I have a number of bank accounts one of which is an E-saver account which means, among other things, that If I deposit more than £250 per month I receive a higher interest rate on my balance.
The thought occurs to me that if I transfer to this account via my online banking the sum of £2000 from another of my accounts and then after this transaction is complete I then reverse the procedure would:
A. The bank notice this and not give me the higher interest rate.
B. If they don’t notice could I do this any number of times, say 20+ times in a day and gain even higher interest. Effectively depositing in £40K but then transferring it back out again to the original account.
C. Most importantly, Is this illegal?