B&B Internet Saver

sadabbott

I want to transfer 70k ICICI funds into a newly opened B&B Internet Saver 3 account.

Is the best way to do this by transferring the ICICI into my current account and then from my current account into B&B? The cost would be 6 days per transfer of £10k.

My loss of interest would be huge!

XXXX

If you are organised, it could be done in 3 days. :j

Say, you arrange to initiate the funds transfer (BACS) from ICICI on Monday, money will be expected to be in your current account on Wednesday. While on the same date initiate a direct debit transfer on B&B from your current account to be taken out on Wednesday, so the money will be in your B&B Internet Saver excatly on Wednesday.

However, this is a bit risky for large sum, as you can not be sure which transaction will take place first. You will not have problem if your current account receive credit before debit, you may have problem if the other way round, unless you bank with HSBC which no charge if the funds are credited back on the same date, or you have enough overdraft buffer to cover it.

You will only lose 3 days interests no matter 3 or 5 days as unlike BACS, direct debit will not cost you interests.