Switching Current Accounts, the rules and transfer

jimjamz82 · 14 February 2018 at 1:03PM

My Current Account (CA) and Regular Saver's (RS) introductory interest rates are both coming to an end after 12 months. The new interest rates proposed by the bank don't look favourable. I also have my Credit Card (CC) with the same bank.
I've had my CA for a long time and I receive good benefits on my CC (no charges overseas, cashback) because I have a CA with them.

I suspect my Bank won't be able to do anything to keep me to stay (who rewards loyalty nowadays?) so I would be forced to switch. However, I do not want to go through all the trouble of switching all DD's and lose the benefits of my existing CC, which I intend to keep.

After reading the article on MSE Top Bank Accounts page (sorry, I'm not allowed to link) Tesco seem to offer a better CA rate and I am considering switching. What I would prefer to do is keep my existing CA and open a new CA with someone like Tesco to benefit from the rate.
However, the criteria are that you must pay in £750/month and pay out 3 Direct Debits (DD).
The DD's should not be a problem, however my existing CA also requires a £750/month pay-in to keep the benefits of both the CA and the CC (any any future RS's with good rates).

I don't have enough income to pay £750 into both CA's.
Is it possible to have the money paid into my existing CA, which is then transferred out (or at least £750 as a Standing Order (SO)) to the new CA to satisfy both criteria on the CA's?
Do these pay-in rules require the money to remain in the CA for a certain amount of time?

northwalesd · 14 February 2018 at 1:43PM

jimjamz82 wrote: »

Is it possible to have the money paid into my existing CA, which is then transferred out (or at least £750 as a Standing Order (SO)) to the new CA to satisfy both criteria on the CA's?
Do these pay-in rules require the money to remain in the CA for a certain amount of time?

Yes, you can cycle your money that way (and back again if so desired). There is no set time period the money must stay in the account.

soulsaver · 14 February 2018 at 4:59PM

Note: In addition to the £750 monthly funding, the Tesco CA needs 3 DIFFERENT DDs to be paid out monthly, and not to Tesco savings accounts.

jimjamz82 · 16 February 2018 at 12:17AM

soulsaver wrote: »

Note: In addition to the £750 monthly funding, the Tesco CA needs 3 DIFFERENT DDs to be paid out monthly, and not to Tesco savings accounts.

Yes, I already pointed that out:

jimjamz82 wrote: »

However, the criteria are that you must pay in £750/month and pay out 3 Direct Debits (DD).
The DD's should not be a problem

Switching Current Accounts, the rules and transfer

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