Saving using multiple current accounts

DepositSaver

Can I ask a question here about cycling money through current accounts to meet the minimum monthly deposit requirements?

Once all my direct debits and standing orders have left my main current account (which I am happy with and don't want to close/switch) the money left is only enough to cover a £500 standing order to an interest paying current account (well actually in most months it would cover a £750 payment, but would leave not much in my current account and make me nervous that I might accidentally go overdrawn before the money came back into my account).

Even the £500 would make me nervous so I am wondering whether doing this would work:
- depositing £1500 into a TSB classic Plus account, and an extra £500 into my main current account (both lots of money taken from my ISA), then moving the £500 into the TSB account,
- leave £500 in TSB for a month, move it back to main account, then the next day straight back to TSB

Would the 1 day that it's not in the TSB account matter? Or do I put £2000 into TSB, put an extra £500 into my main account, then move that extra £500 between TSB and current account each month? The £500 misses out on getting interest from my ISA, and gets no interest from my current accounts, but I don't miss out on a day's interest from the TSB.

Herbalus

What you could also do is have £2000 in a TSB plus account, and then on any given day in a month transfer £500 out and then that same £500 back in. That will work just as well.

Archi_Bald

Start your daisy-chain of SOs from one of your "savings" current accounts, or do all your SOs on the same day.

It would not make a lot of difference if you didn't have £500 in the savings account for a day. You'd lose about 26p before tax.

puk999

Archi_Bald wrote: »

It would not make a lot of difference if you didn't have £500 in the savings account for a day. You'd lose about 26p before tax.

My (probably dodgy) maths says 26p per day on £500 is about 19% a year.

Archi_Bald

My bad, you are right - for some unknown reason I worked out the daily interest on £2,000 in a 5% account......it's more like 6 or 7p a day on £500 in a 5% AER account.

DepositSaver

Thank you for the replies! Need to do a bit more research into accounts and then apply for one or more. Not sure I am keen on the idea of having too many as not sure I would ever remember all the internet banking details, though I guess if everything is going in and out via standing order I wouldn't need to access the accounts online often and could just get a password reset each time....

Eco_Miser

There are programs to keep all your passwords (and usernames, and the URLs to use them with) safe and secure. I use Password Safe http://passwordsafe.sourceforge.net/ there are others. As a bonus, you don't need to type the passwords (once set up) so you can use really unguessable ones.

AcrobaticDoggy

well I completely agree with LetThemPlay.. basically I believes in "precaution is better than cure" I mean to say there are many can allow multiple accounts but which is Genuine and who will allow us to make more money. Actually this is complete based on market research.
I hope and wish u good luck..

Ifts

Rollinghome wrote: »

What? They've phoned me. They've withheld their number and I haven't a clue who they are. And they want me to provide identifying details to prove who I am.

Its worth bearing in mind that its possible for criminals to clone a telephone number of the organisation they want to impersonate and then make it appear on a person's phone ID display.

Scam alert: 'Number spoofing' on the rise - http://www.moneywise.co.uk/news/2014-10-29/scam-alert-number-spoofing-the-rise?utm_source=Newsletter2015-02-20&utm_medium=Email&utm_campaign=ContentPromotion

Mickygg

Hi all. On this thread someone has said you can open 3 bos current accounts. How do you do this? Do I literally fill in an application form 3 times for the account or do I wait for my internet banking to be properly set up on the one account I've opened and then apply for 2 others through that in say a weeks time.
Thanks