Is Current Account Surfing...okay?

anakeimai

I want to take advantage of 2 x banks' Savings Accounts, but both of them require that you pay in £800+ per month (my wage isn't that much).  Could I setup a First Direct Current Account and have my wage paid into there, and then have a Standing Order setup to pay from there into a Barclays Current Account a day later?  Is that against the law/rules?

blue.peter

You'd need to check the Ts & Cs applicable to the accounts in question (I haven't bothered).

However, it's usually possible to satisfy the requirement for a minimum payment in to a current account by transferring from another account. The usual rule is that it cn't be satisfied by a transfer from another account with the same bank. I think, though, that some banks do require that the payment in be your wages or salary.

EarthBoy

It's not against any rules.  Thousands of people do that, me included.

anakeimai

Ace, thank you

Bridlington1

You can do it all in one day by faster payments if you want. I currently have a bit of a loop on 1st of each month of £1.4k from savings account to Natwest, £1.25k Natwest to RBS, £800 RBS to Co-op, the rest goes into regular savers. 

eskbanker

anakeimai said:

I want to take advantage of 2 x banks' Savings Accounts, but both of them require that you pay in £800+ per month (my wage isn't that much).

Which savings accounts have a minimum monthly funding of £800+?

ForumUser7

eskbanker said:

anakeimai said:

I want to take advantage of 2 x banks' Savings Accounts, but both of them require that you pay in £800+ per month (my wage isn't that much).

Which savings accounts have a minimum monthly funding of £800+?

I think OP is referring to the Barclays Rainy Day Saver, and therefore the qualifying eligible current account would need £800+ minimum funding for Barclays Blue Rewards - not the savings account

anakeimai

Both First Direct & Barclays require a current account with a minimum monthly pay-in before you can gain access to their respective Saver Accounts (it's not the Savings Accounts that have a minimum wossname)

eskbanker

First Direct's switching offer requires that a new current account is funded with £1k/month for within three months, but there's no minimum funding requirement for access to its regular saver?

Edit: it's not a monthly commitment, as pointed out below.

anakeimai

No, but you can't get the 7% savings account until you get a current account qed

ForumUser7

anakeimai said:

No, but you can't get the 7% savings account until you get a current account qed

You can open the first direct CA without switching into it, and then you can open the RS. Alternatively you could switch and then open the RS. Both of these wouldn’t need you to pay in the £1,000. The £1,000 is only required (among other things) to get the switcher bonus payment, so if you have a donor account lying around it would be a good time to make use of it