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Current account with 'sweeper' from savings recommendations please...

To make money work harder with a bit less admin I'm looking for recommendations for a current account that can be set to automatically pull in funds from a linked savings account so that there are always funds ready for variable direct debits. I'm not sure the top up if balance falls below £x would always do this.

Decent interest rates and possible switching bonuses would be good too please. Thank you!

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Comments

  • eskbanker
    eskbanker Posts: 40,523 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic

    I've heard of current accounts that push a surplus to a savings account, but never one that pulls in the other direction and am unclear how that would realistically work?

    Happy to be corrected though, if they do exist!

  • NoMore
    NoMore Posts: 1,858 Forumite
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    I agree with eskbanker, doubt the facility exists. The use case is normally left over money is moved into a savings account not the other way round.

  • Fingerbobs
    Fingerbobs Posts: 1,732 Forumite
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    edited 11 March at 1:43PM

    I doubt any bank would want to do that, as you'd be benefitting from the savings interest rate on the money until it's needed to service a direct debit. They may as well just pay interest on the current account.

    Not saying it doesn't exist, but I'd be surprised.

  • maman
    maman Posts: 30,462 Forumite
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    Perhaps an alternative is an account like Club Lloyds which pays some interest on your balance so there's always a buffer for paying direct debits. I know the interest rate isn't the best but I'd rather that than risk going into OD.

  • PRAISETHESUN
    PRAISETHESUN Posts: 5,173 Forumite
    Seventh Anniversary 1,000 Posts Photogenic Name Dropper

    Not sure about any accounts that offer a sweep like you are looking for. My other thought though was to check if Chase or other banks/building societies still offer savings accounts that let you set up DDs directly? Could be a way to have money earning some interest whilst waiting for DDs to be taken.

  • MeteredOut
    MeteredOut Posts: 3,878 Forumite
    1,000 Posts Third Anniversary Name Dropper
    edited 11 March at 4:31PM

    Give it a few years (or less for early adoptors), there will be AI agents that can do this for you. Give it your bank details, it'll work out your regular outgoings, and optimise your accounts by moving money between the bill paying accounts and interest bearing accounts.

    For those more technically savvy (and risk takers) its possible to set up something pretty decent today.

  • jimjames
    jimjames Posts: 19,247 Forumite
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    I do the opposite way round. Keep a zero balance in the current account and all money in savings paying a decent rate. Wait for DD to be paid and move money from savings to bring the current account back into minimal credit. Yes some admin involved but takes a matter of seconds and you get SMS each day to alert that you need to pay money in to avoid overdraft fees.

    Remember the saying: if it looks too good to be true it almost certainly is.
  • mta999
    mta999 Posts: 442 Forumite
    100 Posts Name Dropper

    Another option would be a current account like First Direct which offer a free 250 pounds overdraft buffer so you don't transfer money until you are approaching that 250 limit

  • eskbanker
    eskbanker Posts: 40,523 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic

    Interesting - I've sometimes failed to ensure a sufficient balance prior to DDs being taken, and acted on such alerts to top up in time for the afternoon retry, but had never considered doing that as the rule rather than the exception!

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