juggling money between accounts?

nicetomeetyou

I bank with Nationwide and have, one Current Account, one Savings Account and a Start To Save account...... I find myself juggling money between them. Like I work out my finances and swop money around then 5 minutes later another idea pops in my head and I swop money around again... Is this a bad thing? All my bills are always met. I heard if I juggled money between different bank accounts that could be perceived as bad but what about if its the same account.... I am bad a budgeting...

notveryeducated

You might trigger the banks anti-money laundering system. But it's not a definite "yes or no" answer it's always a "maybe"

General_Grant

nicetomeetyou said:

I bank with Nationwide and have, one Current Account, one Savings Account and a Start To Save account...... I find myself juggling money between them. Like I work out my finances and swop money around then 5 minutes later another idea pops in my head and I swop money around again... Is this a bad thing? All my bills are always met. I heard if I juggled money between different bank accounts that could be perceived as bad but what about if its the same account.... I am bad a budgeting...

If all the accounts are with the same institution (Nationwide) that isn't "bad" in relation to money laundering because it isn't going anywhere outside until it leaves your current account.  It is not good that you don't think ahead enough to reach a decision that you can stick with for a day. 

Work out what you want to achieve and move your money to do that. 

jonnygee2

 Like I work out my finances and swop money around then 5 minutes later another idea pops in my head and I swop money around again... Is this a bad thing?

The only disadvantage I can think of is if you ever apply for something like a mortgage, it may it more difficult to show where the deposit has come from It wouldn't make it impossible though, just more difficult for someone to follow. 

colsten

I would question the merits of a Nationwide savings account, given that they are now only paying rock-bottom interest rates. The Start To Save account is an exception as it's a bit of fun and very low-risk gambling.

Also, most Nationwide current accounts can now easily be beaten, in terms of interest they pay, by the likes of Virgin Money, TSB, Lloyds and BoS.

Sending money around accounts at different banks and building societies is not a problem if you can provide evidence for the source of funds if you get pulled up. Lots of ifs there. I have moved literally hundreds of thousands around my various accounts for many years, and only got asked once (by Al Rayan) what I am doing and why. They were very happy with my explanation, which was, essentially, that I am chasing the best returns for my cash.

Jami74

nicetomeetyou said:

Like I work out my finances and swop money around then 5 minutes later another idea pops in my head and I swop money around again... 

I swap money around like this, and between accounts with different banks. Nothing bad has happened yet. It's usually moving my pay and any other income out during the month and then moving it back in when it's needed. It's so that money waiting to go out is earning interest.