Woman gets her daisy-chain SOs wrong

Archi_Bald

Oh dear. She obviously didn't have enough money in her Tesco account to cover the outgoing SO. A cautionary tale.

http://www.telegraph.co.uk/finance/personalfinance/bank-accounts/11577641/My-scheme-to-earn-extra-interest-on-current-accounts-failed-heres-why.html

Biggles

So she set up SOs without knowing they weren't processed at weekends and comes running to a newspaper and says 'Look how stupid I am'. Daft cow.

AlwaysLearnin

Assuming she hasn't passed up the Nationwide 5%, she's presumably been in the game a while now too.


I wonder if the journalist pointed her in the direction of BoS classic vantage too..?

Tammy2

I tend to leave 4 days between my SOs in the hope of avoiding weekend and bank Hoilday problems.

SuperHan

No less than 5 accounts.. Pfft, she's small fry!

I don't know why Tesco refunded the £5, it'll be much less that she's earned by manipulating the system (meant with no negative connotation at all!), and I probably would have written it off as my mistake... not very MSE of me though!

As others have said, leaving a few days between SO's is how I do it to prevent this happening. A couple of mine are also set up 4 weekly in the middle of a week due to OH's pay being 4 weekly, which means they get 13 transfers in a year, but at least one every calendar month!

Ad0n15

£1.5k transferred all on the same day. All accounts have at least £1.5k in. works for me.

natwest (salary goes here) > Nationwide > tsb > Santander > Lloyds >Tesco > HBOS > natwest

I used to mess around with the days too, until i realised i didn't need to

Tammy2

I guess she's cutting it fine - not sufficient funds to cover the transfer. That could be an issue with some accounts. (I certainly came unstuck with a coop account like that, and I was just doing normal everyday stuff. They were a nightmare).

fromtheshires

I may be missing something here, but shouldn't you keep money in your accounts to cover any SO's out in case you don't get the money in on that day.

For example, if £500 is going out of Santander to TSB and then to LLoyds, there should be at least £500 in the TSB account in case the Santander fails for some reason to prevent any issues?

Spidernick

fromtheshires wrote: »

I may be missing something here, but shouldn't you keep money in your accounts to cover any SO's out in case you don't get the money in on that day.

For example, if £500 is going out of Santander to TSB and then to LLoyds, there should be at least £500 in the TSB account in case the Santander fails for some reason to prevent any issues?

Indeed - don't most people have £2K in TSB (for example) to max out the interest in any case? Otherwise you have to ask: what is the point of having all those accounts?!

colsten

fromtheshires wrote: »

For example, if £500 is going out of Santander to TSB and then to LLoyds, there should be at least £500 in the TSB account in case the Santander fails for some reason to prevent any issues?

Absolutely right. There are all sorts of reasons why an expected payment might not arrive in time to cover an outgoing one.

agrinnall

I can only echo Biggles' comment: daft cow.