Transferring Funds between Account to Earn

Cotta

Hi All,

Does anyone do this to a meaningful extent to make money?

My attempt is very small:

Salary is paid into my Halifax account - I earn £3 per month.
£1000 is transferred to my Nationwide Flexdirect account that earns me 5% on the £2500 balance per month.

Overall I make around £13.66 per month from this.

How does everyone else operate?

takman

Cotta wrote: »

Hi All,

Does anyone do this to a meaningful extent to make money?

My attempt is very small:

Salary is paid into my Halifax account - I earn £3 per month.
£1000 is transferred to my Nationwide Flexdirect account that earns me 5% on the £2500 balance per month.

Overall I make around £13.66 per month from this.

How does everyone else operate?

This is something that alot of people do on this forum. Some people have an automated system with standing orders spaced out over a few days to complete all the payments. Other people use a manual method and transfer the money through multiple accounts on the same day.

Personally i use a manual method for any money that isn't staying in the accounts and then standing orders to fund permanent payments to regular savers and other savings accounts.

DCFC79

Similar to you OP, I have my salary paid into Halifax (so I get the £3) which then supplements the Lloyds account (so I get the £3 plus the interest on £5000) and 2 TSB accounts that cover each other with the £500 payment and keep it at the £1500 (so I get the interest.)

Some of the money in Lloyds is a bit wasted as Ive got more than the £5000 in.

YorkshireBoy

DCFC79 wrote: »

Similar to you OP, I have my salary paid into Halifax (so I get the £3) which then supplements the Lloyds account (so I get the £3 plus the interest on £5000) and 2 TSB accounts that cover each other with the £500 payment and keep it at the £1500 (so I get the interest.)

Some of the money in Lloyds is a bit wasted as Ive got more than the £5000 in.

That Lloyds cash could be sat in 2 x Tesco accounts?...making half as much interest again at 3% AER. Or half of it in Nationwide and the rest in Tesco, making an aggregate 4% AER. Or being drip fed into a Nationwide RS for an aggregate 3.5% AER? Unless you're happy with 2% AER?

TheShape

Salary paid to Nationwide FlexDirect meets the paying in requirement. £500 to TSB and back by Standing Order to meet that requirement.

Manually once per month move money from Tesco to Club Lloyds, to FlexAccount (Euro Travel Insurance), to Halifax, to M&S and back to Tesco.

BOS1 to BOS2 to BOS3, back to BOS1.

DCFC79

YorkshireBoy wrote: »

That Lloyds cash could be sat in 2 x Tesco accounts?...making half as much interest again. Or half of it in Nationwide? Or being drip fed into a Nationwide RS for an aggregate 3.5% AER?

Thanks.

Its something I have considered about doing.

So would I keep the Lloyds account and use that to fund the 2 Tesco accounts and 1 of the Nationwide RS accounts ?

YorkshireBoy

Cotta wrote: »

Does anyone do this to a meaningful extent to make money?

Purely from current accounts...£230/month this time last year. Then rates/Rewards were cut. It's now £140/month.

Before you reach for your calculator(s), I have bent a few rules here and there!

YorkshireBoy

DCFC79 wrote: »

So would I keep the Lloyds account and use that to fund the 2 Tesco accounts and 1 of the Nationwide RS accounts ?

You'd immediately get the £5k+ (up to £6K max) into Tesco.


Then do whatever you can with Nationwide for 5%, by funding from Tesco.

Archi_Bald

DCFC79 wrote: »

So would I keep the Lloyds account and use that to fund the 2 Tesco accounts and 1 of the Nationwide RS accounts ?

Tesco has become a bit more onerous for new account holders, in that you need at least 3 non-Tesco DDs now to earn any interest. And you need monthly funding of at least £750, which isn't hard to do but different for those who have been longstanding Tesco current account holders.

TheShape

DCFC79 wrote: »

Thanks.

Its something I have considered about doing.

So would I keep the Lloyds account and use that to fund the 2 Tesco accounts and 1 of the Nationwide RS accounts ?

Have you got a Club Lloyd's Monthly saver account? It's paying 3% fixed interest.

Katiehound

TheShape wrote: »

Have you got a Club Lloyd's Monthly saver account? It's paying 3% fixed interest.

But that only matches Tesco's c/a rate- which is fixed until April 2019.
Better RS rates with Nationwide @5% and the HSBC stable- also 5% (I think!)