Will changing accounts lose days of interest?

necronom

Hi,

I have quite a lot of money that is in a Standard Life account. It looks like I can get more interest if it change it to a Bradford & Bingley eSavings account. I have a question on the transfer:

Would the normal way of doing this be to transfer the money from my SL account to my Barclays current account, then when it has cleared move it to the new B&B account? I don't suppose I can move it straight from by SL one to the B&B one without filling in Direct Debit forms, and I'm not sure it I could even do that from SL to B&B. It seems I will have to lose a few days interest in the move.

Steve_xx

Even if you could DD the cash from SL to B&B you would still lose some days interest.

Doing it in two stages, as you propose, will mean that you will lose even more days interest. Can't you give SL your new B&B account number and sort code and instruct them to transfer all of your money to it?

Milarky

Yes all they have to be able to do is a 'BACS' payment and it could be in your new account in 2 banking days [Tesco PF were able to do this even though their T&Cs suggested that withdrawal by cheque was the main option]

PS If Standard Life Bank takes after it's parent company however I would half expect them to be writing the cheques with a quill pen!]