Transferring Funds between Account to Earn

TheShape

TheShape wrote: »

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

Katiehound wrote: »

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!)

Available right now though as DCFC79 qualifies through the Club Lloyd's account even if the money is just deposited pending somewhere better to go when/if they get access to one or more 5% accounts.

binaryuniverse

Salary goes in to TSB
From there I shuffle £1000 in to Nationwide.
Same day Nationwide pays £800 in to Co-Op and £200 to TSB

Day 2, Co-Op pays 2x £300 in to my Tesco accounts, and £200 to TSB.

I've yet to start adding interest/rewards in to the monthly payments, but this has only just all been set up. Any payment of that kind goes in to the Tesco pots.

I may stick a regular saver in there somewhere. But not until I can readily meet £500pm without eating in to the FlexDirect account.

chocomonsta

YorkshireBoy wrote: »

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!

....wow, you are earning £140 a month? :T.... I earned £103 last month - which ones am I missing?

[Deleted User]

YorkshireBoy wrote: »

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!

I managed £109.64 in April so kudos to you, though it used to be more as I transferred money out of Santander and into Atom so that interest no longer counts as a current account.

Note: Last September managed £189.70, mainly down to 3 Santander accounts when they paid 3% interest so my income from current accounts only has taken a fair size hit.

[Deleted User]

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?

Just as an example:

My pension goes into an HBOS account (3%)
£1000 transfers to Nationwide Flex (5%)
Then £1000 from there to another HBOS account (3%)
Then from there £500 to TSB (3%) and £500 to Santander (1.5%)

So you see it is quite easy to do, with the same £1000 and the beauty of it is, you never spend that original £1000. If you had the maximum in each account to start with, that would earn you around £60 in interest a month. Hope that helps.

badger09

YorkshireBoy wrote: »

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!

But you wouldn't advise others to do this would you?

:whistle::whistle::whistle:

badger09

YorkshireBoy wrote: »

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!

chocomonsta wrote: »

....wow, you are earning £140 a month? :T.... I earned £103 last month - which ones am I missing?

How can he possibly tell you if he doesn't know which accounts you already have:cool:

Cotta

Deleted_User wrote: »

Just as an example:

My pension goes into an HBOS account (3%)
£1000 transfers to Nationwide Flex (5%)
Then £1000 from there to another HBOS account (3%)
Then from there £500 to TSB (3%) and £500 to Santander (1.5%)

So you see it is quite easy to do, with the same £1000 and the beauty of it is, you never spend that original £1000. If you had the maximum in each account to start with, that would earn you around £60 in interest a month. Hope that helps.

Thanks, this is a very useful post, let me try to do the maths if you don't mind?


I get the £1000 to flex, this equates to around £10.41 per month, but where is the rest?

[Deleted User]

The £1,000 is being used just to meet the banks criteria for earning interest on the account. The interest is earned from the money already in those accounts. If you only have £1,000 to start with then you can only earn yourself just over £4 a month.

In the example above you would need £14,000 sitting in 4 of the accounts (2 x £5000, 1 x £2500, 1x £1500) and a further £20,000 in the Santander.