10% Halifax RS + 6.51% B&B IS 3

keju

hi i am new here, i just finished studying and realised what measly interest i've been making on my savings! i noticed a boom in interests lately and thought i'd do some shifting.

so i thought that i would open the Bradford & Bingley Internet Saver (3) taking the 6.32% monthly gross and initially putting in about £6000 with £100 deposits monthly. This will be my nominated account to transfer £500 per month into the Halifax 10% for 12 months.

I guess what I really need to know is if it actually is possible to move money from B&B internet saver to Halifax rs? and am i making a sensible move?

chopperharris

off the top of me hand as I understand your post.

i dont think you can dd from that account to another that way , the point is to save in it not take out , but if im wrong someone will come along and say anyway.

johnmoney05

-You can make withdrawals any time, via BACS, to a nominated account without penalty.
-You must hold a personal bank or building society current account that offers Direct Debit payment facilities.

So I don't think it would work as you said.

savetilibleed

keju wrote: »

I guess what I really need to know is if it actually is possible to move money from B&B internet saver to Halifax rs? and am i making a sensible move?

In the B&B account you can only move money to and fro between your nominated account (one that accepts direct debits) and the B&B account. Pity it's a bit limiting like that - unlike a Yorshire Building Society Internet Saver where you can set up several transfer accounts to move money around. I have a YBS, Northern Rock and now B&B Internet accounts.

Interest is of course lowest in the YBS, but most flexible, NR is better from interest POV and B&B best, but least flexible. NR is similar to B&B in that you can only transfer out from the nominated account, but able to move money in from a bank current account online and from the YBS account.

Horses for courses.