Shuffling Money ?

ronbell101

Hi I currently "shuffle"(all done by SO) money through all mine and my OH accounts to satisfy monthly payments into accounts for reward payments and interest payments all of these accounts are set up and used only for rewards,interest etc and not main day to day banking needs..TSB Nationwide Lloyd's Halifax and new account HSBC Advance(Loyalty ISA linked)
It currently takes 9 days to "shuffle" the money from the high interest current account(Santander) then back to it as I leave it in all the various accounts for one day.Does anyone "shuffle" their money in and out accounts on the same day? without losing rewards,interest?
13 accounts in total all need minimum payments into them

grumbler

Many do this, but manually as, unless all balances are big, SOs on the same day are not safe.

jimjames

I do them same day. Faster payments are normally instant so by the time I've logged into the account the money is there.

colsten

ronbell101 wrote: »

It currently takes 9 days to "shuffle" the money

NINE days!! Shock horror.

I do more shuffles than you and they all happen on the same day by SO on the accounts that cannot go overdrawn by the outgoing SO. Perfectly safe to do SOs therefore.

Only ones I do manually are my Halifax Reward accounts as there is usually just £1 in them for most of the month.

ronbell101

I do more shuffles than you and they all happen on the same day by SO

WOW!!
here is my order
1 santander----OH TSB1/My TSB1
2 OH TSB1/My TSB1---- My Nationwide
3 My Nationwide----OH TSB 2/My TSB 2
4 OH TSB 2/My TSB 2----OH Nationwide
5 OH Nationwide/Santander

---

Lloyds Club
6 Lloyds Club/Santander

---

HSBC Advance
7 HSBC Advance----Joint Halifax/My Halifax
8 Joint Halifax/My Halifax

---

Santander Santander---OH Halifax/Sons Halifax (same day same amount in and out)
9 OH Halifax/Sons Halifax

---

Santander
cycle completed PHEW !!

colsten

I have one maxed Santander 123 that feeds the following other maxed accounts, and receives back from them, on the same day once a month, by SO:

• 3 BOS Vantages (3 x £1,000)
• 2 Tescos (2 x 750)
• 1 Club Lloyds (1 x £1,500)
• 2 TSB Plus (2 x £500)
• 3 Lloyds Vantage ( 3 x£1,000) [I know they are only paying 1.5% AER now]
• 3 TSB Enhance (3 x£1,000) [I know they are only paying 1.5% AER now]

kensiko

grumbler wrote: »

Many do this, but manually as, unless all balances are big, SOs on the same day are not safe.

Same here, all done manually. Rather than the 9 days quoted in the OP just half an hour or so every month is needed. I am not sure if any account requires a transfer to be in overnight at all?

ronbell101

all accounts are maxed out except the halifax accounts they have a "float" of around £30...and Advance this just requires a deposit of £1750 to keep it running to get the £10 payment from the loyalty ISA.....food for thought here....

Jsscmm

kensiko wrote: »

Same here, all done manually. Rather than the 9 days quoted in the OP just half an hour or so every month is needed. I am not sure if any account requires a transfer to be in overnight at all?

I am not aware of any that do.

Colsten's "hub and spoke" approach above works nicely. Alternatives include pairing up accounts which works really well for ones which allow internal transfers as you pair up the two tesco for example... No concerns about timing mismatches that way. The other option is a chain from a to b to c etc. I've used variations, and currently using a hybrid.

The only three accounts which have issues with using so's are Halifax, nationwide flex and N&P gold. None offer good interest so all have balances below the 'input ' amount. Hence having to be manual. I expect to add hsbc advance to that list, if and when they let me have one!

Finally, whilst regular savers from FD, M&s (and hsbc advance) may themselves be on SO, getting the cash into the current account to feed the RS is another story, although it looks like an SO from tesco may be an answer.

colsten

Jsscmm wrote: »

Finally, whilst regular savers from FD, M&s (and hsbc advance) may themselves be on SO, getting the cash into the current account to feed the RS is another story, although it looks like an SO from tesco may be an answer.

SOs from Tesco look very safe as they seem to process SOs every day. Though I wouldn't rely on it - what if they are down for maintenance or experience some disaster? I suppose you could always claim it was their fault and they need to see you right.

shortcrust

colsten wrote: »

I have one maxed Santander 123 that feeds the following other maxed accounts, and receives back from them, on the same day once a month, by SO:

• 3 BOS Vantages (3 x £1,000)
• 2 Tescos (2 x 750)
• 1 Club Lloyds (1 x £1,500)
• 2 TSB Plus (2 x £500)
• 3 Lloyds Vantage ( 3 x£1,000) [I know they are only paying 1.5% AER now]
• 3 TSB Enhance (3 x£1,000) [I know they are only paying 1.5% AER now]

Do you mean that all the translations are completed on the same day? If so I'll start to do this rather than doing it manually.