New isaver from IF - 2.85%

dov

KTF wrote: »

If it still takes 2/3 days to transfer to the current account then there is no advantage in opening one compared to transferring money to the isaver directly.

If the current account accepts faster payments so the transfers to it happen instantly then there is an advantage in opening one.

Have you tried putting the current account sortcode in to the faster payments checker or have you transferred money to it and it has gone in using faster payments?

http://www.apacs.org.uk/sortcodechecker/index.html

Edit: Apparently IF dont support faster payments.

From: http://en.wikipedia.org/wiki/Faster_Payments

You can transfer money to IF c/a using a debit card via telephone banking which is instant and then from c/a to iSaver online which is also instant.

amictus

Just thought I'd point the ING Direct Savings Account that I just noticed when browsing this site.

Taken from the Saving Accounts article...

ING Direct pays new customers 2.75% AER from £1, with no max. Here, 2.22% is a fixed introductory bonus, guaranteed to last a year. Current predictions suggest low savings rates for that time, so this ensures at least 2.22% interest for twelve months, with instant access.

I'd be surprised if the 12 month minimum of 2.22% doesn't result in a higher earning when compared to the slightly higher initial rate of 2.85% for the IF account. Any thoughts?

opinions4u

owains wrote: »

I'd be surprised if the 12 month minimum of 2.22% doesn't result in a higher earning when compared to the slightly higher initial rate of 2.85% for the IF account. Any thoughts?

It certainly ensures that you are guaranteed a minimum rate.

Why not open an account with both providers, sticking £1 in ING and the rest in IF.

Should the IF rate drop below the ING rate, move the money!

amictus

opinions4u wrote: »

It certainly ensures that you are guaranteed a minimum rate.

Why not open an account with both providers, sticking £1 in ING and the rest in IF.

Should the IF rate drop below the ING rate, move the money!

Hmm good plan... unless ING offer a similar deal when rates start increasing again!

themanbearpig

lol 2.8%! Thats depressing!

My 4.5% fix bond has come to an end, and I have to move my money to variable.

roddydogs

Not a good idea, as INGs best rates are for "New Customers only"

roddydogs

dov wrote: »

You can transfer money to IF c/a using a debit card via telephone banking which is instant and then from c/a to iSaver online which is also instant.

PLUS you can tfer from the i.saver instantly, then you also have a cheque book and bank card to access cash.

amictus

roddydogs wrote: »

Not a good idea, as INGs best rates are for "New Customers only"

What does this mean exactly? That their rates decrease when you are no longer considered a new customer? Isn't this obvious as the high rate is only due to a 12-month bonus?

roddydogs wrote: »

PLUS you can tfer from the i.saver instantly, then you also have a cheque book and bank card to access cash.

But, unless you use the IF current account as your main bank account, you would still have the delay involved with transferring to/from this current account, right?

Doomcow

yes owains.

dont worry about it tho - whats a couple of days?

amictus

Doomcow wrote: »

yes owains.

dont worry about it tho - whats a couple of days?

I agree, it's not something I'm concerned about really. I was just trying to work out what roddydogs was getting at.