Am I doing this right?

Arcan

Hey all

Inspired by Moneysavingexpert saving loophole I opened some more accounts to try and take advantage of their interest rates. But wanted to check if I am doing this right? Please let me know if I've made any mistakes:

https://imgur.com/GdyMRqw

Also is it possible to move all the money on one day manually?
Oh, and when I move the £400 to my Lloyds on the 5th day could I pay in the £400 the same day and not have it taken out of my account and lose the interest on it?

Thank you!!!!

badger09

Arcan wrote: »

Hey all

Inspired by Moneysavingexpert saving loophole I opened some more accounts to try and take advantage of their interest rates. But wanted to check if I am doing this right? Please let me know if I've made any mistakes:

https://imgur.com/GdyMRqw

Also is it possible to move all the money on one day manually?
Oh, and when I move the £400 to my Lloyds on the 5th day could I pay in the £400 the same day and not have it taken out of my account and lose the interest on it?

Thank you!!!!

I can't access whatever it is that you have uploaded. Not sure if that's just me:cool:

It is certainly possible to move all your money manually on one day.

Assuming you mean the Club Lloyds monthly saver, it needs to be funded by standing order. However, you can obviously move £400 into the Club Lloyds current account on the same day to avaoid any loss of interest.

badger09

Ahhh

Now I can access it. Give me a couple of minutes:p

Arcan

badger09 wrote: »

I can't access whatever it is that you have uploaded. Not sure if that's just me:cool:

It is certainly possible to move all your money manually on one day.

Assuming you mean the Club Lloyds monthly saver, it needs to be funded by standing order. However, you can obviously move £400 into the Club Lloyds current account on the same day to avaoid any loss of interest.

Thank you!

Do you know if I can change the standing order for the Club lloyds to the first of the month, instead as currently the 17th?

noh

Arcan wrote: »

Thank you!

Do you know if I can change the standing order for the Club lloyds to the first of the month, instead as currently the 17th?

Yes you can.

badger09

I haven't looked at your net income figures, but a couple of things strike me immediately

Santander - needs £500 per month.
Only £250 from H'fax 2 & 'surplus' from H'fax main - will 'surplus' be more than £250pm?

Club Lloyds - needs £1500 pm
Only £1k from Nationwide + £400 from H'fax 2.
You need to pay in another £100 pm?

H'fax main - needs £750 pm
Only £250 from Scottish Bank (BoS?)
You need to pay in another £500 pm, or is this where your salary/wages/pension is deposited?

Arcan

badger09 wrote: »

I haven't looked at your net income figures, but a couple of things strike me immediately

Santander - needs £500 per month.
Only £250 from H'fax 2 & 'surplus' from H'fax main - will 'surplus' be more than £250pm?

Club Lloyds - needs £1500 pm
Only £1k from Nationwide + £400 from H'fax 2.
You need to pay in another £100 pm?

H'fax main - needs £750 pm
Only £250 from Scottish Bank (BoS?)
You need to pay in another £500 pm, or is this where your salary/wages/pension is deposited?

Wow well spotted! I pay my salary into Halifax so that should cover the pay in and I'll add my wages plus interest to my santander.

I completely missed the extra £100 for Lloyds though! :O
I am going to try to do this whole sequence in one day manually on the 3rd of next month, seems easier to do this once a month than to set up standing orders and hope it all goes smoothly.

Thank you very much for all your help!!!

badger09

You're very welcome.

I've set up my own spreadsheet and use a combination of SOs and manual transfers for my 'monthly shuffle' though I have many more accounts than you:p.

You might find a 'hub & spokes' approach more straightforward. Choose the account with the most in it (Santander 123), move required minimum amounts out to other account, then move the 'surplus' back to Santander.

Happy 'monthly shuffle':D

Arcan

I updated it with your hub and spokes plan
https://imgur.com/ctK69rh

Really pleased that only £1000 will be out of my account for a day.

Cheers!

oldfella

the method I use where I have deposits and they dont allow internal transfers is to send the money out first to my hub bank, then return it. Where transfers are OK eg Lloyds and TSB I just move it around. Where I dont have deposits but want to keep the account going because there is a reward I send it out from the hub and transfer it back on the same day.

badger09

Arcan wrote: »

I updated it with your hub and spokes plan
https://imgur.com/ctK69rh

Really pleased that only £1000 will be out of my account for a day.

Cheers!

I'm not sure I understand your updated version.

The hub & spokes idea is that, from Santander,
1) you move £1000 to Nationwide & immediately back again (plus the interest if Nationwide is full)
2) you move £1500 to Lloyds Club & immediately move £1100 back again (plus the interest if Club Lloyds is full)
3) etc etc

There is no need for £1k to be missing from any account for more than a couple of minutes.

Before you finalise your plan, you might also like to read a couple of the recent threads from people having multiple accounts closed. I would advise at least having some sort of activity, other than monthly hokey cokey on each account. I tend to make a random credit card payment or use my debit card on each account at least 3 or 4 times a year. Just my cautious nature