Two Bank Accounts

w00519772

I am thinking about setting up the following standing orders each month to ensure that:

1) I get £150 bonus for switching to Yorkshire bank next month
2) £5 reward from Halifax each month
3) 5% interest from TSB (Up to 2K) and HSBC (up to 1K)
4) 3% interest from Tesco Bank on the rest

Salary to HSBC (2126.48) on 16th
HSBC to Tesco Bank 1 (2126.48) on 18th
Tesco Bank 1 to Yorkshire Bank (1000) on 20th
Tesco Bank 1 to TSB (1000) on 20th
Yorkshire Bank to Tesco Bank 1 (991.33) on 21st
TSB to Tesco Bank 1 (1000) on 20th
Tesco Bank 2 to Halifax (750) on 18th
Halifax to Tesco Bank 2 (718) on 19th
Tesco Bank 1 to Tesco Bank 2 (32) on 26th

Here are my current balances:

Tesco Bank 1 -1.2K
Tesco Bank 2 - 3K
HSBC - IK
TSB - 2K
Yorkshire Bank - 0
Halifax - 0

Maybe this is too complicated?

Does this cater for all scenarios. For example, if the 18th fell on a Saturday and the 20th fell on a Monday then is there a risk that the transfer out from account 2 will happen before the transfer in?

colsten

It would be easier to answer if you

1. could name the banks/accounts involved
2. told us how you want to shift the money around, e.g. by SOs, by FPs?

Sam_J12

That seems fine to me as long as the bank accounts are from different banks (most of these offers need an external transfer in), although you can probably do the transfers on the same day. The account 2 is Halifax Reward presumably? I remember the conditions saying you have to stay "in credit" and I was not sure if this included a balance of zero, so I always keep at least £0.01 in the account just to be sure.

richy999

For a definitive answer, I would call/e-mail the banks and ask them what their procedure is if your standing order falls on a weekend or bank holiday.

In the above scenario, I would hazard a guess that the 1st transfer would either take place on the Saturday or on the following working day (Monday) so the transfer in/out would occur on the same day... unless of course the Monday is a bank holiday :-)

Eco_Miser

w00519772 wrote: »

Does this cater for all scenarios. For example, if the 18th fell on a Saturday and the 20th fell on a Monday then is there a risk that the transfer out from account 2 will happen before the transfer in?

Yes, there is a possibility that the standing order from account 2 will be attempted before the inward movement has completed.
To be absolutely sure you have to leave 4 clear days between the transfers (Good Friday to Easter Monday, or Christmas, Boxing day, and weekend).

Alternatively, set the Standing Orders 4 weekly on Wednesdays in and Thursdays out. The first possible complication is Boxing Day 2018. Careful timing will avoid that.

YorkshireBoy

w00519772 wrote: »

In order to get the £5 monthly reward I have to transfer £1000 in each month.

If it's Halifax Reward it's £750 (if that makes life easier for you?).

YorkshireBoy

Sam_J12 wrote: »

That seems fine to me as long as the bank accounts are from different banks (most of these offers need an external transfer in)

That's not true is it? A quick listing below shows entirely the opposite...

Internal:

Halifax Reward
BoS Vantage
TSB Plus
Lloyds Club

External:

Nationwide FlexDirect
Santander 1-2-3*

So twice as many providers allow internal funding as stipulate external funding.

* And even Santander can be fed from another Santander account...just not one in your own name (unless a Santander business account in your name).

jimjames

YorkshireBoy wrote: »

That's not true is it? A quick listing below shows entirely the opposite...

Internal:

Halifax Reward
BoS Vantage
TSB Plus
Lloyds Club

External:

Nationwide FlexDirect
Santander 1-2-3*

So twice as many providers allow internal funding as stipulate external funding.

* And even Santander can be fed from another Santander account...just not one in your own name (unless a Santander business account in your name).

Couple more to add:

External:
HSBC
Clydesdale(?)

Archi_Bald

COOP also requires external. I don't have a Barclays but I think that might also be external.

YorkshireBoy

jimjames wrote: »

Couple more to add:

External:
HSBC
Clydesdale(?)

I initially put Clydesdale (and Yorkshire) in the bottom list but then deleted them as they only pay 2% AER. Likewise, I'd put Tesco in the top list because they used to allow internal funding up until late last year. To balance the books (and because 5:3 doesn't sound as good as 4:2 ) I deleted both.


I didn't put HSBC down for a reason...this thread is about current account interest and (Halifax) Rewards, not access to regular savers and/or switching incentives.

YorkshireBoy

Archi_Bald wrote: »

COOP also requires external.

But it doesn't pay interest and/or Rewards*, which is what the thread topic is about.

EDIT:
* Other than the latest £4-£5.50 offer of course...which I did forget about.