multiple bank accounts for interest

jayneylaney

I'm trying to get some interest on 12k.
Already got santander 123
Is it possible to have 4 other different bank accounts which offer 3% or 5% interest on 2500 3000 or 5000. I'm hoping to direct debit from main account 1000 into one bank then dd one week later to next accout 4 times then back to santander. I will leave the relevant qualifying amount in the accounts. Eg 5k to get 3% interest.
Does anyone know if this is feasible and legal?
I would be following their rules of paying 1k a month in, just dd ing it out again.?....????
Thanks

Maximum_Saving

Hello. This is feasible and legal. You just have to make sure you meet all the conditions of your current accounts. I have First Direct as my main bank account. It gives me a regular saver. I have a TSB Classic Plus Account to get 5% interest. I have got a Halifax Reward Account and it gives me £5.00 reward each month. Interest rates will be going down next year. Keep a look out for that sort of thing happening.

ceredigion

[strike]dd[/strike]. So
.............

Eco_Miser

Expanding on ceredigion's post: you can't Direct Debit to a current account, you can use a Standing Order to push the required amounts from account to account.
Having multiple current accounts solely to earn the interest is not only legal, but common (among the posters on this board at least).

jayneylaney

Thanks guys. Im going to do it. I'll set up standing orders between each bank.

darkidoe

Eco_Miser wrote: »

Expanding on ceredigion's post: you can't Direct Debit to a current account, you can use a Standing Order to push the required amounts from account to account.
Having multiple current accounts solely to earn the interest is not only legal, but common (among the posters on this board at least).

I reckon we are a rare breed in real life. I am the only person I know who does it. I have just opened another 2 accounts today, in preparation for a 3rd for a switch bonus. Feeling oddly joyous.

datlex

Don't forget you don't have to transfer the lot at one go. All you need is for the total funds you add over the month to meet the funding requirements. For example to meet a £1000 requirement you just need to pay in £250 a month (this takes into account February has 4 weeks). I myself have £200 which goes back and forth between accounts on a weekly basis. This is the same £200.

teddysmum

As explained (with the exception of some Tesco savings accounts)you can't have direct debits taking from accounts, but you can have standing orders sending.


I do my transfers manually, taking £1000 (the highest pay in required) from the main account , then using fast payment between all accounts leaving spending money as needed (TSB contactless use)and £500 in the last account for savers' standing orders, then returning the residue to the source account. (All sorted and checked as arrived, in half an hour)

jimjames

datlex wrote: »

For example to meet a £1000 requirement you just need to pay in £250 a month .

To avoid confusion you might want to correct. I assume you mean £250 a week not month. Otherwise you'll fail to meet the monthly £1000.

Eco_Miser

If you move money weekly, do it on Wednesdays, that way you have no trouble with weekends, and only have possible trouble with Bank Holidays at Christmas/Boxing day - in 2018, 2019, 2024, 2029, 2030 ...

ASavvyBuyer

Eco_Miser wrote: »

If you move money weekly, do it on Wednesdays, that way you have no trouble with weekends, and only have possible trouble with Bank Holidays at Christmas/Boxing day - in 2018, 2019, 2024, 2029, 2030 ...

Either Wednesday or Thursday looks good for weekly transfers. No Bank Holiday on a Thursday until 2019.