Martin Lewis in on ITV now telling 8million how to get multiple current a/c rewards

Archi_Bald

Herbalus wrote: »

I was surprised to see the front page of the Money section (in either Telegraph or Times, can't remember)

I have seen it in the Telegraph several times - latest one only yesterday http://www.telegraph.co.uk/finance/personalfinance/savings/11990828/How-to-get-3.6pc-interest-and-360-cash-from-your-bank.html

Herbalus wrote: »

I'm not too worried about the masses getting hold of this though. I've explained perfectly clearly how to average about 5.5% on £20k to some friends and they all look flabbergasted at the "effort" involved.

Same here. Some people even genuinely believe it would be illegal to send money between their accounts (and we even had some thread on that on here). The other paradigm many are stuck with is that you can only have 1 current account.

fuzzgun19

Paul_1977 wrote: »

With details on setting up standing orders etc between accounts.

Banks will soon put a stop to that.

If I remember correctly, the same happened when he said on TV about multiple money off coupons could be used at a supermarket... shortly after they stopped the policy.

POPPYOSCAR

fuzzgun19 wrote: »

If I remember correctly, the same happened when he said on TV about multiple money off coupons could be used at a supermarket... shortly after they stopped the policy.

Yes exactly.


I have noticed a considerable drop of people sharing such things on here now ever since.


When so many take advantage it gets pulled.

jimjames

Archi_Bald wrote: »

I have seen it in the Telegraph several times - latest one only yesterday http://www.telegraph.co.uk/finance/personalfinance/savings/11990828/How-to-get-3.6pc-interest-and-360-cash-from-your-bank.html

Same here. Some people even genuinely believe it would be illegal to send money between their accounts (and we even had some thread on that on here). The other paradigm many are stuck with is that you can only have 1 current account.

I think the comments on that article say it all:

"Get a life."
"I suspect if you applied for this many accounts it would affect your credit rating."
"After reading these shenanigans I am now too tired to comment."

Good news though if others can't be bothered as it should mean it's available for us that can be bothered for a while longer.

YorkshireBoy

POPPYOSCAR wrote: »

I have noticed a considerable drop of people sharing such things on here now ever since.

We should have a blanket ban on mentioning a certain savings account for a start!


Personally, I'm a big believer in teaching a man to fish, rather than simply tossing him a fish. After all, I've had to read T&Cs, so why shouldn't others do the same? In other words, I'm through with spoon-feeding!

colsten

YorkshireBoy wrote: »

We should have a blanket ban on mentioning a certain savings account for a start!

I agree, but it's like herding cats here.

Not to talk about some people not realising that bank staff can, and do, sign up to this public forum like the rest of us can.

Herbalus

YorkshireBoy wrote: »

We should have a blanket ban on mentioning a certain savings account for a start!

And which one would that be?

Oops, failed already.

The trouble is that there is always somebody somewhere that will have thought of a technique that I haven't. I think I'm pretty efficient and know most of the "tricks", but it took a while to get there and I learnt through other people on forums. I wouldn't want to shut that tap off and remove it all from the forum, because I don't know everything.

colsten

Herbalus wrote: »

I wouldn't want to shut that tap off and remove it all from the forum, because I don't know everything.

The point is that there is a direct relation between the tap shutting itself off and the increase in number of people trying to keep it open.

Paul_1977

http://www.moneysavingexpert.com/savings/savings-loophole

datlex

What exactly will banks stop, standing orders between bank accounts? Or the rewards? Banks already know people do standing orders between their own accounts for various reasons including financial planning. They can see money moving back and forth already. Not everyone gets paid a salary, some people get "paid" interest from investments or pensions. Also a housewife/husband may get "paid" from their wife/husband via a joint account.

What may happen is the banks may increase the number of direct debits to 4, most people with will have at least 4 direct debits but probably not 8 or 12 to allow for multiple accounts.