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coolasacucumber
Posts: 61 Forumite
I've just set up a few a/c's for interest benefits. I've got a couple of TSB's, and I know I can transfer the £500 between the 2 TSB a/c's to satisfy the criteria.
I have just opened 2 Club Lloyds, 2 Tesco current accounts, and 2 Bank of Scotland current a/c's.
My question is (that I'm sure has been asked but I couldn't find the right search phrase...):-
Do those other 3 banks allow transfers between their own a/c's - or do they have to come in from other banks?
If there is a link to the answer, or any other relevant info, please paste that if it's easier.
Thanks in advance.
I have just opened 2 Club Lloyds, 2 Tesco current accounts, and 2 Bank of Scotland current a/c's.
My question is (that I'm sure has been asked but I couldn't find the right search phrase...):-
Do those other 3 banks allow transfers between their own a/c's - or do they have to come in from other banks?
If there is a link to the answer, or any other relevant info, please paste that if it's easier.
Thanks in advance.
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Comments
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coolasacucumber wrote: »I've just set up a few a/c's for interest benefits. I've got a couple of TSB's, and I know I can transfer the £500 between the 2 TSB a/c's to satisfy the criteria.
I have just opened 2 Club Lloyds, 2 Tesco current accounts, and 2 Bank of Scotland current a/c's.
My question is (that I'm sure has been asked but I couldn't find the right search phrase...):-
Do those other 3 banks allow transfers between their own a/c's - or do they have to come in from other banks?
If there is a link to the answer, or any other relevant info, please paste that if it's easier.
Thanks in advance.
Just out of interest (no pun intended!), how did you find out about internal funding being acceptable for TSB?...trial and error?...fingers crossed?...internet forum? (very dangerous!)...or did you check the TSB T&Cs?
Re Tesco...they don't even need funding monthly for interest. I'll leave you to check Lloyds & BoS.0 -
Thanks for your quick reply. I've had the TSB a/c's for quite some time, and to be honest I can't remember where I found out about internal transfers.
I've been reading the T&C's that say the Lloyds & BOS a/c's require funding, but couldn't see any mention of external or internal, hence me asking for clarification.
So I'm safe to assume internal is fine for both? And yes, thank you, I'd forgotten Tesco doesn't require any monthly funding.0 -
coolasacucumber wrote: »I've been reading the T&C's that say the Lloyds & BOS a/c's require funding, but couldn't see any mention of external or internal...0
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Internal funding used for my BOS account, three Halifax, and Lloyds account, TSB is funded by my Halifax account, but its not part of LBG so will be seen as external payment.
Read the T&C's and it will stay not from another account if it requires external funding, if it just has funding requirements then internal transfers will be okay.
Reading the T&C's to be sure will mean you dont sacrifice any interest or occur any penalties.I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%£2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%Total £4095.19/£7332.95 = 55.84%0 -
If you have accounts with a number of different banks why risk it. Its just as easy to set up SOs to cross fund hem all.0
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Faster payments are quicker and can be transferred straight out again, the issue with SO is that the SO going out may go out before the one coming back in so may create a minus balance, and could be charged fees especially if it covers a weekend.
Cross posting of SO over two days is the answer but for 5 mins work you can use FP instead and the money is back in a interest baring account for the longest amount of time possible till the next month of transfers.I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%£2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%Total £4095.19/£7332.95 = 55.84%0 -
Faster payments are quicker and can be transferred straight out again, the issue with SO is that the SO going out may go out before the one coming back in so may create a minus balance, and could be charged fees especially if it covers a weekend.
Cross posting of SO over two days is the answer but for 5 mins work you can use FP instead and the money is back in a interest baring account for the longest amount of time possible till the next month of transfers.
SOs might indeed go out before they come in, but if this method is used only for accounts which are 'full' or which always have a balance higher than the SO going out, then it will never be an issue.
However, for accounts which are kept with minimal balance (eg Halifax Reward), I don't think the 2 days you suggest would give enough of a safety net. What about long bank holidays, such as the one we've just had?coolasacucumber wrote: »I've just set up a few a/c's for interest benefits. I've got a couple of TSB's, and I know I can transfer the £500 between the 2 TSB a/c's to satisfy the criteria.
I have just opened 2 Club Lloyds, 2 Tesco current accounts, and 2 Bank of Scotland current a/c's.
My question is (that I'm sure has been asked but I couldn't find the right search phrase...):-
Do those other 3 banks allow transfers between their own a/c's - or do they have to come in from other banks?
If there is a link to the answer, or any other relevant info, please paste that if it's easier.
Thanks in advance.
Is one of the Club Lloyds a joint account?0 -
Why not fund everything in a big circle? Account 1 > account 2 > account 3 > account 4 > account 1?
Avoid have 2 accounts with the same bank next to each other just so you don't have to think about the above question.0 -
I prefer manual FPS to SOs. It doesn't take long, it's interest-efficient, - and it avoids risk. I start by meeting all of the non-Santander funding criterion payments out of well-funded Santander accounts. Not just because there is loads of cash available, but also because the Santander FPS system beats all of the others hands down. Then FPS is used to send the merged funds (so one FPS per institution) back to Santander. Less than an hour per month - even on my awful broadband - multiplexed in with dealing with email - or even MSE Forums0
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The good thing about doing it manually, while you are sending money here, there and every where, you can also send all your interest back each month to an account that isn't at its limit.
Although my minimum payments are done via standing order, I still have to log on to transfer my interest to another account where it will gain interest, if that makes sense.0
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