Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • seaurchin
    • By seaurchin 11th Jul 18, 9:44 PM
    • 10Posts
    • 0Thanks
    seaurchin
    Does any UK bank account offer automatic transfers?
    • #1
    • 11th Jul 18, 9:44 PM
    Does any UK bank account offer automatic transfers? 11th Jul 18 at 9:44 PM
    Does any UK bank account offer automatic transfers? By which I mean transfers where the amount and frequency varies dependent on the end of day balance in the controlling account.

    In the past I have come across this facility under various names such as; "sweeping and pooling" and "funding and creaming" but after visiting the main high street banks I am told that such facilities are no longer available.

    I don't want to have to micro-manage the accounts myself neither do I want large irregular payments to fail due to lack of funds but having a large balance in a current account where interest is only accrued on the first few thousand (or not at all) is not a sensible option.
Page 1
    • Ergates
    • By Ergates 11th Jul 18, 10:34 PM
    • 242 Posts
    • 313 Thanks
    Ergates
    • #2
    • 11th Jul 18, 10:34 PM
    • #2
    • 11th Jul 18, 10:34 PM
    I have a sweep set on on my First Direct account - thats on a regular basis though (i.e. once a month on a fixed date)
    • jonesMUFCforever
    • By jonesMUFCforever 11th Jul 18, 11:19 PM
    • 25,316 Posts
    • 12,548 Thanks
    jonesMUFCforever
    • #3
    • 11th Jul 18, 11:19 PM
    • #3
    • 11th Jul 18, 11:19 PM
    If you are rich enough for a Private banking relationship then it probably is still available.
    For ordinary Joe Bloggs I can't see anything on the high street as such.
    What goes around - comes around
    give lots and you will always receive lots
    • colsten
    • By colsten 11th Jul 18, 11:37 PM
    • 9,387 Posts
    • 8,324 Thanks
    colsten
    • #4
    • 11th Jul 18, 11:37 PM
    • #4
    • 11th Jul 18, 11:37 PM
    I have a sweep set on on my First Direct account - thats on a regular basis though (i.e. once a month on a fixed date)
    Originally posted by Ergates
    One of the problems with the FD sweep is their absolutely atrocious interest rates (apart from their Regular Saver, which is still excellent, but you can't use that account for the sweep).

    Unless you regularly have more than 20,000 spare cash sloshing about in your current account, you may as well use a Santander 1-2-3. For lower amounts, there are Club Lloyds, BoS Vantage, TSB, Tesco and Nationwide which all pay at least 10 times the interest your sweep in FD will yield. Between them, they would accommodate around 47,000 in savings, which is likely to be more than most people have in savings accounts. In addition, most of these also offer Regular Saver accounts with good interest rates.
    • Ergates
    • By Ergates 11th Jul 18, 11:39 PM
    • 242 Posts
    • 313 Thanks
    Ergates
    • #5
    • 11th Jul 18, 11:39 PM
    • #5
    • 11th Jul 18, 11:39 PM
    One of the problems with the FD sweep is their absolutely atrocious interest rates (apart from their Regular Saver, which is still excellent).

    Unless you regularly have more than 20,000 spare cash sloshing about in your current account, you may as well use a Santander 1-2-3. For lower amounts, there are Club Lloyds, BoS Vantage, TSB, Tesco and Nationwide which all pay at least 10 times the interest your sweep in FD will yield. Between them, they would accommodate around 47,000 in savings, which is likely to be more than most people have in savings accounts. In addition, most of these also offer Regular Saver accounts with good interest rates.
    Originally posted by colsten
    Yeah, I wasn't meaning to endorse FD's account - just meant that clearly some banks still offer some kind of sweep features.
    • Armorica
    • By Armorica 12th Jul 18, 2:05 AM
    • 738 Posts
    • 553 Thanks
    Armorica
    • #6
    • 12th Jul 18, 2:05 AM
    • #6
    • 12th Jul 18, 2:05 AM
    I'm not aware these facilities exist for personal accounts (although as another say, private banking is worth a look). They do for corporates.

