Quick current account money shuffling question

SG27

I'm doing the usual switching money between accounts to meet the deposit requirement.

With my newly opened account ill be switching £1000 in and out again on the same day. However ill only have a couple of hundred in the account to start with so depending on the timing of the standing orders the account might go overdrawn for a few hours. I am assuming this won't matter as it's all same day but can someone clarify please? The account is nationwide flex direct.

masonic

It would certainly be safer to transfer the smaller sum in and out more frequently until you have enough to do so in one payment per month.

Eco_Miser

Nationwide may decide to not grant you an unarranged overdraft, in which case they may retry the SO later in the day. What do the T&Cs say about fees in such a case?

eskbanker

SG27 wrote: »

I'm doing the usual switching money between accounts to meet the deposit requirement.

With my newly opened account ill be switching £1000 in and out again on the same day. However ill only have a couple of hundred in the account to start with so depending on the timing of the standing orders the account might go overdrawn for a few hours. I am assuming this won't matter as it's all same day but can someone clarify please? The account is nationwide flex direct.

Since a new FlexDirect will earn 5% in its initial 12 month period then there won't be a better home for your funds in any other current account, so you should consider reorganising your pots so the FlexDirect is always full at £2,500 (by reducing the amount in one of the accounts with lower interest)!

YorkshireBoy

I'd urge you to reconsider your plan to use SOs. Use FPs until you're above the reciprocal SO balance in both accounts (assuming they're both used as savings, ie the other isn't your salary/bills account?).

The alternative, based on my own observations with Nationwide, is to get yourself a small overdraft facility (mine's £500). Doing so then seems to generate a 'reserve limit' (mine's £1K) which, again in my case, gives enough leeway for a delayed in/out same day SO arrangement (not that I need it) and avoids intra day O/D usage fees.

SG27

YorkshireBoy wrote: »

I'd urge you to reconsider your plan to use SOs. Use FPs until you're above the reciprocal SO balance in both accounts (assuming they're both used as savings, ie the other isn't your salary/bills account?).

The alternative, based on my own observations with Nationwide, is to get yourself a small overdraft facility (mine's £500). Doing so then seems to generate a 'reserve limit' (mine's £1K) which, again in my case, gives enough leeway for a delayed in/out same day SO arrangement (not that I need it) and avoids intra day O/D usage fees.

Of course. Don't know why I didn't think of this! Thanks

bigfreddiel

Switch in and leave it for three days then switch it out simples fj

masonic

bigfreddiel wrote: »

Switch in and leave it for three days then switch it out simples fj

And if the OP is unlucky enough to time his transfer such that it falls on Good Friday?