Rotating Money

luckofthe_irish

Sorry if this is a ridiculous question but I am very new to this!

I need to transfer a lump sum of money into my TSB Classic Plus account to continue to receive the interest but then transfer it back to my main account (as I need the money!) and I am just wondering how long the lump sum has to stay in the TSB account for it to register? Three or four days I am guessing? I just want to make sure as I don't want to lose the benefits but need to transfer the lump sum back into my main account asap.

Thank you.

ceredigion

A radical solution, would be to transfer the funds you placed in TSB, sometime ago out first.

YorkshireBoy

Does the TSB account hold more than £500?

luckofthe_irish

Yes it has just under £2000 in it at the moment. It is where I am holding savings that arebit by bit being transferred to my H2B ISA due to the transfer limit of £200 a month.

I am aware that you need to make a £500 deposit monthly to the TSB account to continue receiving the interest so I am just wondering how long the money has to stay in the account before I can transfer it back to my main account.

Thank you.

YorkshireBoy

OK I'll try a different approach.

If the £500 was your salary, how long would expect to have to wait for it to 'register' before being allowed to pay your gas bill with it?

<Listening for the penny to drop>

molerat

I will give you a clue - 6 x BOS and 2 x TSB all paid, interest mopped up and cash back into the 2 x Santanders where it came from whilst I ate my breakfast this morning

ratechaser

Whereas I'm still waiting for breakfast and I've made over 10 transfers (Nationwide-Santander-HSBC-Lloyds-FD-M&S-Coop-Halifax-TSB-Yorkshire & back again...).

Think I might have a cup of tea and then go and mop up the interest. I should really adjust the 2 Tesco saver DDs per account to pull in just the right amount each month to siphon off the interest, that would make it a bit simpler. About £6.50 each from Lloyds, £2.25 from TSB etc etc..

luckofthe_irish

OK, apologies, I didn't mean to waste anyone's time it was only a query to ensure I was doing things correctly. Sorry the penny didn't drop sooner.

Thank you for all your responses.

DCFC79

Last month the £500 went in on the 26th and then the next day the £500 went straight back out to my other TSB account.

Been this way for just over a year.

jimjames

DCFC79 wrote: »

Last month the £500 went in on the 26th and then the next day the £500 went straight back out to my other TSB account.

Been this way for just over a year.

This morning £506 moved from one TSB to my other. £500 moved back again and £12 moved out to my main bank account. All in the space of about 30 seconds.

Jennifer_Jane

luckofthe_irish wrote: »

OK, apologies, I didn't mean to waste anyone's time it was only a query to ensure I was doing things correctly. Sorry the penny didn't drop sooner.

Thank you for all your responses.

What a sweet reply. Of course it makes sense to ask people a question such as this. Some people might have replied that they like to keep things in overnight, but if you need the money sooner, then there's no problem with doing it once it's registered in your account.

If anyone feels that their time is being wasted, they don't have to reply, do they? So, nothing to apologise for, as far as I'm concerned.

Enjoy the Board. I still know people who don't do this kind of thing and think I'm a bit eccentric for having 9 bank accounts.

Good luck!