Monthly paying in criteria

bpj87

For the first time in my life, I have enough money where shopping around for the best interest rates for a current account is worthwhile.

My question is, when you are required to pay in a certain amount a month in order to qualify for a given interest rate, does that money have to be from a salary or is it simply the total amount paid in within that month regardless of where from? The reason I ask, is that all my money is paid in cash and therefore I make several deposits throughout the month.

Many thanks in advance

grumbler

bpj87 wrote: »

My question is, when you are required to pay in a certain amount a month in order to qualify for a given interest rate, does that money have to be from a salary

No

or is it simply the total amount paid in within that month

Yes

regardless of where from?

No. Often transfers from other accounts with the same bank don't count.

The reason I ask, is that all my money is paid in cash and therefore I make several deposits throughout the month.

Cash deposits are fine.

polymaff

bpj87 wrote: »

For the first time in my life, I have enough money where shopping around for the best interest rates for a current account is worthwhile.

My question is, when you are required to pay in a certain amount a month in order to qualify for a given interest rate, does that money have to be from a salary or is it simply the total amount paid in within that month regardless of where from? The reason I ask, is that all my money is paid in cash and therefore I make several deposits throughout the month.

Many thanks in advance

To add to Grumbler's good advice, make sure you know what the bank's definition of a month is. For most it is a calendar month, but for Santander, and maybe others, months start on the anniversary date of the account's opening.

Dird

To avoid me creating a new thread when I start doing similar, how do you guys handle the merry-go-round? e.g. Lloyds, TSB, Halifax
28th: Salary into Lloyds
2nd: Money from Lloyds to TSB
3rd: Money from Lloyds to Halifax & TSB to Halifax
4th: Money from Halifax to Lloyds

What happens if one of the payments doesn't go in on the date specified? Can you set a SO as "first Tuesday of the month" or fixed date only?

polymaff

Dird wrote: »

To avoid me creating a new thread when I start doing similar, how do you guys handle the merry-go-round? e.g. Lloyds, TSB, Halifax
28th: Salary into Lloyds
2nd: Money from Lloyds to TSB
3rd: Money from Lloyds to Halifax & TSB to Halifax
4th: Money from Halifax to Lloyds

What happens if one of the payments doesn't go in on the date specified? Can you set a SO as "first Tuesday of the month" or fixed date only?

Personally, I do it all manually using Internet Banking and Faster Payments. That way it definitely works. It doesn't take too long - particularly if you work out a daisy-chain of payments, and it is all done and dusted on the same day.

Dird

polymaff wrote: »

Personally, I do it all manually using Internet Banking

hmm it might be better considering I'm online all the time & don't plan to use more than 4 accounts any time soon. Thanks

polymaff

Dird wrote: »

hmm it might be better considering I'm online all the time & don't plan to use more than 4 accounts any time soon. Thanks

Even with my very slow broadband I get through over 20 transactions per hour when I get down to this monthly task.

Once the payment path has been used once, the FPSs are very, very rarely other than instantaneous. There is no chance of the mis-timing disaster you were outlining earlier - and not a single night's interest is lost on any of the money. Yes!!!

colsten

Dird wrote: »

What happens if one of the payments doesn't go in on the date specified? Can you set a SO as "first Tuesday of the month" or fixed date only?

Yes you can set it up like that but if your desired date falls on a non-working day, your SO will not be executed by most banks and building societies until the next working day. Tesco are presently the known exception as they process SOs 7 days a week but who is to say others won't follow suit. The one thing you can be sure about is that they won't tell the MSE Forum first if they changed, and they don't have to tell individual account holders, either, as they are not changing the T&Cs.

There has been tons of discussion on this subject. If you search the forum you will find a massive amount of information about this. It is probably unrealistic to expect people will re-post everything for you.

ceredigion

The other way to do it is from a central hub, then all the other accounts around the rim, (think bicycle wheel) Standing orders (spokes) linking the components together