    There are a couple of reasons why you may not need it.
    - Some banks provide text alerts (HSBC for example) when you balance falls below a certain level - you could set that up as an alert.
    - Regular outgoing payments aren't just tried once - there is now a re-try system in place, at least for the largest banks. And many will text you if you don't have enough funds - and you have several hours in which you can make a transfer...with the cut-off being around 2. See https://www.moneysavingexpert.com/news/banking/2014/08/payment-bounced-youll-soon-have-a-second-chance-to-avoid-fees for further details.
    • 18cc
    • By 18cc 12th Jul 18, 10:04 AM
    • 858 Posts
    • 573 Thanks
    18cc
    • #7
    • 12th Jul 18, 10:04 AM
    • #7
    • 12th Jul 18, 10:04 AM
    As far as I know 'B' bank which is part of Yorkshire Clydesdale Bank or maybe Virgin Money these days who knows - anyway they offer to sweep each day an amount above a set limit into their savings account at least they did. look on google
    • 18cc
    • By 18cc 12th Jul 18, 10:11 AM
    • 858 Posts
    • 573 Thanks
    18cc
    • #8
    • 12th Jul 18, 10:11 AM
    • #8
    • 12th Jul 18, 10:11 AM
    see b's got your back about half way down

    https://www.youandb.co.uk/blog/day-to-day/guide-to-using-b
    • mije1983
    • By mije1983 12th Jul 18, 12:59 PM
    • 3,542 Posts
    • 20,278 Thanks
    mije1983
    • #9
    • 12th Jul 18, 12:59 PM
    • #9
    • 12th Jul 18, 12:59 PM
    see b's got your back about half way down

    https://www.youandb.co.uk/blog/day-to-day/guide-to-using-b
    Originally posted by 18cc
    when your B Current account balance falls below that, the B app automatically sweeps money from your B Instant Savings account. Handy, right?

    I think that's the opposite of what the OP wants though. They are after CA to savings, while the B offering is Savings to CA.

    having a large balance in a current account where interest is only accrued on the first few thousand (or not at all) is not a sensible option.
    Originally posted by seaurchin

    • 18cc
    • By 18cc 12th Jul 18, 4:31 PM
    • 858 Posts
    • 573 Thanks
    18cc
    I think the OP didn't want to keep a large balance in his CA but also not run the risk of payments failing. So OP could keep a low balance in CA and if any payments come in that would make the CA overdrawn then an autosweep from savings would occur.

    However the savings Account rate is nothing to shout about (0.75%) but better than nothing I suppose.
    • Ergates
    • By Ergates 13th Jul 18, 1:02 AM
    • 242 Posts
    • 313 Thanks
    Ergates
    I think that's the opposite of what the OP wants though. They are after CA to savings, while the B offering is Savings to CA.
    Originally posted by mije1983
    It does both I think - you can set a sweep that moves money from your CA to your savings and a low balance alert that moves money from savings to your CA.

    Wonder what would happen if you set your sweep lower than your low-balance-alert...
    Last edited by Ergates; 13-07-2018 at 1:04 AM.
    • colsten
    • By colsten 13th Jul 18, 7:19 AM
    • 9,387 Posts
    • 8,324 Thanks
    colsten
    However the savings Account rate is nothing to shout about (0.75%) but better than nothing I suppose.
    Originally posted by 18cc
    0.75% is indeed better than nothing. 1.5% is also better than 0.75%, and so are 3% and 5% - all interest rates that are pretty much freely available to current account holders who actually want them. I rest my case.
    • 18cc
    • By 18cc 13th Jul 18, 8:36 AM
    • 858 Posts
    • 573 Thanks
    18cc
    Ah yes I totally agree with you however none of the above offer a sweeping facility!
    • Cornucopia
    • By Cornucopia 13th Jul 18, 9:46 AM
    • 10,950 Posts
    • 11,491 Thanks
    Cornucopia
    The answer to the OP's question is: no, none of the main UK banks offer this facility (and it's probably the case that no UK banks offer it with free-to-operate current accounts).

