Santander 123 - £500 per month requirement

Liquidity

To meet this requirement is it possible to have a SO to transfer money in from another account, then transfer out again the next day via another SO?

Thanks

GTR_King

If it's from another Account (Not Santander) that should work fine

alternate

That is how most people do it.

badger09

It doesn't have to wait until the following day
(assuming your balance is more than £500, and if it isn't, why would you be using Santander 123:cool:).

cevans65

Sorry to 'hijack' but this is my point so thought it easier.


Basically can I transfer the £500 min deposit in and then transfer straight out to another the next day i.e. it can be transferred, and there is no min time the £500 has to be in account.


PS Going to put the 20k lump sum in plus bit more to cover fee and 2 xDD and should earn approx. £50 a yr cashback so fee almost covered by this anyway.


Thanks in advance for clarification

Alter_ego

cevans65 wrote: »

Sorry to 'hijack' but this is my point so thought it easier.


Basically can I transfer the £500 min deposit in and then transfer straight out to another the next day i.e. it can be transferred, and there is no min time the £500 has to be in account.


PS Going to put the 20k lump sum in plus bit more to cover fee and 2 xDD and should earn approx. £50 a yr cashback so fee almost covered by this anyway.


Thanks in advance for clarification

I put the 500 in and next day I transfer out 500 plus that month interest, minus DD's and fee. Both transactions are standing orders.

jimjames

cevans65 wrote: »

Basically can I transfer the £500 min deposit in and then transfer straight out to another the next day i.e. it can be transferred, and there is no min time the £500 has to be in account.

Does your bank specify that you have to leave your salary in your account for a certain number of days before you can spend it? If not then the same rule applies to any other payment in. You can spend (transfer) money as soon as it's in the account.

Krash420

I'm not sure why people even wait a day. I usually transfer money in, and then out straight away - especially true for the accounts into which my pay goes into. Pay comes in, I then distribute that pay amongst my other accounts where I actually earn some interest. Leaving a balance of £100 in that account.

The same thing holds for other accounts, for example, the only direct debits I have on my Halifax account are my two Credit Cards, so depending on the balance of CC's, I set up monthly transfers from my savings account to my Halifax to pay off the CC's (i.e. manual future dated payments). These go into the account the same day that the money comes out of it, and in most cases after the money comes out. So I sometimes see negative balance which is subsequently returned to my base balance of £100 before the end of the day. I've always gotten my £5 monthly reward.

On the months where my CC bills don't exceed 750, I'll transfer the remainder money in, and then straight away send it into my savings account.

There's no need to do it over days - you're effectively losing that days interest (granted it wont be much). It's better than nothing.

molerat

All my shuffling is done over breakfast on the second working day of the month, 13 accounts in all, in around 15 minutes.

brewerdave

molerat wrote: »

All my shuffling is done over breakfast on the second working day of the month, 13 accounts in all, in around 15 minutes.

...currently, haven't got into this sort of money shuffling -but going to have to ,as our last decent fixed rate deal is ending shortly.
Going to start small ,with a couple of Santander regular esavers set up from one of our Santander 123 accounts. Can imagine handling 13 accounts (just:o) -but on another thread saw that someone claimed 60 such accounts ...how do you keep track:eek:

TonyM19

Do you have to use a standing order to pay the £500 in each month or can I just transfer it online between accounts?