Moving money to meet account requirements - is today too late?

shortcrust

I've just cycled money through my two TSB current accounts to qualify for interest. I vaguely remember reading on here that the last day of the month can be too late if it's not a working day. Anyone know if this is true? I usually do it a bit earlier in the month but forgot this time. Might be time to set up SOs.

PaulW922

It should still show up as being received today. Whether that counts... let us know!

Dobbibill

I don't know if it's too late in the month sorry but I do know that they can be cross funded with SO's for the future. I do it with my 2 TSB acc's.

I hope you haven't missed out but at least you have a plan in place for the future with the SO's.

As said above, let us know, it's handy to share these things so that others can see the info on your thread.

DB

shortcrust

Thanks both. Will post back when I know!:)

bsms1147

I transferred £500 into a TSB account last night - despite it becoming part of the available balance yesterday, it's dated from the 1st of June and so chances are it won't count to meet the funding requirement for this month.

shortcrust

bsms1147 wrote: »

I transferred £500 into a TSB account last night - despite it becoming part of the available balance yesterday, it's dated from the 1st of June and so chances are it won't count to meet the funding requirement for this month.

Ah I hadn't noticed that. Interesting! Mine's 1 June too. I'm sure a phone call will sort it. There nothing in the T&C that goes into more detail than '£500 each month' or says that weekend transitions will be dated as the next working day.

Nebulous2

I always pay my money in on the first - regardless of whether it is a weekend day or not. It has been okay so far.

anoncol

Nebulous2 wrote: »

I always pay my money in on the first - regardless of whether it is a weekend day or not. It has been okay so far.

Im not sure that helps the op situation. The 1st will always roll over to the same month but the end of the month will not.

Nebulous2

anoncol wrote: »

Im not sure that helps the op situation. The 1st will always roll over to the same month but the end of the month will not.

It possibly doesn't help at all.

I wasn't clear about how the payment cycle works though - I've seen on here that it needs to be within a month of the last payment.

If my payment went through on the 1st one month and then was delayed due to a non-banking day on the next payment that would have been more than a month. In practice that doesn't seem to matter.

I've considered paying when my wages come in, but decided to sit on my hands for a couple of days and wait until the 1st every time.

Semple

I've noticed a couple of times when moving money around on a weekend that it doesn't show the money as entered/exit the account until the Monday. Unfortunately in the OP's case the Monday is a start of a new month, so I would be guessing you've missed last months payments.

To play it safe the S/O's would be best coming out a few days before the end of the month - take August for example, the 31st is a bank holiday. I may be wrong, but you may be required to pay into the account by the 28th (Friday) otherwise that payment may not enter/exit the account until 1st September - a new month.

SuperAllyB

Made the same mistake, and no sign of any interest. Not got t&c's to hand but anyone think its worth a call to customer services?