Multiple current account - internal/external funding question

Archi_Bald

It's probably because most people only use Halifax for the fivers and don't keep any money in Halifax.

badger09

LplateSaver wrote: »

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?

I'm not sure what you're asking, or what you want to achieve

Why not simply transfer £750 between TSB & Halifax and back again?

YorkshireBoy

badger09 wrote: »

I'm not sure what you're asking, or what you want to achieve

Why not simply transfer £750 between TSB & Halifax and back again?

I'm assuming the poster has a brace of each?


But their question is answered by virtue of the fact that, just like the TSB T&Cs, there's nothing in the Halifax T&Cs that precludes internal transfers.

robotrobo

LXdaddy wrote: »

An "internal" transfer would be
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.

hi big daddy,
i fund my f/direct with £300 & then like you the max £300 goes in to the regular saver monthly , why do you put a further £1000 in ?, to take it out again!, when you only need the amount that you are going to save , in our case £300, i only know these things by asking the good members on this site & i dont know it all.
i did find out today that also you do not need 2 d/debits like we did when we first opened our accounts, this was pointed out to me yesterday by TARTAN , who was correct as i rang f/direct this morning to confirm.

YorkshireBoy

robotrobo wrote: »

why do you put a further £1000 in ?, to take it out again!, when you only need the amount that you are going to save

Because the account it's being sent from has a £1K funding requirement (is my educated guess), so may as well kill two birds with one stone!

LXdaddy

robotrobo wrote: »

hi big daddy,
i fund my f/direct with £300 & then like you the max £300 goes in to the regular saver monthly , why do you put a further £1000 in ?, to take it out again!, when you only need the amount that you are going to save , in our case £300,

Sorry for a very delayed answer, I've only seen the question when I was searching for something else. The FD account needs funding of £1,000 in order to avoid the £10/month charge according to the T&Cs

Banking with first direct usually costs £10 a month, but you will not be charged this fee for the first six months from account opening, when you pay in at least £1,000 to your 1st Account each month, or maintain an average monthly 1st Account balance of £1,000, or you hold a selected first direct additional product.

I suppose I could actually transfer in £1,000 and then return £700 and the other £300 into the regular savings. I certainly don't want to leave £1,000 balance in the account.

YorkshireBoy

LXdaddy wrote: »

Sorry for a very delayed answer, I've only seen the question when I was searching for something else. The FD account needs funding of £1,000 in order to avoid the £10/month charge according to the T&Cs



I suppose I could actually transfer in £1,000 and then return £700 and the other £300 into the regular savings. I certainly don't want to leave £1,000 balance in the account.

See the bit about "a selected first direct additional product"? Well £1 in a savings account (not the regular saver) would eliminate the need to deposit £1,000 a month.

NoMore

Banking with first direct usually costs £10 a month, but you will not be charged this fee for the first six months from account opening, when you pay in at least £1,000 to your 1st Account each month, or maintain an average monthly 1st Account balance of £1,000, or you hold a selected first direct additional product.

@LXdaddy, you have the attached FD regular saver account right? Then you don't need the £1000 deposit to avoid the fee as I believe its "a selected first direct additional product"

EDIT: Oops got it wrong as Yorkshireboy points out, I did say I believe as wasn't 100% sure.

YorkshireBoy

NoMore wrote: »

@LXdaddy, you have the attached FD regular saver account right? Then you don't need the £1000 deposit to avoid the fee as I believe its "a selected first direct additional product"

No it isn't. See my post immediately preceding yours.

LXdaddy

YorkshireBoy wrote: »

See the bit about "a selected first direct additional product"? Well £1 in a savings account (not the regular saver) would eliminate the need to deposit £1,000 a month.

Thanks YorkshireBoy. I did look at the list of selected products when I set the accounts up almost two years ago and didn't think they would be useful.


But the current year ends pretty soon so I need to go and set up the next Regular Saver accounts so maybe do the savings account at that point and drop a couple of standing orders (mine and other half's)