transferring to new bank

phoenix-6

Thanks to MSE I've found a bank giving higher interest in an instant access account and would like to know if my daughter's money can be transferred electronically from Nat West to the new bank.
Phoenix

Baldur

You don't really give enough information for anyone to be able to give you that information - some of the higher rates are offered by banks, such as Icesave or ICICI Bank, which 'pull' money from linked accounts via Direct Debit. Other banks permit BACS/CHAPS payments from linked accounts, etc.

phoenix-6

The bank I'm looking at is Kaupthing Edge, money is with Nat West now. Kaupthing Edge do not have branches so wondered if the transfer can be done electronically and further, how do I get my money out when needed - it is an instant access account.
Phoenix

Baldur

Suggest that you read this information, General FAQs and Managing the Account from the KE website.

Inward transfers are normally by BACS from your nominated linked account (presumably NatWest in your case) - outward transfers are by BACS into your nominated linked account. BACS transfers will normally take 3 or 4 working days in my experience.

phoenix-6

Thank you Baldur.