keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 4,610
Likes: 2,634
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Post by keitha on Feb 2, 2023 15:33:59 GMT
I was thinking of using standing orders or DD to move it.
I've just done my monthly transfer of money to Monmouthshire BS, weirdly the account I have with them won't let me setup a standing order so I have to do it manually.
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eeyore
Member of DD Central
Posts: 799 
Likes: 806
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Post by eeyore on Feb 2, 2023 16:29:43 GMT
I was thinking of using standing orders or DD to move it. I've just done my monthly transfer of money to Monmouthshire BS, weirdly the account I have with them won't let me setup a standing order so I have to do it manually. Standing orders will work effortlessly (apart from the initial setup effort) until the day comes when one of the standing orders in the chain doesn't get credited... But how would Direct Debits work? None of my bank accounts which require monthly credits allows me to setup a direct debit on another bank account.
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Post by Badly Drawn Stickman on Feb 2, 2023 17:31:32 GMT
I was thinking of using standing orders or DD to move it. I've just done my monthly transfer of money to Monmouthshire BS, weirdly the account I have with them won't let me setup a standing order so I have to do it manually. Standing orders will work effortlessly (apart from the initial setup effort) until the day comes when one of the standing orders in the chain doesn't get credited... But how would Direct Debits work? None of my bank accounts which require monthly credits allows me to setup a direct debit on another bank account. Indeed if banks did allow Direct Debits to each other it would solve the eternal problem of having enough to keep multiple accounts happy. I would suggest if you have any sense you are going to be 'checking' all the accounts anyway so doing it whilst filling the deposit requirements (and leaving enough for the Direct Debits in the process) is a better option. A good example is Lloyds Club account increasing the deposit requirement to £2000 in April, they have not sent an email notification (yet) but it was in the messages. Easy to miss and with a £3 fee for not doing it, worth knowing. Also the obvious not tying the funds up for half the month. Get it working somewhere instead.
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Post by df on Feb 2, 2023 22:16:26 GMT
Standing orders will work effortlessly (apart from the initial setup effort) until the day comes when one of the standing orders in the chain doesn't get credited... But how would Direct Debits work? None of my bank accounts which require monthly credits allows me to setup a direct debit on another bank account. Indeed if banks did allow Direct Debits to each other it would solve the eternal problem of having enough to keep multiple accounts happy. I would suggest if you have any sense you are going to be 'checking' all the accounts anyway so doing it whilst filling the deposit requirements (and leaving enough for the Direct Debits in the process) is a better option. A good example is Lloyds Club account increasing the deposit requirement to £2000 in April, they have not sent an email notification (yet) but it was in the messages. Easy to miss and with a £3 fee for not doing it, worth knowing. Also the obvious not tying the funds up for half the month. Get it working somewhere instead. I've had an e-mail from Lloyds about the increase. I think there is an option somewhere on their website to select your communication preferences. Getting best out of the banks requires a fair bit of maintenance. It is definitely worth keeping track of events, I already have the date of increase in my diary  . However, I'm not sure if it is necessary to keep Club going if your "vip" regular saver is already opened and running, I don't think they will close it if you "upgrade" your current account to "classic". I remember downgrading my Santander from "123" to "everyday" and still kept my "vip" regular saver going...
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benaj
Member of DD Central
N/A
Posts: 5,661
Likes: 1,746
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Post by benaj on Feb 3, 2023 16:57:14 GMT
TSB have just done a hard search for the switch. Let’s hope it’s worth it.
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angrysaveruk
Member of DD Central
Say No To T.D.S
Posts: 1,350
Likes: 794
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Post by angrysaveruk on Feb 3, 2023 20:56:14 GMT
TSB have just done a hard search for the switch. Let’s hope it’s worth it.
Is a hard search a credit check or a check on if you account hop? I would have thought information like how long you have had the account you are switching might not be something the bank can reveal to a third party.
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qlassa
Member of DD Central
Posts: 57
Likes: 25
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Post by qlassa on Feb 4, 2023 20:35:20 GMT
TSB have just done a hard search for the switch. Let’s hope it’s worth it. Just tried TSB as well.. Bit annoying for all these requirements but who would reject free money?
