Do you cycle your £1,000/£1,500 manually or Standing Order?

Pincher

If you must keep it £1, then I would do it manually.

There just has to be a computer glitch somewhere, and it could skip a day.

Obviously, if the account has £2,000 generating interest all the time, a late £1,000 coming in doesn't matter much.

JustAnotherSaver

Going a tad off topic here, how many accounts do you guys have? This includes current & savings.

I think at my most i had low 30s. This was when i was having my money work as hard as i possibly could in order to generate as much towards a house deposit as i could.

If an account was offering £100 for just opening it, i'd do it, have it open as long as i had to to get that £100 & then close it when i got the £100.

Obviously this was caused by restrictions such as FlexDirect paying 5% but only up to 2.5k, TSB paying 5% but only up to 2k etc, so as i had a sizeable amount i had to split it down.

I'd have loved nothing more than 1 account to pay 5% & just lump it all in. Would've been so easy but i had to scatter it here there & everywhere.



In the end it almost caused a problem with getting the mortgage approval. Thankfully our IFA got that one sorted. Accounts opened just to enable direct debit requirements (example: Tesco to meet the Halifax requirement)

But yeah that's the most i've ever had. It was a PITA, but we got the mortgage in the end so it was worth it.


Come to think of it & knowing how bad my memory is, that low 30s may have also included my wifes accounts at the time. I remember we had a hell of a lot of cards in our card wallet & i'm sure it was around 30 when i counted one day.

TomJ

karlie88 wrote: »

Why would Tesco Bank need SOs/manual payments in or out of the accounts? They scrapped their £5 monthly fee last year.

Because, as a fee free 3% account that doesn't need DDs, it might be the base account which money goes in and out of while other higher-interest accounts are kept as close to maxed out as practicable.

molerat

I do mine manually whilst eating breakfast on 2nd working day of the month, £1000 Santander - TSB - BOS - BOS - BOS - Santander mopping up the interest on the way and the same for MrsM.

We each have 1 x 123 + MS, 2 x Tesco + IA & IS, 3 x BOS, 1 x TSB + MS and a Joint 123 as our normal account. Got to look out some more now as the TSB monthly savers are maturing this month, just about got enough space to take them at the moment but no real room to expand.

YorkshireBoy

JustAnotherSaver wrote: »

Though banks like Santander...i know have to come from external sources.

Santander can be fed from another Santander account, just not one with your name on it!

Just wondered if i could make it even easier.

Put some overdraft facilities on Halifax and Nationwide FlexAccount. Worst case scenario is an inbound SO failure to Halifax, meaning a £1 fee.


Re your £1K through Halifax and the FlexAccount, that only needs to be £750, to satisfy the requirements of both.

YorkshireBoy

molerat wrote: »

We each have 1 x 123 + MS, 2 x Tesco + IA & IS, 3 x BOS, 1 x TSB + MS and a Joint 123 as our normal account.

Room for some improvement there.


No Lloyds (would take 3 x BoS balances for 33% more interest on £15K), and no joint TSB (for some of the Tesco cash)? Presumably you're in the 12 month 'wait' period for Nationwide?

youngretired

The banks introduced a few years back that as long as the money is in the account by a set time they will attempt to pay the standing orders/direct debits again without charging a unpaid or overdraft fee. The times are generally about 2.30-3.30 and can generally be found on the T&C's under unpaid fee.

Some banks may allow the payments to be paid out first so shows your account as negative and others don't send the payment until the afternoon.

In your situation though if you are bouncing the £1000 between all accounts that don't have the funds in then paying by standing order would be dangerous, as if the standing order is finally paid out in the afternoon it may miss the other account cut off time.

I pay all mine via standing order but the accounts that don't hold funds I incorporate in bouncing with accounts that do hold funds i.e. TSB - Nationwide Flexaccount - Lloyds - Co-op - TSB.

molerat

YorkshireBoy wrote: »

Room for some improvement there.


No Lloyds (would take 3 x BoS balances for 33% more interest on £15K), and no joint TSB (for some of the Tesco cash)? Presumably you're in the 12 month 'wait' period for Nationwide?

I started off using fairly "clean" accounts but things have moved on with the BOS changes. Looking at Lloyds now, are they happy with 2 Tesco DDs ? The Santander interest rumours are another pain as we don't get much DD cash back.

New windows and bathroom on the horizon and a CC stooze ending so that may solve some of the excess cash problem just like the new car last year did

youngretired

As a couple we now have 31 accounts, we used to have more but closed them to put more in my name for tax purpose - though may open up more if Santander reduces interest rates.

2 x Halifax Reward
2 x M&S + Monthly Saver's
2 x 1st Direct + Monthly Saver's
1 x Joint HSBC Advance + Monthly Saver's
6 x TSB
3 x Lloyds + 1 Monthly Saver
4 x BOS (1 joint)
2 x Santander 123 + Monthly Saver
4 x Nationwide (1 joint Flexplus) + Monthly Saver's
4 x Tesco
1 x Co-op
2 x Kent Reliance Monthly Saver's

teddysmum

I do mine manually for a number of reasons.


As I'm building up accounts, the transfer strategy will change to suit required payments in, while using the least number of transfers.


Should any bank have problems, I can easily transfer money to satisfy any account likely to lose out.


I have plenty of time as the only standing orders are for 20th of the month.


I can easily vary the amounts going to each account so that I can top up those used to earn a contactless payment bonus.


Sources for deposits going to savings accounts and sums being cycled can be varied.