What to do with current £40k savings plus £1000 a month

JT1000

I've opened a few current accounts recently and was just thinking about standin orders and paying money in. At the moment I have 2 Halifax reward accounts one of these being my original and main current account and 3 lloyds club current accounts.

With the money starting off in the Halifax account can I pay in to my lloyds account then transfer to my wife's lloyds account then to the joint lloyds account or do I have to bounce the money back out to another non lloyds account first.

Thanks

YorkshireBoy

JT1000 wrote: »

I've opened a few current accounts recently and was just thinking about standin orders and paying money in. At the moment I have 2 Halifax reward accounts one of these being my original and main current account and 3 lloyds club current accounts.

With the money starting off in the Halifax account can I pay in to my lloyds account then transfer to my wife's lloyds account then to the joint lloyds account or do I have to bounce the money back out to another non lloyds account first.

Thanks

I'm going to answer your question with a question...

Do the Halifax Reward and Club Lloyds account T&Cs stipulate the monthly funding has to come from outside the bank, or even outside the Lloyds Banking Group, ie 'new' money?

JT1000

Hi YB

It doesn't state it has to be new money. So that should be fine then. Thanks.

YorkshireBoy

JT1000 wrote: »

Hi YB

It doesn't state it has to be new money. So that should be fine then. Thanks.

There you go.

When reading T&Cs it's just as important to see what they DON'T say as it is to see what they DO say.

Just some follow up...why involve Halifax in the Lloyds funding? Now you know you can internally fund, and providing all 3 Club accounts have >£1,500 balances all the time, you could consider automating via SO and funding Club 1-->Club 2-->Club 3-->Club 1.

You're probably better off making manual transfers for Halifax though.

JT1000

All 3 lloyds accounts will have £5000 in, I was going to use the Halifax account as the feeder as this is where my salary gets paid. But I see what your saying about just internally funding the accounts and moving the existing money around. Thanks