FlexDirect pay in

FreddieFrugal

Hello, just opened new FlexDirect, currently have a joint one at 1%, opened one in my name only for the 5%. Filled it with the max £2500.

I've set up a standing order from my TSB account to pay into the Flexdirect on the 15th every month, to fulfil the £1000 a month requirement.

I've also set up a standing order from the Flexdirect to send the £1000 back.

Is this fine if it's happening on the same day? Anyone else funding their flexdirect in the same way? Will Nationwide register that correctly for the purpose of getting the interest paid on the account?

I know it works fine with TSB Plus accounts doing it on the same day but that's internal transfers rather than between banks. (I've got standing orders set up between my two plus accounts on the same day)

Vortigern

Yes, it's OK to fund it with same day swaps by SO.
I used to do this until the 5% expired after 12 months.

Westie983

I fund my account by FP on payday and send the money straight back and I have been getting the interest okay for the last 11 months.

I have come to the end of my 5% year so I am switching the account out to TSB to continue with 5% on the 2k and £500 will go into Tescos at 3%.

djpailo

You don't want to be in a situation where you take out money on the same day, thinking it is already there when it may not have arrived. I imagine you will have £2500 in there anyway so it doesn't matter, but be careful doing it on the same day in case there is a delay. When using something like faster payments with MetroBank for instance, it took over a day for me sometimes...

Westie983

Send it by FP, then when you log in you will know if its arrived, before making the FP out, if it doesnt take 2 hours then its not a FP unless its the first time you have sent to that payee, (Santander are prone to doing this)..

I use FP and by the time I log out and log in again its there in the account probably about a minute to send between accounts.

agrinnall

Westie983 wrote: »

Send it by FP, then when you log in you will know if its arrived, before making the FP out, if it doesnt take 2 hours then its not a FP unless its the first time you have sent to that payee, (Santander are prone to doing this)..

I use FP and by the time I log out and log in again its there in the account probably about a minute to send between accounts.

Do please enlighten us as to what it is if it's not a FP then. If I liked popcorn I'd have some ready as your story is bound to be entertaining.

This is actually what I do, as I like to be sure the money has arrived before transferring it out again, but as djpailo says same day SO won't be an issue as the account will have enough in it anyway.

paul2345

agrinnall wrote: »

Do please enlighten us as to what it is if it's not a FP then. If I liked popcorn I'd have some ready as your story is bound to be entertaining.

That would be BACS.

Futuristic

I have had mine setup for same day for the past year, will be moving out to TSB as my 5% is also ending next month!

Archi_Bald

paul2345 wrote: »

That would be BACS.

You can't use BACS as an individual account holder. Only firms can use BACS now.

agrinnall

paul2345 wrote: »

That would be BACS.

This is the only suitable response to such an ill-informed post.

Jethro Tull - Living in the Past

chris_m

agrinnall wrote: »

This is the only suitable response to such an ill-informed post.

Jethro Tull - Living in the Past

Hehe, the fifth album would be appropriate too :rotfl: