do with the question I asked, nor does it answer it.

shortcrust

I think it's easier just to do a few faster payments once a month. I manually move £1000 quid about. From Nationwide to Santander to TSB to Tesco etc. Only takes a few mins.

Kendall80

shortcrust wrote: »

I think it's easier just to do a few faster payments once a month. I manually move £1000 quid about. From Nationwide to Santander to TSB to Tesco etc. Only takes a few mins.

I prefer the auto-SO method.

All the fulfilling of conditions re deposits happens on the 17th. All the interest is transferred out on the 1st. Collected into an account which then beams it as one sum (currently about £65) into my main santander 123 acount. All neat and tidy. Just takes a little time to setup initially.

If only I could set up my finances spreadsheet to auto-grab from my online bank statements

mgdavid

jondavis30 wrote: »

.........
Not that this has anything to do with the question I asked, nor does it answer it.

no need to be antagonistic; the reply is aimed at helping you by highlighting something that you may not have thought of. Some banks 'reshuffle' transactions on the same day to put debits before credits (Barclays for one). It could happen that the credit misses the end-of-day processing deadline and the account could go OD overnight unless you have a big enough balance already in the account to cover it.
I believe this is what msallen meant.

Archi_Bald

jondavis30 wrote: »

Not that this has anything to do with the question I asked, nor does it answer it.

Which one of your questions still needs answering?

YorkshireBoy

OP, in my opinion you're making this far more complicated than it needs to be! For example, if you have a £2.5K 'float', why are you messing around with 'dribs and drabs' funding?

That £2.5K is presumably in your FlexDirect account and you're paid into HSBC?

So what you do once a month on the day your Lloyds interest is paid is to manually FP the following payments all for £1.5K (but leaving behind anything for DDs in Lloyds & Santander along the way for the next 3 months or so)...

FlexDirect > Lloyds
Lloyds > Santander*
Santander > FlexDirect**

Job done!...isn't it?

Forget SOs until the accounts contain sufficient funds to cover any system glitches!


* Be mindful of your 'billing month'. If it's anywhere near the start of the month, shift all the transfers back a week or so.

** If the DD funds you're leaving behind are high value, ensure this is still > £1K.

jondavis30

YorkshireBoy wrote: »

OP, in my opinion you're making this far more complicated than it needs to be! For example, if you have a £2.5K 'float', why are you messing around with 'dribs and drabs' funding?

That £2.5K is presumably in your FlexDirect account and you're paid into HSBC?

So what you do once a month on the day your Lloyds interest is paid is to manually FP the following payments all for £1.5K (but leaving behind anything for DDs in Lloyds & Santander along the way for the next 3 months or so)...



FlexDirect > Lloyds
Lloyds > Santander*
Santander > FlexDirect**

Job done!...isn't it?

Forget SOs until the accounts contain sufficient funds to cover any system glitches!


* Be mindful of your 'billing month'. If it's anywhere near the start of the month, shift all the transfers back a week or so.

** If the DD funds you're leaving behind are high value, ensure this is still > £1K.

That's what the plan is. To set up a Standing order to cycle as mentioned above. I don't have £2.5k YET. this will be in Feb, increasing to £5k in March - April time.

DDs are set up on every account on the 1st of each month.

I was going to cycle the money through the above accounts on an SO basis.... based on the fact that the SO will credit, then immediately debit (minus value of DDs).

I've worked out how much money needs to be left behind each month in each account and worked out standing order amounts appropriately.

What im saying is if I pay for example Lloyds - Santander, but this relies on a payment from Nationwide to Lloyds first..... is the SO going to reach Lloyds in time to honor payment over to santander or is it going to cause one massive catastrophic knock on effect ?

The only sensible thing to do would be to have a 'float' but I don't have a big enough float in each account to cycle my total payday money through every account.

I just don't want SOs to fail from one account to another because the SO from the previous account isn't credited in time for the SO on the same account to then debit.

e.g. SO sent from Nationwide - Lloyds on 30th - doesn't reach till 'end of working day' SO sent from Lloyds to Santander fails, SO from Santander to HSBC therefore fails, and SO from HSBC back to nationwide also fails. that's 3 unpaid SO's there.

The only thing I can do is the day i get paid cycle the payments manually and check each account before forwarding the money on to make sure it's all credited. I know FP's / Bill payments can be treated differently to SO's by banks, though.

colsten

jondavis30 wrote: »

The only thing I can do is the day i get paid cycle the payments manually

Quite. Do it manually once a month until you have enough in each account to allow for SOs going through on different days (not that they normally would unless you asked for it).

jondavis30 wrote: »

and check each account before forwarding the money on to make sure it's all credited. I know FP's / Bill payments can be treated differently to SO's by banks, though.

Not sure what you mean by differences in handling between FPs and SOs - once they land in the account, they have landed. If you use FPs, most of them will mostly credit instantly in the target account, though banks have until the end of the next working day to credit the recipient and Santander are known to sometimes take up to a working day.

I do agree with YB in general though, you are making this far more complicated than it is in reality. I am sure you will agree with that once you have started doing it.