Another "Am I doing this right" post

Archi_Bald

kidmugsy wrote: »

The solution to that is dead easy: use weekly SOs that go out on a Wednesday. The last time I made this suggestion it served as a revealing IQ test, because some dimwits couldn't see the advantage.

Alright, I declare myself a dimwit then. Why would I use weekly SOs if I only need to shift money into the account once a month?

Were you meant to say people should use 4-weekly SOs going out on a Wednesday?

masonic

kidmugsy wrote: »

The solution to that is dead easy: use weekly SOs that go out on a Wednesday. The last time I made this suggestion it served as a revealing IQ test, because some dimwits couldn't see the advantage.

The M&S regular saver SO would need to be monthly, would it not? So it would not be possible to have all of the SOs firing off on the same day if some of them were 4 weekly.

badger09

Archi_Bald wrote: »

correct but there is no need to have £250 linger in there all year round. Just make sure you have £250 in the account 3 or 4 calendar days before your SO is due.

As I said earlier;)

badger09 wrote: »

I agree with masonic

I keep minimal balance on my M&S current account so fund by SO set for 6th, with Monthly Saver SO set for 9th

Likewise FD current account funded by SO set for 1st, and Regular Saver set for 4th.

OP has things on his mind, other than losing a few pence interest on £250 sitting idle in his M&S current account. Even if funding from a 3% account, the loss is about 50p a year after tax. I know this is MSE, but really chaps :cool:

Crag30, what you've suggested is fine, but if you want to squeeze a few pence extra out of your £250, set your SO to go into M&S 4 days before the SO to the Monthly Saver.

Crag30

badger09 wrote: »

Crag30, what you've suggested is fine, but if you want to squeeze a few pence extra out of your £250, set your SO to go into M&S 4 days before the SO to the Monthly Saver.

Thanks. That's do-able. And like what has been mentioned, the few pence lost on the £250 float was immaterial at present, as I'd still be getting more interest than I was a month ago prior to setting up the TSB accounts. It was just a safety net on a possible late SO.

This may seem a daft question though, but maybe down to how it's stated on the TSB site.
But if I go over £2000 in my TSB current account do I not get any interest at all, or will I get interest for the £2000?

Vortigern

Archi_Bald wrote: »

Alright, I declare myself a dimwit then. Why would I use weekly SOs if I only need to shift money into the account once a month?

Were you meant to say people should use 4-weekly SOs going out on a Wednesday?

The 'benefit' of weekly (or 4-weekly) SOs due on Wednesdays is that they will not fall on a bank holiday until December 2018.

Vortigern

Crag30 wrote: »

But if I go over £2000 in my TSB current account do I not get any interest at all, or will I get interest for the £2000?

You'll get interest on the £2,000