minimise the amount of interest I will lose while its in transit

inearlygaveup

I have some cash to move from one account to a new one I have just opened.
It needs to go from the account its in now via my current account and back out to the new account.

Due to the Holiday period anyone any idea when would be the best time to move it.

I am trying to minimise the amount of interest I will lose while its in transit.

Saver-Rob

I was in a similar situation. I ended up forking out £20 for CHAPS which is a 1-day transfer. In your case you would have to do this twice if all 3 institutions accept this (I dont know about that one).

It depends how much money you're moving. Obviously £20 is worth it if it is ALOT of money but if it is a smaller amount then the £20 may be more than the interest you would loose in the first place.

I take it the 3 banks in your case do not use the 'faster payments' service?

inearlygaveup

I can't trust the FP Service I have only ever had it work once (Halifax)
Not checked yet if CHAPS is an option with the new account yet.

I reckon it will take 3 Days to get to my current account then 3 days back out again, but with the holidays would I be better waiting until after 1 Jan.

YorkshireBoy

From where to where via where?

Does the final destination account offer DD pull in?

Are you a 'gambler'?

Do you have a decent paying savings account linked to your current account?

What are the respective interest rates?

Would waiting until 5th January be better?

inearlygaveup

YorkshireBoy wrote: »

From where to where via where?

Does the final destination account offer DD pull in? Yes already Set up

Are you a 'gambler'? NO

Do you have a decent paying savings account linked to your current account? NO

What are the respective interest rates? Now 4.5% (Variable) New 5.66% (Variable its Saga's Top 5 tracker so it may have changed when I get there)

Would waiting until 5th January be better? I think it probably will

inearlygaveup

YorkshireBoy wrote: »

From where to where via where?
Sorry missed this one - From Coventry via Halifax to Saga