Quick question about moving money between accounts ?

SC1991

Ive recently opened a santander 123 account and have had all my direct debits switched and my wages are now going to be paid in to it. Im planning on keeping £20,000 worth of savings in this account to make the most of the 3.0%

Im also planning on opening a nationwide flex direct 5% for 1 year account. Im planning on putting another £3000 of savings in this account. My question is can i get paid in to my santander account one day, transfer my wages (£1000 min pay in) the next day to nationwide account then transfer it back to my santander account to cover my direct debit bills the following day ?

Would this count as a minimum pay in or does the money need to stay in a specific account for a period of time ?

Thanks

JWalker1995

That would count, the money has to simple enter the account, it's can leave a minute later, it just has to enter the account.

eskbanker

SC1991 wrote: »

Im also planning on opening a nationwide flex direct 5% for 1 year account. Im planning on putting another £3000 of savings in this account.

It only pays 5% interest on balances of up to £2,500 so there's no point in funding it above that level if you're just using it to hold savings....

colsten

eskbanker wrote: »

It only pays 5% interest on balances of up to £2,500 so there's no point in funding it above that level if you're just using it to hold savings....

Use the 5% Nationwide FlexClusive Regular Saver for £500 a month.

jimjames

SC1991 wrote: »

Would this count as a minimum pay in or does the money need to stay in a specific account for a period of time ?

How long does the bank specify your wages have to stay in the account before you can spend them? The same length of time would apply to any other payments in.

You can also get 5% on a TSB account for £2000.

cheesetoast

colsten wrote: »

Use the 5% Nationwide FlexClusive Regular Saver for £500 a month.

Good shout.

badger09

SC1991 wrote: »

Ive recently opened a santander 123 account and have had all my direct debits switched and my wages are now going to be paid in to it. Im planning on keeping £20,000 worth of savings in this account to make the most of the 3.0%

Im also planning on opening a nationwide flex direct 5% for 1 year account. Im planning on putting another £3000 of savings in this account. My question is can i get paid in to my santander account one day, transfer my wages (£1000 min pay in) the next day to nationwide account then transfer it back to my santander account to cover my direct debit bills the following day ?

Would this count as a minimum pay in or does the money need to stay in a specific account for a period of time ?

Thanks

As others have said, it doesn't have to be in Nationwide for a whole day.

BUT, why are you concerned about it going back to Santander to cover your DDs? You'll have around £19k in Santander while your £1k is on its holiday to Nationwide?;)

Colsten has mentioned the Nationwide Flexclusive Regular Saver. There is also a new Santander Regular eSaver £200 per month @ 5%:)

megaginge

badger09 wrote: »

There is also a new Santander Regular eSaver £200 per month @ 5%:)

I did not know that. So I'll be getting one of these set up this week then! Ta...

badger09

megaginge wrote: »

I did not know that. So I'll be getting one of these set up this week then! Ta...

Keep up:p


Its only been around a couple of weeks.

You might want to have a look here. Its kept up to date:)

https://forums.moneysavingexpert.com/discussion/608697

megaginge

badger09 wrote: »

Keep up:p


Its only been around a couple of weeks.

You might want to have a look here. Its kept up to date:)

https://forums.moneysavingexpert.com/discussion/608697

I was there, also put my own post up. Have set up a 123, the switch is completing next monday. Took me a week or so to deliberate before pulling the trigger! This has appeared I believe in the mean time :-)

So there's also a linked saver? great! As soon as my online banking is set up (waiting on password for it) I'll get on and apply... move 200 a mo of savings into there keep the rest in the 123 :-)

I'm too lazy to set up a round robin current account cycle, so this is by far the next best thing for me - the account I've picked already giving us the chance for a couple pc more on a small amount of the balance :-)


EDIT: Actually, might have read up on this. Think it's apply by phone only for now? Well I'll give em a call next week then!