Taking advantage of Bank Accounts' preferential deals

There are several bank or building society accounts wherein you get preferential interest rates, offers and/or deals if you transfer a certain amount of money into their account each month.

You can take advantage of these accounts without having to divert the money each month. Simply set up two or more of them and set up standing orders with each to transfer the required money from one bank's account to the next.

So if  Bank A requires £1,000/month to be transferred in and bank B requires £1,500/month then just circulate the same £1,500 between the accounts, say from A to B on the 10th and from B to A on the 25th. You will then benefit from whatever deals both banks have to offer. Note you will lose out in terms of interest overall but you should weigh this up against whatever you gain.

Of course this can be scaled up to as many accounts as you like.

Finally do read and understand the Terms and Conditions of each account to check whether they rule out this sort of behaviour.

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Representative example for a loan of £4,000 for 24 months at an interest rate of 15.5% APR fixed. In this example the total amount payable (including interest and fees) would be £4633.57 and your monthly repayments would be £193.07.

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Posts on this site reflect the opinion of the members posting only, and not necessarily giffgaff’s opinions or views. There’s a lot of information here that can help you, however, you must remember that we operate an open forum and sometimes messages that are posted are misleading, deceptive, or inaccurate. If you follow these tips, you do so at your own risk. Always do your research and check the terms.