I forgot about Drip Feeding !

Mimi_Arc_en_ciel

YorkshireBoy wrote: »

Tesco are unique in that they despatch SOs on non-working days, so you will lose a few days interest several times a year using this approach.

And automating transfers to/from accounts that don't have sufficient coverage (eg Halifax, Co-op, Barclays if you're suing them purely for rewards) exposes you to overdraft charges should things go wrong, ie if a particular bank has a systems failure.

Thanks for the reply - I did consider that but wasn't sure....

What would you suggest is the best way to feed money through to get the interest?

YorkshireBoy

Mimi_Arc_en_ciel wrote: »

Thanks for the reply - I did consider that but wasn't sure....

What would you suggest is the best way to feed money through to get the interest?

The 3 examples I gave don't pay interest, they pay rewards.

I'd make these manually instead.

Eco_Miser

Personally, I use Faster Payments for everything but regular savers, but if you want to automate as much as possible pay a quarter of the monthly payment each week on Wednesdays. This will occasionally pay 5/4 of the required monthly figure (not a problem), and avoids weekends and most bank holidays (Exceptions: Boxing day 2018, Xmas Day 2019, Xmas 2024, Boxing 2029, Xmas 2030).
There is still the possibility of a systems failure at one of the banks leaving the next in the chain unfunded, but the overdraft caused will only be a quarter (or less) of what it would be with monthly funding.

datlex

I have a monthly saver that is due to end in December. TSB have written tome to advise that the funds will automatically change to an easy saver. They have said funds can be transferred to any account. They also advise I can start again with a new monthly saver account- they have however reduced their interest rate on this to 2%

Mimi_Arc_en_ciel

Mine isn't due to end until next year so they've not dropped mine yet.

Thanks for the help re: payments, I'll try faster payments and see how I get on.