Transferring Money in and Out of accounts

FreakShow!

Hi,

I'm trying to set up my bank accounts, to bounce money in and out of my high interest bank accounts and meet the minimum requirements for the account. (e.g. £1750 for HSB, £500 for TSB). I also need to leave some in each account to pay the direct debits linked to each.

My question is, how to guarantee that the order that money happens at is correct? If i wanted to schedule the payment to leave my main account and the return amount to happen on the same day, what happens if it went in the wrong order? Potentially sending the account negative.

e.g.: If HSBC had £100 as a balance, Sending £1750 to HSBC, Return £1450 to my main account. If this were to happen in the wrong order, my account could go to -£1350, but then £400 once the money did arrive. Would the bank fine me for going negative? Or as long as the money was there by end of day it was OK?

MABLE

FreakShow! wrote: »

Hi,

I'm trying to set up my bank accounts, to bounce money in and out of my high interest bank accounts and meet the minimum requirements for the account. (e.g. £1750 for HSB, £500 for TSB). I also need to leave some in each account to pay the direct debits linked to each.

My question is, how to guarantee that the order that money happens at is correct? If i wanted to schedule the payment to leave my main account and the return amount to happen on the same day, what happens if it went in the wrong order? Potentially sending the account negative.

e.g.: If HSBC had £100 as a balance, Sending £1750 to HSBC, Return £1450 to my main account. If this were to happen in the wrong order, my account could go to -£1350, but then £400 once the money did arrive. Would the bank fine me for going negative? Or as long as the money was there by end of day it was OK?

I do a round robin once a month manually. To me this is the easiest way.

Mnd

As the payments go through, my accounts do show minus for a while, but the money catches upby the end of the day, and I don't get any charges

Zero_Sum

Weekends could cause problems also as some banks like Tesco treat saturday as a working day. Its just a click of a few buttons to do it manually and you have peace of mind that you havent gone overdrawn & incurr charges.

jimjames

As per replies above I just do it manually, safest way to be sure it happens in the right order

ceredigion

Mid week four weekly.
or
Three days apart.

masonic

The majority of my current accounts don't pay interest on a credit balance, so manual is the only sensible option for me. Otherwise, I'd crossfire between accounts with the same bank/group and use the lesser known four-weekly standing order as mentioned above.

YorkshireBoy

Zero_Sum wrote: »

...some banks like Tesco treat saturday as a working day.

I think Tesco is the *only* bank to do this isn't it? Certainly of all those paying interest/Rewards?

YorkshireBoy

jimjames wrote: »

As per replies above I just do it manually, safest way to be sure it happens in the right order

I have cross-firing SOs on my fully funded interest earning accounts, eg Tesco, TSB, et al. But I'm the same as you with the Reward accounts and those normally run (almost) empty which are required for access to the better paying regular savers. Others on here feed the latter group by SO, but then manually transfer back out. Horses for courses.

ceredigion

YorkshireBoy wrote: »

I think Tesco is the *only* bank to do this isn't it? Certainly of all those paying interest/Rewards?

Nationwide *sort of*

YorkshireBoy

ceredigion wrote: »

Nationwide *sort of*

For the regular saver SO from Flex Current? I do mine manually, but yes, I have seen it mentioned on here.