Shuffling Money ?

colsten

As I said, everything is happening on the same day once a month, by SO. All of the accounts have enough balance not to go overdrawn should an incoming payment not happen as expected. This has never happened in years but you need to be prepared for exceptions.

SevenOfNine

I have 12 & have paired them up so they just 'cross pollenate' by SO.

Lloyds Club with a joint Lloyds Club.
Tesco with Tesco.
BoS with Bos.
TSB Classic with TSB Classic.
Santander with a joint TSB Classic
Yorkshire with joint Nationwide FlexDirect.

All are full so not bothered if anything can't move because a system is down or whatever. I blood y loathe finance & can't be asked to do it manually nor muck about with some more complex bouncing dosh system. Though I admire those who deal with all this like that. :T

The only 'problem' I've experienced are Nationwide can be a step behind with the fast pay transfers if the date falls on a weekend.

Had a nervous twitch over Easter because I'd set up 2 new Lloyds Club Monthly savers (1 each) & the SO's into them didn't move accordingly on 4th. I thought maybe the Lloyds banking group had finally decided to kick me up the rear (seeing as 7 a/c's are with them), & half expected a 'pack it in' letter. But it was just the Easter break & the 2 x £400 shifted on 7th instead. :A

ramjug

Just out of interest, which Tesco account are we all talking about here? Went to their website but couldn't see any account giving nice interest

SevenOfNine

The Tesco bank a/c's pay 3% on 3K. Nice enough for me, I'm a non tax payer. No d/d's req'd - an added positive point.

numbers123

I've paired up my accounts so that an interest-paying one funds a non-interest paying one by Standing Order. On my SO date, I log in to each of the non-interest accounts and using FP I send the money back to the original accounts. This way I cannot be caught out by overdraft charges as the available balance in the interest accounts is always higher than the amount being paid out by SO and the manual payments from the non-interest accounts will only be made by me when I can see the SO has cleared. The whole process takes about 10 minutes once a month and all my accounts are funded as per their requirements.

TomJ

ronbell101 wrote: »

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 !!

You can cut a few steps by doing a transfer between each your respective TSB 1 & 2s on the same day; the SO transfer is instant as it's within the same bank and there is no requirement for the money to come from an outside account. It works for me...

Nicholas

SevenOfNine wrote: »

I have 12 & have paired them up so they just 'cross pollenate' by SO.

:A

Didn't realise you could do that. So...transferring to the same bank does not count as internal then, as long as it is done with 2 accounts in different names?

YorkshireBoy

Nicholas wrote: »

Didn't realise you could do that. So...transferring to the same bank does not count as internal then, as long as it is done with 2 accounts in different names?

It's not as simple as that. You'd need to read the respective T&Cs, for example, and off the top of my head...


TSB, BoS, Lloyds, Halifax, & Tesco are all OK being funded from another account in your sole or joint name...because they DON'T say the funding has to be external.


Nationwide FlexDirect and YB/CB insist the money comes from outside the organisation...because they DO say the funding has to be external


Santander say it's OK to feed from another Santander account so long as your name isn't on it, ie your partner's sole account. They also say you can feed it from a business account.

SevenOfNine

Nicholas wrote: »

Didn't realise you could do that. So...transferring to the same bank does not count as internal then, as long as it is done with 2 accounts in different names?

The only one of mine which does not allow 'internal transfers' is Nationwide, the others don't have that restriction in their T&C's. 9 of the a/c's I listed are in my sole name & 3 joint with hubby.

PS. I stand corrected YB, good job I hadn't planned any further a/c's........except a Santander in hubbies name if we can't get a marginally decent ISA

[Deleted User]

I find First Direct's Internet Banking Plus to be very helpful for this, as it lets you log into all your other bank's online systems in one click, great for doing lots of logins and manual transfers.