Transfering money from ING to Halifax?

Legacy_user

Hi all,

its nice to be back since i messed up my account awhile back. I also needed to take a back seat for a while. Anyway, I need a bit of advice concerning my Halifax account. I have the High Interest (or whatever its called) Regular saver account. I was hoping to transfer the full £200 a month into my account from my bank account which would leave my ING account untouched, but circumstances have changed and i am putting in a lot less than i wanted to.

Now i am thinking, its a shame to have the bulk of savings sitting in my ING account which isnt paying as much interest as the Halifax. So now i am wondering whether its worth drawing out of the ING - transfering it into my nominated account and then transfering it on to my Halifax account. I presume i will lose about 5 days or so interest in the process, (moving between accounts). Do you think it will be worth doing this? Or shall i sit tight, and just plough in what i can to the Halifax?

Walletwatch

Hi Judi

Do you have a current or a cashcard account with Halifax? (or for that matter, any account for which you have a checkbook for) The fastest way to transfer money across would be to nominate such a Halifax account as one of the payees on your ING by sending them a cancelled chq leaf of a Hfx account, one working day before your Hfx Reg Saver is due to be credited for the month. Then set up a standing order from the Hfx current account to the Reg Saver, if it is currently going out of a non-Hfx account.

Alternatively, instead of keeping money in ING, open a Hfx web saver (pays more or less the same interest as ING) and use the internet to transfer money to the Hfx current account every month one day before the transfer into the Regular saver account. This is what I do for both my Abbey and Hfx regular savers.

Milarky

I agree the limitations with ING is that you can't send money direct to any other accounts - it always has to go through your own bank first.

If you have the patience to do it, Judi, you could set up payments in advance in a 'two step' 1) from ING to your bank and 2) from your bank to HRS.

With ING, you can shedule payments for any number of future dates. I'd suggest you go for the first Monday of each month [avoiding bank holidays] remaining.

Similarly, with most banks you can do the same thing - shedule any number of 'one off' payments to same set of details [in this case to your HRS account number - sort code - and 'roll number']. Assuming the ING payment take two days to reach your account, you can schedule the payment to Halifax to leave immediately on the Wednesday. This should ensure the payment reaches Halifax on Friday and so takes a minimum four days to go from ING to HRS via your bank.

[Hint: Use a diary to work out all the dates first and then plug these in - one set at a time - at both the ING website and your bank's.  :D ]

System

Thanks for you advice guys but the answer was staring at me in the face.

My bank never charges me when i am overdrawn (well i dont overdraw by more than £100 as i dont want to push my luck). I have decided that i can use this £100 to put into my Halifax, then draw the money from ING to put my bank account into the black again.

Now why didnt i think of that before?