Sisters helping their brothers bank account

SteveTymms

My 2 daughter each have some funds sitting in an account, which we realised could be doing better.
My son has got a part-time job which pays about £120 per month.

In order to get a better return for both, we have set up the following:

My son has opened an A&L Permier 21 current account, which pays 10% for the first year, but which has to have at least £250 paid in per month.
My daughters have each opened a Halifax Childrens regular saver account, into which they will pay £100 per month each.

On a monthly basis, £100 will be moved out of each of the girls accounts into our current account. A Standing Order will move that £200 (and an extra £50) into my sons A&L account. A week later (to allow for bank hols/ weekends), a standing order will move £200 into my personal Halifax account, from where it will be split and moved into my daughters accounts, again by Standing Order.
The odd £50 will be moved (by, you guessed, Standing Order) into our savings account.

Doing this means that the £250 goes into my sons account, so he gets the maximum interest on his wages. The girls lose a little interest because of transfer delays, which my son could make up if we work out how much it is.

We win, the banks pay for the privilege.

Does anyone see any problems with this??

Andy_L

Halifax Children's Regular Saver
One year fixed rate set when opening credit received and on each anniversary of that date. At least 12 consecutive monthly deposits (£10-£100) by standing order and no withdrawals or missed payments in a year, otherwise your Halifax Children's Regular Saver account will be closed

LittleVoice

Surely both daughters could individually pay £100 into your account.
You pay in £200 to your son.
His earnings only have to amount to £50 in the month to achieve the £250 total. (I would not expect that the £250 has to be put in in one amount.)

The week following your deposit, he pays £100 to each of his sisters.

In fact, I imagine the sisters could pay direct to his account but you might like to make it less obvious that money is just bouncing in and out again.