Can you get around minimum monthly pay-in by taking £ out then putting it back?

greenglide

I believe that somebody else's account, in whatever bank, will always count as external funding, whichever bank you're with.

That would make obvious sense otherwise salary payments may not count if you happened to bank at a branch of the same bank.

colsten

Eco_Miser wrote: »

I believe that somebody else's account, in whatever bank, will always count as external funding, whichever bank you're with.

It doesn't for Nationwide. The money must come from a non-Nationwide account.

.......subject to if you pay in £1,000 each month (excluding transfers from any Nationwide account held by you or anyone else)
http://www.nationwide.co.uk/products/current-accounts/our-current-accounts/overview

The COOP has similar T&Cs.

*Transfers from other Co-operative Bank, Britannia and smile accounts do not count.
http://www.co-operativebank.co.uk/currentaccounts/everyday-rewards

talexuser

Santander and Nationwide require external funding so I transfer from one to the other and vice versa - job done. TSB, Tesco and Bank of Scotland do not require external funding, so I transfer between multiple accounts internally (if they still let you open multiple accounts).

Claire190

thanks for your thoughts, sounds like I can do this with some banks, good good. Reading the T&Cs they don't specify this, which is not surprising really but now I see how it could work with some. I could move minimum amount out and into my Natwest Account and back again. Will also check current accounts for rates too. Oh and no selling of the soul, just some much needed R&R and exploring new job options

savings_my_hobby

I personally transfer from external accounts weather they require me to or not.

I also transfer account A to account B - account C to account D
not account A to account B to account C to account D in one big long daisy chain. I did it like this because it will be easier (for me) to drip feed into regular savers and it keeps the accounts in pairs. When I first started I opened Nationwide and Tsb 5%ers so I just kept it going from there.

Eco_Miser

colsten wrote: »

It doesn't for Nationwide. The money must come from a non-Nationwide account.


The COOP has similar T&Cs.

OK, thanks. A bit awkward if you employer happens to use the same bank/BS., or maybe it's just transfers and not Bank Giro credits that don't count.

A_Leftie

talexuser wrote: »

Santander and Nationwide require external funding so I transfer from one to the other and vice versa - job done. TSB, Tesco and Bank of Scotland do not require external funding, so I transfer between multiple accounts internally (if they still let you open multiple accounts).

Thanks - that pretty much answers a part of the question I had just registered to ask. I'll redirect my full query to another thread.

badger09

talexuser wrote: »

Santander and Nationwide require external funding so I transfer from one to the other and vice versa - job done. TSB, Tesco and Bank of Scotland do not require external funding, so I transfer between multiple accounts internally (if they still let you open multiple accounts).

Tesco no longer requires any monthly funding, whether internal or external;)