Monthly pay-in to new band accounts

luchiachen

Hi,
I am new to the forum and have a question regarding the monthly pay-in amount for some banks switching offer. I have briefly searched the forum, but didn't find answer. Hope someone can kindly help please.

If Bank A require £1500 monthly pay-in, Bank B require £1000, and Bank C require £500. Can I set my main bank account at Bank A to receive my monthly salary, and then make standing orders to Bank B & C to achieve their offer requirement? And once those money reach Bank B & C, then I can transfer them either back to Bank A or other band account for higher interests?

Thank you.

18cc

Yes you can do this in fact is what many of us do

PRAISETHESUN

You can do exactly as you've described. Assuming your income is over £1500/month then this will count for the pay in for account A, otherwise the combined transfers from accounts B + C back to account A will satisfy the conditions. I find it easier to manage by standing orders, but you can manage it all manually by faster payment every month if you are worried about going overdrawn, etc.

Robin9

If using Standing Orders do allow for weekends and bank holidays in setting your transfer dates.

colsten

Robin9 wrote: »

If using Standing Orders do allow for weekends and bank holidays in setting your transfer dates.

Unless Tesco is involved, I don't think you need to worry about SO dates as all the rest work by the same rules for weekends and bank holidays