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    • JohnLock
    • By JohnLock 7th Feb 18, 11:49 AM
    • 19Posts
    • 4Thanks
    JohnLock
    'you must pay in 750'
    • #1
    • 7th Feb 18, 11:49 AM
    'you must pay in 750' 7th Feb 18 at 11:49 AM
    The terms & conditions for savers accounts say stuff like "you must pay in 750 per month" to get the annual interest.

    To fulfil this requirement, can I simply transfer 750 from another one of my bank accounts using banking appl on my iphone and then withdraw it out again a few days after - and just repeat this every month?

    How does it work?

    !!! Thanks !!!!
    Last edited by JohnLock; 07-02-2018 at 11:52 AM.
Page 1
    • scoot65
    • By scoot65 7th Feb 18, 11:58 AM
    • 176 Posts
    • 77 Thanks
    scoot65
    • #2
    • 7th Feb 18, 11:58 AM
    • #2
    • 7th Feb 18, 11:58 AM
    I currently have several such accounts and I manage the transfers manually (others use standing orders).
    I transfer into one bank account ie Club Lloyds and then almost immediately (by the time I've logged in/ out of the online banking) I then transfer the money out and into another account i.e. Santander.

    I've doing this religiously for the past four years or so and the banks have always paid the monthly interest on all of the accounts. ...... unless I forget and miss out an account which has happened a couple of times.
    • ColdIron
    • By ColdIron 7th Feb 18, 12:01 PM
    • 4,148 Posts
    • 5,228 Thanks
    ColdIron
    • #3
    • 7th Feb 18, 12:01 PM
    • #3
    • 7th Feb 18, 12:01 PM
    Yes, all you need to do to satisfy the condition is to move the money in. It doesn't need to stay there so move it straight back out. You could even move it out first and then straight back in after a shake of a nanny goat's tail. Many might set up a couple of opposing standing orders on the same day

    BTW you don't need to open a new thread every time you have a question, you could just continue your Best way to save 20k? thread
    • Temrael
    • By Temrael 7th Feb 18, 1:05 PM
    • 347 Posts
    • 79 Thanks
    Temrael
    • #4
    • 7th Feb 18, 1:05 PM
    • #4
    • 7th Feb 18, 1:05 PM
    Check the Ts and Cs carefully, some banks have conditions like "Transfers from another account you hold with us do not count". Where this isn't the case though, and you have multiple accounts, you can just swap x amount on a given day of the month i.e. On the 1st, Account A sends 750 to Account B, Account B sends 750 to Account A.

    Keeping it all in the same bank (when permitted by the Ts and Cs) is usually a bit easier to set up as the banks don't make you jump through quite so many hoops for an internal transfer as they do when setting up a Standing Order to a third party.
    Temrael

    Don't use a long word when a diminutive one will suffice.
    • Katiehound
    • By Katiehound 7th Feb 18, 3:03 PM
    • 4,390 Posts
    • 38,768 Thanks
    Katiehound
    • #5
    • 7th Feb 18, 3:03 PM
    • #5
    • 7th Feb 18, 3:03 PM
    Yes.
    Easy enough to set up a chain of SOs so that the money (generally 1k) is recycled through various accounts each month. Most that I have need 1k pm, however if it's more than that I have a second 500 loop. (for the like of Club Lloyds)
    Money only needs to visit- it does not need to remain.
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    • badger09
    • By badger09 7th Feb 18, 3:37 PM
    • 5,944 Posts
    • 5,283 Thanks
    badger09
    • #6
    • 7th Feb 18, 3:37 PM
    • #6
    • 7th Feb 18, 3:37 PM
    The terms & conditions for savers accounts say stuff like "you must pay in 750 per month" to get the annual interest.

    To fulfil this requirement, can I simply transfer 750 from another one of my bank accounts using banking appl on my iphone and then withdraw it out again a few days after - and just repeat this every month?

    How does it work?

    !!! Thanks !!!!
    Originally posted by JohnLock

    Just to be clear. With current accounts which pay interest and which have monthly pay in requirements such as Tesco and TSB Classic Plus, you can do as you suggest. These aren't 'savers' accounts, though that is how most of use them

    Regular Saver accounts usually last for a year and have a lower monthly pay in requirement between say 25 and 300 per month. However, some of them don't allow any withdrawals at all during those 12 months.
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