Savings loophole

Robbieh

I like to move my money around manually once a month too. I cycle the £1000 needed by faster payments from each of my 8 accounts. This enables me to keep an eye on them to check all is ok, and being retired it gives me something interesting to do as well. Good luck getting started.

Dan83

Yes you can transfer money between accounts to get your minimum payments, with faster payments, they can take upto 2 hours, but in my experience, it happens instantly.

Another benefit with logging on once a month to transfer the money manually, is while your on, you can transfer all interest to an account that isn't yet at its limit.

savings_my_hobby

Eco_Miser wrote: »

I do it manually every month, and for one of the accounts, the money goes out, then comes in later.

I set up standing orders, but check to make sure they went through.

enthusiasticsaver

I do the transfers by standing orders usually on the same day. The only exception is the standing order back to my main account from First Direct. I put that one to go through 3 days later than all the others as it is the only one I don't keep a large balance in as no interest paid so I don't want to risk the standing order going back to Santander 123 before Bank of Scotland have sent through the monthly funding amount for the First Direct regular saver and the recycled monthly payment for Lloyds Club- Lloyds regular saver, BOS Vantage and FD.


I guess I could do it manually and I will have to do interest transfers once it is all running ok but for now I am happy to do it using standing orders. I have been doing that with my Nationwide and TSB accounts for the last few months and never had a problem.

ceredigion

Not a penny, but I do £1 regularly

adindas

ceredigion wrote: »

Not a penny, but I do £1 regularly

Hi thanks, for £1 I am already aware of. The reason why I want 1p (1 pence) because I do not want to put my PayPal account in credit so I could use my Zero percent for purchase credit card or Reward Credit card to pay for the item.

If there is 4DD Link account of £1 e.g 4X£1 each month, you will need to spend this credit first before you could use credit card ....

Is there any problem to pull 1p from your link account ???

ceredigion

If you pull a £1 in to pp when it arrives (3 days) you can send it back to a linked account before you make a purchase using a credit card

adindas

ceredigion wrote: »

If you pull a £1 in to pp when it arrives (3 days) you can send it back to a linked account before you make a purchase using a credit card

Thanks this is quite useful info. But have you watched carefully that pp did not charge you for this, as it seems to me like it looks like transferring money to current account which in general will incur charges ...?

ceredigion

There is no fee incurred.


"No fee if you use your PayPal balance, bank account or debit card to send money in GBP to friends or family within the UK"

datlex

Regarding payments, I have a weekly transfer going back and forth between two banks for £200. It meets the monthly amount of payments needed into the accounts (I rang them to check it would). It shows up as £800 in a 4 week month and £1000 in a 5 week. However it is the same money going back and forth.