Cycling money though current accounts?

darkidoe

dggar wrote: »

I hold 3 BOS Vantage acounts and do an internal cycle of £1000 through each account on the same day i.e.
V1->£1K->V2->£1K->V3->£1K->V1 so any delay for weekends affects all three accounts equally.


When I log on to Halifax I can also see my 3 BOS vantage accounts and when I log on to Bank of Scotland I can see my Halifax account so it may be possible to include Halifax into the cycle, though I haven't tried this.

Just want to confirm. cycling between BOS Vantage accounts counts as a payin to meet monthly pay in requirements for interest?

molerat

darkidoe wrote: »

Just want to confirm. cycling between BOS Vantage accounts counts as a payin to meet monthly pay in requirements for interest?

Yes, many of us on here do it without problems.

ashnojutsu

I've created a related thread in the credit rating sub-forum, detialing the impact opening these accounts has had:

https://forums.moneysavingexpert.com/discussion/comment/71503599#Comment_71503599

Basically, my credit score dropped across all 3 CRA's, Experian more than the others. I knew there would be *some* effect, but I never asked for any overdrafts or credit facilities, so I'm a bit miffed the CRA's took a dim view of the account openings.

ceredigion

Have you been declined an account ? If not the problem is?.

ashnojutsu

Yes, was denied a HSBC advance. That's a £200 switching incentive gone right there! But still, specifically refusing credit facilities to preserve my score and still geting hit? It's a bit frustrating, but time heals all wounds, so they say.

ceredigion

HSBC advance is the one that is most likely to say no. Your credit score is meaningless as the agencies don't know your wealth.