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Current account with 'sweeper' from savings recommendations please...
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I'm curious which direct debits that aren't known sufficiently in advance to move money. We only have energy and credit cards but we have the bills well before the payment dates plus the same for a few annual ones. 🤔
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There are corporate accounts that can do this, not much help I appreciate but does prove that in principle it could exist. That said its not close to common for them either as its only our Citi and RBC accounts that do it, for the others we use software which automatically does an end of day sweep to zero and uses the early notice we get of payments to be taken to pull money back to make those payments. Cost of the software and integration though isnt something that would work for a personal account. We have over 200 bank accounts over 9 banking groups so the manual effort approach would be cumbersome.
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In 1998 I was aware of NatWest offering this sweep facility to some retail customers - I think they were high net worth - but I don't when it stopped.
Today NatWest and RBS will sweep your debit card 'round-ups' to a NatWest/RBS savings account of your choice but not back again.
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Kroo pay interest (2.65% AER) on your current account balance and allow direct debits.
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I have 2 that aren't regular every month (Barclays and Santander) though I was helpfully advised on the CC board that the statement tells you the date they will take it as it's not fixed. Barclays email you every month with the date.
I also have a few that only go once a year like a magazine sub and I know roughly when it will go but not exactly.
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Same here, I have a spreadsheet with all the DD due dates that I can plan for and move funds in the day before, I prefer that than gain an extra day of interest by paying in late to clear the temporary OD!
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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I use Revolut for daily spends, keep money in savings at 3% and you can set daily, weekly, monthly etc schedule to transfer money from savings to current. I use it to transfer nominal weekly amount for everyday spend.
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Thanks all - will keep an eye out for new products.
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I suppose technically I could keep a spreadsheet of amounts and dates but being lazy it's far easier to just log in each weekday and see how much I need to transfer across.
Remember the saying: if it looks too good to be true it almost certainly is.1
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