Is PayPal consider one of the Direct Debit payment for Tesco bank 3%?

ceredigion

YorkshireBoy wrote: »

Ours cross-fire. A bit cheeky I know, but when we started we didn't use hub accounts. I cross-fired almost everything (and still do)!

4 transactions per statement month per account, fully automated, and every now and then when I'm bored I make them up to exactly £3K.

You are better than me. I just set it at £2975 then wait for the text alert when it hits 3k

Terry_Towelling

YorkshireBoy wrote: »

Ours cross-fire. A bit cheeky I know, but when we started we didn't use hub accounts. I cross-fired almost everything (and still do)!

4 transactions per statement month per account, fully automated, and every now and then when I'm bored I make them up to exactly £3K.

ceredigion wrote: »

You are better than me. I just set it at £2975 then wait for the text alert when it hits 3k

Ok, put me out of my ignorance, what is cross-firing? Intuitively it sounds like simply swapping amounts from one account to the other. But is it actually a way of using only £3K (in the case of Tesco) and swapping over between the two accounts to make it seem like each one has £3K in it at COB each day and so get interest on £6K?

And what is 'the hub'?

I have much to learn.

ceredigion

Terry_Towelling wrote: »

Ok, put me out of my ignorance, what is cross-firing? Intuitively it sounds like simply swapping amounts from one account to the other. But is it actually a way of using only £3K (in the case of Tesco) and swapping over between the two accounts to make it seem like each one has £3K in it at COB each day and so get interest on £6K?

And what is 'the hub'?

I have much to learn.

Cross firing. Its simply moving money from one account to another within the same bank at the same time. So Yorkshire boy will have a standing order set up on account one, to send £750 to account two and the same as vice versa . All happens on the same day at the same time. He did mention four credits ,now I suspect between him and his partner they have four accounts. So he may have it set up sending money four ways. This is purely to show activity within the account.
I use the hub method, at the centre of the hub is a fully loaded Santander account ,linked to that are all my other accounts and they are all funded monthly from the hub and that sum is returned back to the hub by standing order on the same day every month. This means I can get money from one account to any other with two clicks to complicate slightly , my wife has her own hub and sitting between the two is a joint S123, so all are linked. Makes sense.

Terry_Towelling

ceredigion wrote: »

Cross firing. Its simply moving money from one account to another within the same bank at the same time. So Yorkshire boy will have a standing order set up on account one, to send £750 to account two and the same as vice versa . All happens on the same day at the same time. He did mention four credits ,now I suspect between him and his partner they have four accounts. So he may have it set up sending money four ways. This is purely to show activity within the account.
I use the hub method, at the centre of the hub is a fully loaded Santander account ,linked to that are all my other accounts and they are all funded monthly from the hub and that sum is returned back to the hub by standing order on the same day every month. This means I can get money from one account to any other with two clicks to complicate slightly , my wife has her own hub and sitting between the two is a joint S123, so all are linked. Makes sense.

Ok, thanks, glad to discover I'm not missing something. It's just different terminology. I use a mixture of hub and cross-fire (all on the same day too) but was just calling it something different. Can't take it to the next level by involving the wife's accounts because I am her attorney and am obliged to keep our finances separate (well almost).

YorkshireBoy

ceredigion wrote: »

He did mention four credits ,now I suspect between him and his partner they have four accounts. So he may have it set up sending money four ways.

4 transactions, not 4 credits, per account.

Each account has a pair of cross-firing SOs (mine to mine and hers to hers), the monthly interest credit, and a £7.50 SO out to extract (most of) the interest, making up the 4 transactions.

I use the hub method, at the centre of the hub is a fully loaded Santander account ,linked to that are all my other accounts and they are all funded monthly from the hub and that sum is returned back to the hub by standing order on the same day every month.

Not every month though? If the SO date falls on a non-working day Tesco will still send the SO, whereas Santander might wait a couple or 3 days.

Westie983

Duplicate thread, I have commented on your other thread.

Its okay to ask questions but if you have already started a thread, try to continue to use the same one rather then set another one up to get the same replies and suggestions.

Westie983