Meeting minimum funding

TClite

Sorry if this is a silly question, I can't find an answer yet. I've applied to switch over to the flexDirect account via quidco's 80quid offer. I plan on taking advantage of the 5% offer but funding the account with 1k Is where my question begins. Can I do this in several parts over the course of the month? To keep it simple 500 one day then 500 a week later? Also when the money hits the account can I transfer straight out in minutes? Plus can I blatantly transfer back to the donor account? This is my first venture into all of this so thanks for your time

vouch0r

yes, you can.

YorkshireBoy

Do the account T&Cs state it must be one payment?

If this was your salary would you expect to have to wait before you could spend it?

EDIT: Just to elaborate further on the second of your questions, what's stopping you transferring out first before crediting back in (unless you'll be running with less than £1K in there)? Not necessary of course, but just mentioning it to get you to think about how easy everything is.

TClite

YorkshireBoy wrote: »

Do the account T&Cs state it must be one payment?

If this was your salary would you expect to have to wait before you could spend it?

EDIT: Just to elaborate further on the second of your questions, what's stopping you transferring out first before crediting back in (unless you'll be running with less than £1K in there)? Not necessary of course, but just mentioning it to get you to think about how easy everything is.

So I can transfer 1k out from the 2.5k then back in same day? Sorry if I'm not following

YorkshireBoy

TClite wrote: »

So I can transfer 1k out from the 2.5k then back in same day? Sorry if I'm not following

Yes you can.

There really aren't any catches.

SuperHan

TClite wrote: »

Plus can I blatantly transfer back to the donor account?

What do you mean, donor account?

When the switch goes through, the account that you are switching from will be closed, so you can't transfer back to that.

If you just mean the account the money was transferred in from, that should be no problem at all.

TClite

YorkshireBoy wrote: »

Yes you can.

There really aren't any catches.

I've completely over thought about it all then lol. It really is free money with almost zero effort!

Just so I'm 100% clear. On the 1st of each month I can have a standing order send 1k to bank account x then have account x send the same amount back via standing order in the space of a few mins? So technically speaking I don't actually need to use this as a working bank account

TClite

SuperHan wrote: »

What do you mean, donor account?

When the switch goes through, the account that you are switching from will be closed, so you can't transfer back to that.

If you just mean the account the money was transferred in from, that should be no problem at all.

Yeah whichever account happened to transfer the money

knack92

TClite wrote: »

I've completely over thought about it all then lol. It really is free money with almost zero effort!

Just so I'm 100% clear. On the 1st of each month I can have a standing order send 1k to bank account x then have account x send the same amount back via standing order in the space of a few mins? So technically speaking I don't actually need to use this as a working bank account

If the balance of one your accounts is <£1000 there is a risk that it will end up overdrawn if its standing order is paid before the Nationwide one. I would use faster payments instead meaning you would log in and make the transfer manually each month putting you in full control.

TClite

right, but the fact is I can do this. So manually log in, send 1k out and back in within a few minutes. lovely.