Multiple current account - internal/external funding question

savingsomemore

I have set up all the high(er) interest current account often mentioned on the boards (a BIG thank you to everyone) My husband thought it was a waste if time till I pointed out we would make MORE than £1000 extra interest per year than a standard easy access savings account!

My question is regarding the internal v's external funding of these accounts.
Am I right ......

-Club lloyds needs external funding.
-2x Santander need external funding.
-3 x BOS Can be funded by each other (transfer or standing order? does it make a difference)
-2 x TSB can be funded by each other.
-Nationwide. I only have 1 so will be external anyway.
-2 x Tesco.?? I've only just done these so haven't checked yet???????

I haven't (yet) set up any Halifax rewards so don't know how many I can have or whether the funding must be internal or external! Advice?

I haven't fully funded them all yet.
BUT I WILL.

irm

Club Lloyds can be internal.

savingsomemore

ha ha
thats my main account - i should have known at least that one!!

kmonahan

I have the exact same type of question about these accounts.


At the minute, I'm looking to set up:

1xTSB
1xNationwide
1xClub Lloyds.

Do any of these accounts not accept internal funding in order to get the interest rates?

Fruit_and_Nut_Case

I use external funding for everything and pass the same £1500 through them all in turn. Saves overthinking the conditions and takes very little time each month.

kmonahan

Fruit_and_Nut_Case wrote: »

I use external funding for everything and pass the same £1500 through them all in turn. Saves overthinking the conditions and takes very little time each month.

Oh... I think I might be getting confused with this 'internal/external' funding thing then.

So, can I have £1,500 set aside to pass through them all and back to my main account each month and that counts as external funding?

I thought external funding was in relation to the source of the money - i.e. It couldn't be from another bank account?

missile

I do all transfers by SO. It is less hassle and just in case I forget to a transfer one month.

kmonahan wrote: »

..I thought external funding was in relation to the source of the money - i.e. It couldn't be from another bank account?

It can and accounts in hubbies name with the same bank would count as "external".

Fruit_and_Nut_Case

kmonahan wrote: »

I thought external funding was in relation to the source of the money - i.e. It couldn't be from another bank account?

As missile said. Makes life much easier

LXdaddy

kmonahan wrote: »

Oh... I think I might be getting confused with this 'internal/external' funding thing then.

So, can I have £1,500 set aside to pass through them all and back to my main account each month and that counts as external funding?

I thought external funding was in relation to the source of the money - i.e. It couldn't be from another bank account?

An "internal" transfer would be from another account in your name in the same institution. A transfer from a different institution counts as "external" funding. The banks always talk about these being your "main current account" expecting to see a salaryt arrive every month but the Ts and Cs don't say you have to deposit your salary just provide a level of funding.

As others have said you can move the same pounds from one intitution to another all the way round in a circle and satisfy the requirements. Or you can bounce the money from your main acount to each other account and back again - which ever you are comfortable with.

For me it is all done with regular transfers (SO) so I don't forget. My SOs are not all the same amount because I'm actually dropping off savings at a number of points - for example £1300 goes into a First Direct account, a couple of days later, £1,000 comes back to where it came from and £300 goes into the linked regular savings account.

kmonahan

LXdaddy wrote: »

An "internal" transfer would be from another account in your name in the same institution. A transfer from a different institution counts as "external" funding. The banks always talk about these being your "main current account" expecting to see a salaryt arrive every month but the Ts and Cs don't say you have to deposit your salary just provide a level of funding.

As others have said you can move the same pounds from one intitution to another all the way round in a circle and satisfy the requirements. Or you can bounce the money from your main acount to each other account and back again - which ever you are comfortable with.

For me it is all done with regular transfers (SO) so I don't forget. My SOs are not all the same amount because I'm actually dropping off savings at a number of points - for example £1300 goes into a First Direct account, a couple of days later, £1,000 comes back to where it came from and £300 goes into the linked regular savings account.

Thanks LXdaddy, that's a really comprehensive answer!

LplateSaver

Hi I have the same question, but as I only have tsb which allows internal and Halifax it would be a lot quicker for me if I could fund Halifax internally too. I've searched but I could find no mention of internal/external on Halifaxs documents does anyone know?