Hi, Sparkey & Mike Gwynne, sorry for delay in responding, but thanks you two for the imput and links, very informative. Hope to start setting up my circle of accounts very soon. Regards Firecat

Hi firecat,

You may find the below article of interest.

http://www.moneysupermarket.com/c/news/money-makeover-is-richard-the-countrys-best-money-saver/0004989/

Hi Firecat,

It sounds fine in theory, and I currently do the same things without the rewards (moving money to make payments), however the details that are now provided on your credit record would show that you have applied for credit, what type of account it is, if you are on a promotional offer, what level of overdraft facility you have.

As it is a credit account, they may not like you applying for two of them close together. You could state that you want one for paying your mortgage and the other for bills etc?

Good luck with it.

Sparky.

I am thinking of using 2 bank accounts to get a better rate of interest but not sure if it would work what do you think?. If I were to open an account with LLoyds vantage with a balance of £5000 (£1000 to be added monthly) this would attract 4%. If I also open a reward account with Halifax with a balance of £1005, this would attract a £5 reward (possible £60 pa.)payable on each monthly deposit. OK so if I then make a direct debit order with Halifax to transfer £1000 per month to LLoyds and a similar standing order with LLoyds to transfer £1000 per month into my Halifax a/c, providing I make the orders to transfer the payments in the correct sequence then the movement of the same £1000 should provide a total interest rate by my reckoning of about 9% pa. But would it be that simple?