Does any UK bank account offer automatic transfers?

ozaz

18cc wrote: »

I also believe the chip app has some kind of automatic sweeping between your bank accounts you obviously have to give it access to your bank accounts and I have never used it so I can't say how it works but I think there are threads on here and anyway it should be possible to Google and see if it is sort of thing you want

I don't think the OP would be happy with the way Chip works. It does periodically move money from your current account into another account but it makes it's own mind up as to how much to move (it does this based on predictions it makes as to how much you can afford to save based on your current balance and prior spending habits). You can't define your own rules.

Also, it doesn't move money to one of your existing savings accounts. It moves it to an e-money account.

pavane

Anyone using IFTT with Monzo?

Any scope for extending this by combining with Open Banking?

I want my Lloyds Club account to automatically send to Santander anything above balance of 5000 every 15 of month. Can I do this with IFTT and Monzo?

ozaz

pavane wrote: »

Anyone using IFTT with Monzo?

Any scope for extending this by combining with Open Banking?

I want my Lloyds Club account to automatically send to Santander anything above balance of 5000 every 15 of month. Can I do this with IFTT and Monzo?

Monzo + IFTT is still limited to internal Monzo transactions so won't do what you want. I suspect Monzo will natively support the kind of automations you are looking for at some point in the future, but that's just a hunch.

Another Fintech to keep an eye on is Flow. It looks like they will enable smart transfers between different bank accounts, although they have not yet got the permissions they need to connect to UK bank accounts (AISP & PISP status).
https://flowyour.money/

Flobberchops

The bank I work for has this functionality, but it's only available for customers with "legacy" accounts that support a daily sweep function. Once removed it can't be reinstated, and it's not offered to anybody with a newer version of the account.


Presumably this was removed for simplicity, as I can see how it could confuse customers, plus it's hardly worthwhile now that internet/app banking is in place and interest rates are so low that skimming a balance on a daily basis to maximise interest is barely worth it. I wonder if anybody who was working in the industry around the time this feature was discontinued (and it seems to have been an industry-wide abandonment) can confirm?