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Advice regarding switch from ICICI to Kaupthing
freaksaver
Posts: 92 Forumite
Hi Guys
I am in the process of moving from ICICI to Kaupthing but have a hefty amount in there. Do you think it is worth me waiting till the end of the month to do the transfer as the interest is paid monthly or should I do it straight away! Don't want to miss out on any interest/offers etc.
Ta very muchly!
Freaksaver
I am in the process of moving from ICICI to Kaupthing but have a hefty amount in there. Do you think it is worth me waiting till the end of the month to do the transfer as the interest is paid monthly or should I do it straight away! Don't want to miss out on any interest/offers etc.
Ta very muchly!
Freaksaver
0
Comments
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It won't make any difference as interest is calculated daily.0
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To minimise the interest lost (assuming one or both aren't on FP yet) your best bet is to initiate transfers on Mondays-Wednesdays; that's about the only thing you need worry about.Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0 -
As KE's no notice rate is higher than ICICI's, the sooner you transfer, the sooner you're earning more interest. As Paul says, a Monday-Wednesday transfer avoids money being stuck in the ether over the weekend; I would do it Monday as it gives ICICI more time to get past their inevitable delays.You've never seen me, but I've been here all along - watching and learning...:cool:0
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Note that there will be at least two transfers required - (1)ICICI->linked account and (2)linked account->KE, meaning that it could take ~two weeks to move if you're unlucky. You could risk (1) on Monday and hope it arrives by Wednesday and instigate (2) on the Weds to arrive Fri.
Though given ICICI's competance, I wouldn't like to risk (1) to happen smoothly and risk (2) getting bounced due to no funds.
I do hope your linked account pays more than 0.1%...Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0 -
Good point, in which case a safe bet would be to transfer from ICICI on Tuesday, to be sure they'll send it out Wednesday - all in all, you could lose about 8 days' interest.Paul_Herring wrote: »Note that there will be at least two transfers required - (1)ICICI->linked account and (2)linked account->KE, meaning that it could take ~two weeks to move if you're unlucky. You could risk (1) on Monday and hope it arrives by Wednesday and instigate (2) on the Weds to arrive Fri.
Though given ICICI's competance, I wouldn't like to risk (1) to happen smoothly and risk (2) getting bounced due to no funds.
I do hope your linked account pays more than 0.1%...You've never seen me, but I've been here all along - watching and learning...:cool:0
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