Running multiple bank accounts

mdr86

I'm interested in people's experience of running multiple bank accounts with minimum pay ins. How do you manage them? A series of transfers on the same day? Consecutive days? Manually? Standing orders? Have you ever had problems of missing minimum pay ins?

MyOnlyPost

All my accounts that earn interest and therefore have balances I use SO's. For accounts that need them I use DD's equalling the monthly interest to Tesco savers and then go in once a month and sweep that.

All my accounts that simply need a pay in once a month for other account benefits I do manually at the beginning of each month.

badger09

I'm currently operating 20+ current accounts and 10+ Regular Savers:o

I use a mix of SOs and manual payments. I used to do almost everything manually but a couple of years ago was out of the country for several weeks and didn't want to have to use insecure internet connections to shuffle money around.

All but 1 RS are fed by SO, as are their respective 'feeder' accounts where I don't keep a large balance (eg First Direct, HSBC, M&S). I also try to make say a credit card payment, or use the debit card for those accounts, just so they show some 'current account' use;)

I keep a very detailed spreadsheet which I update at least once a month (more like once a week) having logged into every account to make sure nothing has been missed, cream off any interest etc.

It took some detailed setting up, but could be organised to run itself.

TheShape

Apart from funding for TSB (the first one I set up) which is funded by SO, I do all transfers in about 10-15 mins via the apps on my phone. Well, all except M&S which ruins the simplicity of the process.

agrinnall

Why not do a search of the forum for the approximately 27,000 previous threads asking exactly the same question?

datlex

I have a set of standing orders set up for £200. Starts off in one account on Monday is back there by the end of week each week. I check payments have gone through by using the apps. (I make a manual payment before a bank holiday) I make separate payments into each account as well to cover the direct debits necessary on the accounts. Again I check these have gone out of the account. I have a spreadsheet which tells me how much I need to add in for the direct debits.

YorkshireBoy

datlex wrote: »

I have a set of standing orders set up for £200. Starts off in one account on Monday is back there by the end of week each week. I check payments have gone through by using the apps. (I make a manual payment before a bank holiday) I make separate payments into each account as well to cover the direct debits necessary on the accounts. Again I check these have gone out of the account. I have a spreadsheet which tells me how much I need to add in for the direct debits.

Seems like a lot of admin, and some lost interest along the way?

Vortigern

My setup is mostly the same as badger's at post #3, with the addition of 4-weekly SOs on Weds/Thurs to move money into and out from low balance accounts like Halifax. Tracking via MSMoney.

avian946

badger09 wrote: »

I'm currently operating 20+ current accounts and 10+ Regular Savers:o

I use a mix of SOs and manual payments. I used to do almost everything manually but a couple of years ago was out of the country for several weeks and didn't want to have to use insecure internet connections to shuffle money around.

All but 1 RS are fed by SO, as are their respective 'feeder' accounts where I don't keep a large balance (eg First Direct, HSBC, M&S). I also try to make say a credit card payment, or use the debit card for those accounts, just so they show some 'current account' use;)

I keep a very detailed spreadsheet which I update at least once a month (more like once a week) having logged into every account to make sure nothing has been missed, cream off any interest etc.

It took some detailed setting up, but could be organised to run itself.

wow!!! thats serious dedication to maximising youre returns! i thought i was complicated running 4 seperate current accounts!! lol