Bank of Scotland Instant Access Savings Account Reward - Further Query 20th Nov.

evenasus

I have a couple of questions re this account. If anyone can answer I'd be grateful.

I went through the process of filling in the online application. But after reading some posts re delays involved, I decided to ring them.
A very nice man told me to ignore my online application and he would open an account there and then.
I now have the account details, sort code, account number, roll number etc.:D

I want to fund it as quickly as possible (making sure I get the 5.8%) but it's Sunday, so banking closed.
Bacs by direct debit would take 2/3 days.

Am I right in thinking a personal cheque paid in tomorrow would not count as funds added until the cheque cleared? This would be three days of course.
I could use the CHAPS system tomorrow. Never done that, not sure how to do it yet.

Another way is probably a building society cheque (made out to myself of course). Is this called a corporate cheque?
The nice man at Bank Of Scotland told me that I would be able to view the account he’d just opened for me, on my Halifax website account. I've given it a couple of hours but it’s not showing as yet.
I thought I would have to have an ID & login details for the Bank Of Scotland. Great if I don’t though,
So many darned accounts to keep track of.:rolleyes:

Baldur

Does your current account support Faster Payments? Payments from my HSBC account have typically arrived in my Halifax accounts in around two hours.

evenasus

I'm afraid Nationwide don't do faster payments yet.
I do have a Halifax current account but it's only been used to transfer money to Halifax bonds and so £10 only kept in it.

earlgrey_3

Other members of the HBOS group, Birmingham Midshires and Saga saving have given to end of the month to get cheques and applications in so I'd guess BOS will do similar.

The most effective way would be to transfer money directly from your Halifax account. If in doubt ask the nice man at BOS.

evenasus

earlgrey wrote: »

The most effective way would be to transfer money directly from your Halifax account. If in doubt ask the nice man at BOS.

All my Halifax money is tied up in bonds I'm afraid.

earlgrey_3

Would be amazed if they don't give you reasonable time to transfer money in - if not they'd be wasting their own time opening these accounts. After all they need your money.

opinions4u

evenasus wrote: »

I have a couple of questions re this account. If anyone can answer I'd be grateful.

I went through the process of filling in the online application. But after reading some posts re delays involved, I decided to ring them.
A very nice man told me to ignore my online application and he would open an account there and then.
I now have the account details, sort code, account number, roll number etc.:D

I want to fund it as quickly as possible (making sure I get the 5.8%) but it's Sunday, so banking closed.
Bacs by direct debit would take 2/3 days.

Am I right in thinking a personal cheque paid in tomorrow would not count as funds added until the cheque cleared? This would be three days of course.
I could use the CHAPS system tomorrow. Never done that, not sure how to do it yet.

Another way is probably a building society cheque (made out to myself of course). Is this called a corporate cheque?
The nice man at Bank Of Scotland told me that I would be able to view the account he’d just opened for me, on my Halifax website account. I've given it a couple of hours but it’s not showing as yet.
I thought I would have to have an ID & login details for the Bank Of Scotland. Great if I don’t though,
So many darned accounts to keep track of.:rolleyes:

You should be able to "add account" using your Halifax online banking.

You have up to 14 days to fund the account to ensure you get the 5.8%.

rb10

evenasus wrote: »

Am I right in thinking a personal cheque paid in tomorrow would not count as funds added until the cheque cleared? This would be three days of course.
I could use the CHAPS system tomorrow. Never done that, not sure how to do it yet.

Another way is probably a building society cheque (made out to myself of course). Is this called a corporate cheque?
The nice man at Bank Of Scotland told me that I would be able to view the account he’d just opened for me, on my Halifax website account. I've given it a couple of hours but it’s not showing as yet.
I thought I would have to have an ID & login details for the Bank Of Scotland. Great if I don’t though,
So many darned accounts to keep track of.:rolleyes:

I'd expect a cheque paid in tomorrow to mean that the rate was fixed at whatever the interest rate was tomorrow, even though the funds wouldn't clear until later in the week.

It is a Bankers' Draft that you are talking about. It would make no difference as to whether you used one of these or a personal cheque - they both have to go through the same clearing system.

Your BOS account should show up under your Halifax login. The Internet Banking system is updated overnight for new accounts (but I don't know whether Sunday night counts, being a weekend), so wait until Monday morning (or Tuesday morning at the latest), and when you log in you should be prompted to show or hide your new account. If not, click Preferences on the left hand side, then click Add/remove account and enter the roll number.

Baldur

rb10 wrote: »

It is a Bankers' Draft that you are talking about

Nationwide, which would be the issuing institution, call them 'corporate cheques'.

rb10

Baldur wrote: »

Nationwide, which would be the issuing institution, call them 'corporate cheques'.

There always has to be someone who wants to confuse people by calling things different names to the normal!

evenasus

Thank you all for your replies.

So...CHAPS or personal cheque...hmmm

Decisions, decisions...:rolleyes:

Suppose I'll make snap decision in the morning.