Slip-ups when moving money to better places

colsten

schiff wrote: »

I had told her of the loss of interest for a month on £5K at 5%)

white lie or typo?

schiff wrote: »

The interest 'lost' at BoS is £35 in total

It's impossible to make £35 in interest from BOS in a single month

jennifernil

We set up 12 DDs for 6 BOS accounts over a couple of months, using mainly Tesco savings acounts, it all went without a hitch.

OP seems to have made things unnecessarily difficult for himself!

schiff

Midland45 wrote: »

You need to re-read takmans advice, and open some savings accounts as he has stated. All the information is here on the forums on how this makes things a lot easier.

I don't need savings accounts to set up DDs! I've got all my DDs from my existing Santander accounts (one of which I will eventually retain). All it required was switching four of them from Santander to BoS, but due to my naivety about the process I misjudged the timing etc. I don't need to move any more DDs (not until I switch to a new current account to replace one of my Santander accounts - for the cash-back).

I'm not out of pocket, it has made me a profit in fact!

schiff

takman wrote: »

I can't believe someone with so many posts doesn't know about Tesco Savings accounts!. If you open tesco savings accounts (not current accounts) you can use these to setup Direct Debits to fund the accounts.

See above - I don't need a Tesco savings account - for anything!

WADR

darkidoe

schiff wrote: »

I don't need savings accounts to set up DDs! I've got all my DDs from my existing Santander accounts (one of which I will eventually retain). All it required was switching four of them from Santander to BoS, but due to my naivety about the process I misjudged the timing etc. I don't need to move any more DDs (not until I switch to a new current account to replace one of my Santander accounts - for the cash-back).

I'm not out of pocket, it has made me a profit in fact!

It is still much easier to have control over the DD mandates to set up new ones from your own personal Tesco savings accounts but to each his own.

schiff

colsten wrote: »

white lie or typo?

It's impossible to make £35 in interest from BOS in a single month

1. I got mixed up with my interest rates!

2. Ditto.

:o

takman

schiff wrote: »

See above - I don't need a Tesco savings account - for anything!

WADR

If you want to make the most of switching offers and get the best interest you do!. Ringing up each company to change direct debits to other accounts is just a waste of time and open to errors.

It's much easier to just use tesco savings accounts especially when accounts like the CO-OP need four. You also mentioned that you have used charity direct debits which cost you money with the Tesco method you don't loose any money.

TheShape

colsten wrote: »

It's impossible to make £35 in interest from BOS in a single month

It's impossible to do so from 1 BOS account but possible by having three BOS accounts. That, of course, wasn't the OPs situation.

schiff

takman wrote: »

1. It's much easier to just use Tesco savings accounts especially when accounts like the Co-op need four.

2. You also mentioned that you have used charity direct debits which cost you money; with the Tesco method you don't lose any money.

1. I'll bear that in mind if, in due course, I switch to the Co-op TY

2. How do they cost me money, other than it being a donation?
The charity sub - as I think I said - is an existing sub, entered into years ago and quite willingly. I've never regarded it as losing money is spite of all the rumours about only X% of my sub going to useful causes.