Meeting current account monthly criteria - can you do this?

YorkshireBoy

badger09 wrote: »

Some people automate everything in a chain, much as you suggest.

Which is OK until you close one of the accounts in the middle (eg Nationwide FlexDirect after 12 months), because you'll have twice the admin you would have had with the Hub & Spoke method (which would only require two SO cancellations).

camaj wrote:

That's 5 standing orders.

I see you've edited your post now. Did you find your calculator?

JustAnotherSaver

camaj wrote: »

Does anyone have a method for cycling that's better than this:

Bank B:Pay in £1000 from Bank A - S/O for £1000 to Bank C
Bank C:S/O to Bank D for £1000
Bank S/O to Bank A for £1000

Well it depends since you've given us limited information.

A, B, C, D so we're working with 4 bank accounts.

We're cycling £1000 between them. Fair enough.

Bank account C is Halifax Reward current account so it only gives you £3per month and no interest so you only keep a £1 balance in there as any more is really wasted money.

How does your standing order setup work now?

camaj

badger09 wrote: »

There is an almost infinite number of possibilities;)

Just wondering what the best option was. Hub and spoke would require 2 SO per account, 1 in the hub and one in the spoke. For me that'd be 6, 2 more than a chain, so that seems worse. I suppose it's better if you plan to close one account

I'll max out the accounts and I won't spend from them so I won't lose any interest since my main account pays next to no interest anyway. I'm better off having it earning 0% interest than underpaying and missing out on 5%, even if it's only for a few days a month.

badger09

camaj wrote: »

Just wondering what the best option was. Hub and spoke would require 2 SO per account, 1 in the hub and one in the spoke. For me that'd be 6, 2 more than a chain, so that seems worse. I suppose it's better if you plan to close one account

I'll max out the accounts and I won't spend from them so I won't lose any interest since my main account pays next to no interest anyway. I'm better off having it earning 0% interest than underpaying and missing out on 5%, even if it's only for a few days a month.

There isn't a 'best'. Or at least, there isn't one single 'best' for everyone.

You are indeed better off losing a few days interest if that is the only way to avoid possible overdraft/unpaid item charges;)

datlex

Personally for the pay in requirements I have £200 which circulates around the accounts every week. For me that covers the requirements of my accounts. Only account I need to pay more than £800 a month into is the mone my pay goes into. If I were to open a different account requiring £1000 a month, the £200 would increase to £250. (I back fill the £200 in the first account from an easy access savings account I use as an overflow account)

R34GTT

I used to worry about my cycling of funds through Lloyds, TSB, Halifax, Coop possibly causing one or more to go overdrawn on unarranged overdrafts on empty accounts like Coop and Halifax but this doesn’t happen.

All that happens is the payment fails if the incoming money hasn’t arrived yet and then it automatically retries in the afternoon. I cycle £1000 from Lloyds-Coop-TSB-Halifax-Lloyds on the same day by standing order, works fine and been like that for years and never had overdraft fees incurred.

TheShape

Other than TSB, I do all of my transfers manually. I do them via the apps on my phone so can literally do so anywhere. Usually takes 5-10 mins at most. Log on to on app, send to next account, log on to next app, send to next account etc. I'll often do it when I'm going somewhere on the bus.

Katiehound

JustAnotherSaver wrote: »

I have Tesco accounts for the D/Ds.
I have to manually go in to my Tesco account to set up a payment to transfer the direct debit money

And since we've detailed what we're doing openly, watch 2018 have more restrictions regards meeting criteria as banks read this post but hey it's nice while it lasted

Errrr- yes!.....it's already happened:-
Tesco are withdrawing their DD facility in April
Time for a re-think, and I've been puzzling for a while over this, but now sorted....

Quote:
Originally Posted by clivep

All Tesco savings DDs have been replaced except those for Yorkshire Bank which I'll cancel after the £250 is received. DDs in place from savings a/cs with BMx2/POx2/SWx2 + local credit union.
.

That's one way to do it- mine is slightly different

JustAnotherSaver

Katiehound wrote: »

Errrr- yes!.....it's already happened:-
Tesco are withdrawing their DD facility in April
Time for a re-think,

Thread posted 24th Dec

I discovered the thing with Tesco 25th Dec.

Is it even worth asking how you sorted it or is that top secret?

Katiehound

JustAnotherSaver wrote: »

Thread posted 24th Dec

I discovered the thing with Tesco 25th Dec.

Is it even worth asking how you sorted it or is that top secret?

No, not a secret, as I used other folk's ideas- for which I expressed thanks!

Well one of the hints is in the quote I used from clivep:
BM online savings (Birmingham Midshires)
SW (Scottish Widows)
PO Savings
(These are his)

Mine are:
BM savings
couple more charity DDs @ £2
Saga Telephone savings (still waiting for some essential paperwork from them!- very slow)
Park Christmas Club- not covered by FS- but £1.66 pm adds up to 2 x £10 M&S gift cards in Nov. Think they have been in business for 50 years, so well established.Will start a new fund before that ends.
I have split all my household DDs between different a/cs (make sure you have asked for council tax to be paid in 12 rather than 10 installments)

I also discovered that a few DDs required for switch could be transferred as they weren't needed to keep a/c open

Other possibilities are buried in a couple of threads:
Local Credit Union may take DDs
Someone said that their local coronary unit had a weekly £1 lottery but you could apply for £1 per month. Yes, donation to a charity but also a chance to win a cash sum.

Of the online savers quoted above don't know which are now available as I started the juggling process over a month ago........
HTH