Monthly payment advice

coolasacucumber

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.

YorkshireBoy

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.

If an account requires external funding it will very clearly say so in the T&Cs, ie YB/CB, Nationwide, and, to a certain extent, Santander. So that's where you'll find your answer.

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.

coolasacucumber

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.

YorkshireBoy

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...

I've never been able to find anything either, so my BoS accounts are internally funded. I only have the one Lloyds (current) account these days, but when I had several Lloyds Vantage accounts I was internally funding those too.

Westie983

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.

msallen

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.

Westie983

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.

badger09

Westie983 wrote: »

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?

Dan83

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.

polymaff

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 Forums

Dan83

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.