Minimising Lost Interest

DocProc

A poster called 'Iswong' on post 216, page 11 on the thread entitled 'Welcome Landsbanki' says, with reference to transferring money into an Icesave account (ie. PUSHING money into from within the nominated current account rather than PULLING it in from within the Icesave Savings account) :-

lswwong wrote:

I did 2 lots of BACS transfer last week and both arrived safely yesterday and today. I only did it because I had some spare cash elsewhere (small amounts) and could not be bothered to move them to my main account first and then request a DD from Icesave. Therefore I am not likely to use BACS again unless the money is not coming from my main account for any reason.

So, summarising, my initial deposit was by BACS. Then I did some DDs and last week did 2 BACS transfers. All went well, thankfully.

'Iswong' clearly seems to be saying that, since the amounts were small, rather than put these small funds (two number) into his nominated current account, he didn't bother doing that and transferred money straight out of two non-nominated accounts into his Icesave account using BACS transfers.

In summary, he says:

1. He opened an Icesave account with a BACS transfer from his first nominated current account.
2. He made two BACS transfers into his Icesave account from two other accounts, neither of which were the first nominated accounts. They could have been nominated accounts but if so, were a second and third nominated accounts.

NB. ICICI HiSAVE only let you have ONE nominated account at a time.

'Iswong's types of transfers into an Icesave account seem NOT to be within the spirit or essence of moneylaundering recommendations such as we are used to with say, ING Direct or with ICICI HiSAVE, who will only each let you have ONE NOMINATED ACCOUNT.

mary

Tigerwinn wrote:

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

I have just set up a Direct Debit with Coventry First Account which is a savings/current account at the same time and is internet based. Money leaves Mon, appears Wed. Current rate 5.35% and probably will rise as of today's BOE rate rise.

Tigerwinn

I will certainly look into the coventry account. I assume it's advertised on the website.

I did ring Icesave again and explained my confusion and my concern about losing interest. The message was I could still do a BACS transfer but it should only be done once and it was OK since I haven't yet done this even though I did do one direct debit payment today.