Icesave - advice from users of this account

JBmoney

I am tempted to open an Icesave account and indeed started to do so before backing out mid way. My concern is this. I reached a point in applying where Direct Debit instructions to Icesave were mentioned. I use Internet banking with my current account and there is no DD involved. That is, I can log into my current account ( my Bank ) and set up payments to other ( savings ) accounts very easily. I can do the same with my BS savings account and set up payment to my current account. I regard this as true `Internet Banking` and I have FULL control.
Why the DD instruction with Icesave ? Will my bank charge for this ? Is it as easy to use as per my experience referred to above ? Any comments greatly appreciated. Thank You.

ReportInvestor

DDs are usually free.

With internet savings accounts, setting up a DD just allows transfers both ways (to and from your current account) when you instruct IceSave.

JBmoney

And is the requesting process straight-forward as per transfer/payment process I currently use with bank and BS ( outlined above ) ? It just seems ( on the surface anyway ) that the `control` is removed from myself to Icesave. Maybe just a wee bit scary ?

StevieJ

The DD allows for increased security i.e. transfers can only be made to the current account supplied.

ceejam

Yes, like the ICICI account, and A&L ISA I have you pull money in and push money out from within the account.

But unlike thes eotehr accounts, they don't supply a sort code and acc no. that you can use to "push" money in from your current account.

Seems to work well though.

Riviera_Kid

JBmoney wrote:

And is the requesting process straight-forward as per transfer/payment process I currently use with bank and BS ( outlined above ) ? It just seems ( on the surface anyway ) that the `control` is removed from myself to Icesave. Maybe just a wee bit scary ?

You are protected by the Direct Debit guarentee, which means if there is a mistake you can claim the money back from your bank straight away (and they will go about getting the money back from Icesave). So using DD shouldn't be scary at all, and it is quite similar to setting up a payment, it's just a "pull" instead of a "push".

That said if you prefer BACS transfers you can always follow the instructions here - http://forums.moneysavingexpert.com/showthread.html?t=278477&page=11 post 212.

They prefer you to use DD but others have been able to use BACS transfer ok

JBmoney

Ta for ALL replies. Very useful indeed.

shown73

As far as I know, Icesaver charges £30 for a BACS transfer, at least that's what they tell me when I "pull" money in from another account, so to avoid that, you have to wait four working days before you see your money again. I know all banks do this, but it still infuriates me. It's a con, pure and simple. I see in todays paper that the regulators are going to bring cheque clearance times down to, I think, two days from sometime in 2007, but I haven't seen anything about simple money transfers.

Froglet

Although Ing Direct are not the best ref interest rates,when i ask for money to be transferred into my bank account it is there in 48 hours.For this reason,and because i can have 2 (or more) separate accounts under the one name,i am staying with them.there have been times when I needed the money urgently and this more than makes up for a bit less interest.Most of our(hubbys and mine) money is in Isas so for near instant access but at a much better rate than a simple account it works for us.

YorkshireBoy

shown73 wrote:

As far as I know, Icesaver charges £30 for a BACS transfer...

Icesave charges £30 for a CHAPS (same day) transfer out of your account.

...but I haven't seen anything about simple money transfers.

Search the OFT website for 'same day transfer', and you'll see that it's (hopefully) scheduled for late 2007.

Mikeyorks

shown73 wrote:

As far as I know, Icesaver charges £30 for a BACS transfer, at least that's what they tell me when I "pull" money in from another account, so to avoid that, you have to wait four working days before you see your money again. I know all banks do this ....

No they don't charge for a BACS transfer - which does take up to 4 working days ..... as a standard. If £30 has been quoted, that's presumably for a CHAPS same day transfer - which is always charged for.