Minimising Lost Interest

Tigerwinn

I'd appreciate any tips regarding moving money between accounts.

I want to put some moeny into icesave but they can't do a direct debit on my internet savings account. Are there any internet savings accounts which can have direct debits against them??

Is my only option to move it to a current account and then move it to icesave??

Thanks

Milarky

Whose your internet savings account with? Many of them offer BACS payments to non-personal (i.e. other people's) bank accounts. Egg is one. If I were opening an Icesave from there I would BACS the amount manually direct to Icesave on A Mon, Tue or Wed (to avoid the w/e). Ditto with Cahoot savings (but allow 1 extra day with them)

Again, which account is it?

If you have a cash card or can transfer amounts internally to a card-based account (eg From Halifax Websaver to Halifax Instantsaver) then you have the option to draw a limited amount of cash each day and pay this into your current account - and get that picked up by DD from Icesave (I believe) to leave on the same day.

It depends how far you want to take things...

[Getting it out again: Remember you will have to allow time when withdrawing amounts back to your bank - why d'you think they pay such a good rate? - but from the end of 2007 BACS payments of this kind will become effective on a 'same-day' basis - and then all accounts should be able to transfer to other accounts with no lost days]

Tigerwinn

Its with Egg but in the T&C of icesave they say payment is by direct debit so I thought I couldn't do a BACS payment.

Milarky

Tigerwinn wrote:

Its with Egg but in the T&C of icesave they say payment is by direct debit so I thought I couldn't do a BACS payment.

Ah! I assumed you could pay into the Icesave yourself indendently of the direct debit link - as you can with ING for instance. [I'll just check that now]

Tigerwinn

Forgot to say that i have already arranged a direct debit from my current account to icesave already as the first payment. Think I might have crewed up.

Tigerwinn

I meant "screwed"up.

Milarky

Yes, as you rightly point out, there is a technical detail there;

How do I pay money into my account?

The account will primarily be operated online and additional cheque deposits by post will not normally be accepted.

The initial sum that you pay into your account can be paid by cheque (made payable to all applicants for the new account, followed by the reference number generated once you have applied, e.g. Mrs LA Wells 00001234) or by BACS or CHAPS transfer (your bank may charge you a fee for making a payment by CHAPS transfer). Afterwards, you must use BACS/Direct Debit to add funds to your account

http://www.icesave.co.uk/faq_faq.html#c2

But is says 'BACS' - I think that means you'd be OK to pay in from multiple sources - they just seem to be wanting to avoid cheques after the opening deposit?

Tigerwinn

Thanks very much for that.

Stompa

This thread:

http://forums.moneysavingexpert.com/showthread.html?t=278477&page=11

suggests you can push funds into the IceSave account.

YorkshireBoy

Milarky wrote:

But is says 'BACS' - I think that means you'd be OK to pay in from multiple sources - they just seem to be wanting to avoid cheques after the opening deposit?

T&C's overide (poorly written?) FAQ's Milarky.

4. Using your Icesave Account
4a. You may make an initial deposit only into a new account by electronic funds transfer, personal cheque, bankers draft or building society cheque. For security reasons, you should make any cheque payable to your name(s) and application or account number. Electronic transfer of funds must be made from your nominated personal UK bank account. Cash or other forms of deposit are not acceptable. Thereafter, all funding of your account is by Direct Debit.

http://www.icesave.co.uk/media/terms_and_conditions.pdf

Tigerwinn

I just rang icesave because I had a weird acct no and no sort code. They me I can only use a BACS payment once and they gave me an account number and sort code over the phone. Then you put your acct no in the ref box. Then you have to use direct debit.

I am going to try this because I only did a direct debit today on my current account