Multiple accounts for interest

prezzacc

Evening all,

I'm planning to open a couple accounts and have a couple questions if anyone could advise how they manage things.

I have a Ford money savings, TSB 5% with the £1500 in, I plan to switch a donor account to First direct for the bonus, setup a regular saver with them and drip feed from Ford to here. Then setup a post office savings account and also a Co Op account for the £4 a month. Setup 4 small dd from Co op to Post office.

My question how would you fund each? The biggest I think is FD with 1000 a month, so stick 1000 in FD transfer to TSB then to Co op and back to FD?

I also plan to open some more, can anyone recommend an app or software to keep track of bank accounts?

Thanks very much

Lady_Bee

Can I please tag a related question onto here so as to not start another thread! How often can you open new accounts? I opened an M&S one in November and now want to open a First Direct one.

Thanks prezzacc

Zero_Sum

Yeah just circulate the same cash round the accounts.
Might also want to consider Nationwide & Tesco.

I use MS Money to track my finances

ceredigion

prezzacc wrote: »

Evening all,

I'm planning to open a couple accounts and have a couple questions if anyone could advise how they manage things.

I have a Ford money savings, TSB 5% with the £1500 in, I plan to switch a donor account to First direct for the bonus, setup a regular saver with them and drip feed from Ford to here. Then setup a post office savings account and also a Co Op account for the £4 a month. Setup 4 small dd from Co op to Post office.

My question how would you fund each? The biggest I think is FD with 1000 a month, so stick 1000 in FD transfer to TSB then to Co op and back to FD?

I also plan to open some more, can anyone recommend an app or software to keep track of bank accounts?

Thanks very much

Put A £1 in there savings account.

ceredigion

Lady_Bee wrote: »

Can I please tag a related question onto here so as to not start another thread! How often can you open new accounts? I opened an M&S one in November and now want to open a First Direct one.

Thanks prezzacc

Depends how quick you can type.

prezzacc

Thanks guys. I did read about the savings account FD. forgot that thank you. That saves one. MS money didn't realise that was still going. Will look into.

Opening accounts I believe you can do as often as you want, if you have any big purchases or credit checks coming up I assume you may want to be careful as opening accounts all the time probably doesn't show much stability? Although I imagine this would be when you open ALOT!

Ed-1

Zero_Sum wrote: »

Yeah just circulate the same cash round the accounts.
Might also want to consider Nationwide & Tesco.

I use MS Money to track my finances

When you say "circulate the same cash round the accounts" it is a very wise idea to go Bank A -> Bank B -> Bank A and Bank A -> Bank C -> Bank A etc. rather than Bank A -> Bank B -> Bank C -> Bank A. For money laundering reasons.

ceredigion

prezzacc wrote: »

Evening all,

I'm planning to open a couple accounts and have a couple questions if anyone could advise how they manage things.

I have a Ford money savings, TSB 5% with the £1500 in, I plan to switch a donor account to First direct for the bonus, setup a regular saver with them and drip feed from Ford to here. Then setup a post office savings account and also a Co Op account for the £4 a month. Setup 4 small dd from Co op to Post office.

My question how would you fund each? The biggest I think is FD with 1000 a month, so stick 1000 in FD transfer to TSB then to Co op and back to FD?

I also plan to open some more, can anyone recommend an app or software to keep track of bank accounts?

Thanks very much

? You will struggle With that, but I suggest you revisit Co-0p's T&C's

YorkshireBoy

FD doesn't need £1000 per month unless you're wanting the £100 leaving present.

Can you not get it down to 4 movements? You currently have 5 unless you're leaving £700 at FD. How about...

£1100 Ford to FD
£800 FD to Co-op
£750 Co-op to TSB (£50 retained for 5 x £10 DDs)
£756 TSB to Ford

Ed-1

YorkshireBoy wrote: »

FD doesn't need £1000 per month unless you're wanting the £100 leaving present.

Can you not get it down to 4 movements? You currently have 5 unless you're leaving £700 at FD. How about...

£1100 Ford to FD
£800 FD to Co-op
£750 Co-op to TSB (£50 retained for 5 x £10 DDs)
£756 TSB to Ford

I'd avoid that personally. I've seen fraud monitoring comments on subject access requests stating things like "customer regularly moves credits into account and out to a different account on same day. Happy for account to remain open but monitoring activity." This one was from Nationwide.

YorkshireBoy

Ed-1 wrote: »

I'd avoid that personally. I've seen fraud monitoring comments on subject access requests stating things like "customer regularly moves credits into account and out to a different account on same day. Happy for account to remain open but monitoring activity."

Point taken. Personally I use your own suggested method, the so called hub and spoke. But then in/out same day from/to same account looks bad too.