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Post by overthehill on Feb 4, 2023 21:09:45 GMT
TSB have just done a hard search for the switch. Let’s hope it’s worth it. Just tried TSB as well.. Bit annoying for all these requirements but who would reject free money?
Banks and P2P lenders could setup money laundering schemes, banks give it to you for free and the P2P companies take it back.
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Nomad
Member of DD Central
Posts: 755
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Post by Nomad on Feb 4, 2023 22:22:42 GMT
TSB have just done a hard search for the switch. Let’s hope it’s worth it. Just tried TSB as well.. Bit annoying for all these requirements but who would reject free money? I wouldn't return to TSB, even with free money.
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Post by df on Feb 5, 2023 22:38:38 GMT
Just tried TSB as well.. Bit annoying for all these requirements but who would reject free money? I wouldn't return to TSB, even with free money. I've never left TSB. Opened 4 current accounts 9 years ago when they offered 5% interest, they were working well for 6 years, I've emptied them when they dropped the rate to uncompetitive, later I used two of them for switching to other banks and recently opened S&S for a bonus, so now I have 3 current accounts and reg saver (£250pm at 5%). Had a few well paying regular savers with them in the past too. I don't think I'll ever leave TSB unless they withdraw themselves from the market
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angrysaveruk
Member of DD Central
Say No To T.D.S
Posts: 1,350
Likes: 794
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Post by angrysaveruk on Feb 15, 2023 9:46:20 GMT
Going to hop one of my accounts again. NatWest offering 200. I am on course to make 1000 this year from account hopping. The accounts have all be in my name so my wife can swap accounts next time these crazy offers return.
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angrysaveruk
Member of DD Central
Say No To T.D.S
Posts: 1,350
Likes: 794
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Post by angrysaveruk on Mar 15, 2023 16:21:16 GMT
Going to hop one of my accounts again. NatWest offering 200. I am on course to make 1000 this year from account hopping. The accounts have all be in my name so my wife can swap accounts next time these crazy offers return. Just got another free 175 from Halifax taking me up to nearly 1500 that I have squeezed out the banks this year for free. If everyone did this it could save the economy from recession and boost the country's GDP by tens of billions.
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benaj
Member of DD Central
N/A
Posts: 5,661
Likes: 1,746
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Post by benaj on Mar 15, 2023 16:28:19 GMT
Boost the country's GDP by tens of billions from switching bank accounts? I wish, our UK banks really grow money from magic seeds.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,344
Likes: 11,565
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Post by ilmoro on Mar 15, 2023 16:36:48 GMT
Going to hop one of my accounts again. NatWest offering 200. I am on course to make 1000 this year from account hopping. The accounts have all be in my name so my wife can swap accounts next time these crazy offers return. Just got another free 175 from Halifax taking me up to nearly 1500 that I have squeezed out the banks this year for free. If everyone did this it could save the economy from recession and boost the country's GDP by tens of billions. Apparently govt has already saved the country from recession.  Only a measly £600 for me as Im not eligible for Halifax having had a switch since the cutoff date at Apr 2020 How have you jumped from making £1000 to £1500 in a month with just Halifax switch?
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angrysaveruk
Member of DD Central
Say No To T.D.S
Posts: 1,350
Likes: 794
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Post by angrysaveruk on Mar 15, 2023 17:02:13 GMT
Just got another free 175 from Halifax taking me up to nearly 1500 that I have squeezed out the banks this year for free. If everyone did this it could save the economy from recession and boost the country's GDP by tens of billions. Apparently govt has already saved the country from recession. Only a measly £600 for me as Im not eligible for Halifax having had a switch since the cutoff date at Apr 2020 How have you jumped from making £1000 to £1500 in a month with just Halifax switch? I was given £300 compensation from Santander after I threatened them with various trouble and negative publicity after they locked my accounts for a week and their "security team" seemed to imply they thought I was laundering money - see start of the thread. I have decided to add this to my free money from banks total to add some extra excitement.
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. However, I'm not sure if it is necessary to keep Club going if your "vip" regular saver is already opened and running, I don't think they will close it if you "upgrade" your current account to "classic". I remember downgrading my Santander from "123" to "everyday" and still kept my "vip" regular saver going... 
