Paying into Halifax

cheekykid

I opened a joint Halifax account and I was told at the branch that the fastest/cheapest way to transfer money in there is by cheque. When the cheque is deposited the money from it will immediately start earning interest even if the balance isn't cleared therefore isnt this the best way rather than chaps/bacs? Also when I pay a cheque to halifax I just make it payable to HALIFAX or is there any other name to write on the cheque?

opinions4u

1) Interest is earned from the second day after you deposit a cheque, so you could potentially earn interest on it 2 accounts for a couple of days through the clearing process. They actually pay interest from day one on cheques paid in to fixed rate accounts.

2) Never make a cheque destined for a personal account payable to the bank. Always make it payable to yourself and use your full name to reduce the risk of fraud.

Lokolo

You write the cheque out to yourself.

Also, you can send using FPS and Halifax recieve at speed. So if you are transferring money from HSBC --> Halifax then it will arrive within 2 hours. This would be a lot easier than cheque

cheekykid

Lokolo wrote: »

You write the cheque out to yourself.

Also, you can send using FPS and Halifax recieve at speed. So if you are transferring money from HSBC --> Halifax then it will arrive within 2 hours. This would be a lot easier than cheque

I have my money with Lloyds and I wanna transfer it to Halifax. Lloyds doesnt offer fast payments am afraid. Am i right in thinking that cheque is the best way to use?

As for the cheque from what I understand I just write my name on it. For some reason i kept thinking i need to write "Halifax":o

When the cheque is deposited does the funds get immediately trasnfered out from my account?

Baldur

cheekykid wrote: »

Lloyds doesnt offer fast payments am afraid.

From other posts on these boards, LTSB does offer faster payments - but only via telephone banking, rather than online at the moment.

mary

cheekykid wrote: »

I have my money with Lloyds and I wanna transfer it to Halifax. Lloyds doesnt offer fast payments am afraid. Am i right in thinking that cheque is the best way to use?

If you telephone Lloyds to transfer to Halifax, it will go as a fast payment, i.e. get there in 2 hours. Online payments take 3-4 days. I've done it a few times.

BiggaThanBen

Is there the same daily limit for cheque payments as for bank transfers, £10.000 ?

Mikeyorks

BiggaThanBen wrote: »

Is there the same daily limit for cheque payments as for bank transfers, £10.000 ?

No. As with a Debit Card the limit is based on your account balance.

cheekykid

mary wrote: »

If you telephone Lloyds to transfer to Halifax, it will go as a fast payment, i.e. get there in 2 hours. Online payments take 3-4 days. I've done it a few times.

Is there a fee or limit? I wanna transfer 100k

Mikeyorks

cheekykid wrote: »

Is there a fee or limit? I wanna transfer 100k

When Faster Payments are fully implemented .... the limit for 'immediate payments' (up to 2 hrs) will be £10k. The limit for SOs (same day) will be £100k.

Problem is that FP is not yet fully implemented ..... so you would need to ring them and ask what upper value they are currently operating to.

But surely the easiest way is where you came in .... and write a cheque? If you pay it into a Halifax Branch before 1700hrs you'll get interest from the next day. And the earliest the funds will leave your Lloyds a/c is the day after that. So it's at least interest neutral and saves doing it in chunks via BACS or paying up to £30 for CHAPS.