    It's somewhat disappointing that that is the answer, and perhaps we will see it change, because the basic infrastructure is there, and all it requires is software to drive it. I suppose the Banks' response would be that the demand is unclear, and they would be concerned about potential liability stemming from complex rules causing unforeseen consequences or being misunderstood by customers.

    It can certainly be done - I had a pair of accounts with the old Midland Bank (now HSBC) 30 years ago that had a sweep link between them. I remember trying to stretch the capabilities of their systems right to the limit to squeeze the maximum benefit from the linked savings account.
    I'm a Board Guide on the Phones & TV, Techie Stuff, In My Home,
    The Money Savers Arms and Food Shopping boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views (especially those on the UK TV Licence) are mine and not the official line of moneysavingexpert.com.

    Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
    • 18cc
    • By 18cc 13th Jul 18, 10:01 AM
    • 858 Posts
    • 573 Thanks
    18cc
    As I have already mentioned one UK bank does and it is B bank
    • Cornucopia
    • By Cornucopia 13th Jul 18, 10:10 AM
    • 10,950 Posts
    • 11,491 Thanks
    Cornucopia
    As I have already mentioned one UK bank does and it is B bank
    Originally posted by 18cc
    I got the impression from what was posted earlier that B's facility was not a fully flexible automatic sweep facility. I couldn't find any details at all on their website (though it does look very nice).
    I'm a Board Guide on the Phones & TV, Techie Stuff, In My Home,
    The Money Savers Arms and Food Shopping boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views (especially those on the UK TV Licence) are mine and not the official line of moneysavingexpert.com.

    Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
    • Uxb
    • By Uxb 13th Jul 18, 11:43 AM
    • 1,240 Posts
    • 1,357 Thanks
    Uxb
    I can remember in the days of high interest rates (1990's) at least one main stream bank did offer this sort of automated sweeping service for their wealth clients in their private banking arm - for which of course you would be paying a monthly service fee.
    • 18cc
    • By 18cc 13th Jul 18, 11:54 AM
    • 858 Posts
    • 573 Thanks
    18cc
    From the B web site:

    B!!!8217;s got your back
    Nobody wants to have to check their bank account every single day. So the B app will keep an eye on both your B Current and B Instant Savings accounts to make sure everything!!!8217;s in order. B's app lets you set a low balance rule and when your B Current account balance falls below that, the B app automatically sweeps money from your B Instant Savings account. Handy, right?

    I think it also works the other way but you will have to ask.
    • Cornucopia
    • By Cornucopia 13th Jul 18, 12:33 PM
    • 10,950 Posts
    • 11,491 Thanks
    Cornucopia
    Thanks for that - great if it can handle the basic task of optimising Current Account-Savings linkage (albeit with only 0.75% of interest at stake).

    Let's say I remain disappointed with all the other banks, where the automation of account management seems to be stuck in the 1970s.

    I can understand (for example) that they don't want a Savings Account to have Standing Orders, but the facility to make a regular transfer between one's own accounts must surely be desirable and extremely cheap to provide.
    I'm a Board Guide on the Phones & TV, Techie Stuff, In My Home,
    The Money Savers Arms and Food Shopping boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views (especially those on the UK TV Licence) are mine and not the official line of moneysavingexpert.com.

    Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
    • 18cc
    • By 18cc 13th Jul 18, 3:15 PM
    • 858 Posts
    • 573 Thanks
    18cc
    I also believe the chip app has some kind of automatic sweeping between your bank accounts you obviously have to give it access to your bank accounts and I have never used it so I can't say how it works but I think there are threads on here and anyway it should be possible to Google and see if it is sort of thing you want
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,436Posts Today

5,398Users online

Martin's Twitter