Moving money around to keep the benefits??

bandy12

I'm looking at getting 2 different current accounts with different benefits but both with a minimum pay-in to either keep them open or keep the benefits. Is it possible to just keep moving money around between them to meet the minimum pay-in? Eg. if Account A needs £1000/mth and Account B needs £1500/mth, can I just move £500 between them a few times in order to meet the pay-in requirements?

[Deleted User]

Yes you can do that

abz88

Yes, a lot of people on here have more than 2 accounts and operate them this way (I have 6 just now). Easiest way to do it is set up standing orders between the accounts so it is all automated.

PRAISETHESUN

The only caveat to the above advice is if the accounts are held at the same bank - typically only external pay ins count towards the requirements. But otherwise, unless the bank specifies in their T&Cs that it is required to be a single pay in of a larger amount (I'm not aware of any banks that do this, as it would disadvantage people who are paid weekly, etc) then as long as the monthly total pay in exceeds the minimum required you will be fine. As above, automating this with standing orders is the easiest way to ensure you don't forget, particularly if there is enough cash in both accounts to avoid either of them going overdrawn.

colsten

PRAISETHESUN wrote: »

The only caveat to the above advice is if the accounts are held at the same bank - typically only external pay ins count towards the requirements.

It depends on the T&Cs of the accounts involved. Most of the accounts I still have can be funded internally. External funding is, however, a safer approach for all.