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

ASavvyBuyer

We cycle the deposit around 16 current accounts by standing order, all on the same day. All have worked fine so far. If it turns out to be a weekend they all get processed on the Monday.
We then pull off interest each month to a combination of savings accounts with Tesco via Direct Debits, to meet the DD requirements of some of the current accounts.

Kernel_Sanders

ceredigion wrote: »

It is only Tesco`s that are out of line by processing 7 days a week, all the others work on a 5 day week.

Doesn't a transfer after 8.20pm on a Saturday from Santander to Tesco yield interest on both accounts for that day?

karlie88 wrote: »

Why would Tesco Bank need SOs/manual payments in or out of the accounts?

Ceredigion didn't imply that they did.

tomthered

TomJ wrote: »

Yes, it's how I set it up for my parents.

What do you pay in from Tesco by DD, is it just money or what? Am not sure about this so trying to gather what everyone does before going down the road of applying for accounts to do this. Presumably Santander does not require your salary paid in but a sum of money each month?

If anyone can point me to a suitable thread that would be great, saves me asking to many repeated questions. Thanks in advance. :j

teddysmum

The banks don't care whether the money is wages, pension or savings, provided the amount is correct, but some (eg Nationwide which, incidentally is not a bank) will not count transfers between accounts held with them, even in different names.