Icesave - No Need To Use A Dd Pull?

a&akay

I hate the ICESAVE DD pull method so thought I'd try to transfer £1 by the normal method to see if it works. It did. I used Sort Code 20-32-53 Account Number 80469947 and as the reference my ICESAVE Account Number from my log in page. The £1 appeared in my account today. Try it with a small amount first and once it's registered on your Bank current account as a payment (I use Nationwide) you should able to use it to transfer money when you want, not some arbitrary date set by ICESAVE that you have to match by transfering money from your savings account.

SeanW

What's wrong with pulling it from Direct Debit?

It seems to me it's safer, you have the Direct Debit protection, its almost impossible to accidentally transfer money to somebody elses account, and it seems to put me in a better interest position, the day the money leaves my current account, it's in my Icesave account earning interest.

The only 1 issue I can think of is that the money isn't available at first (although it earns interest) because of the rules about claiming money back from a direct debit.

Optimist

How long did it take before it appeared in your account ?

a&akay

Optimist. Set up payment on 9 Dec (Sat) and it appeared today 13 Dec (Wed) which, as I read it, is 2 banking days (I find Nationwide is good to its word).
SeanW. There is no 'accidentally' involved. That's the whole point of trying it with a small amount. Once the payment is confirmed and, after you've saved it to your current account payments, you can repeat it with no qualms, the payment route is cast iron. I prefer to be totally in control rather than trusting to the vagaries of the various banking systems. My money is invested in interest free savings via my wife (as she is a non taxpayer). I can therefore transfer from her savings to her current account and then to ICESAVE in 2 minutes and know I'm not going to fall foul of something in the banking system I've missed. Admittedly there is the usual time lag but the mistake, if any, will not be mine.

SeanW

You're not really in control, for 2 days your £x is not in either of your accounts, and could be anywhere.

masonic

The only time I've ever used BACS in preference to a direct debit system is when the direct debit system did not work. Why lose 3+ days interest on your money AND shift the burden of responsibility for any mistakes from Landsbanki to yourself?

a&akay

Masonic. What happens when there isn't sufficient money in your current account when the DD request is made by ICESAVE on it?

oldagetraveller

If there's insufficient funds in current account why activate a DD payment in the first place?

Stompa

FWIW all of the DD's (both pushing and pulling) I've done with IceSave so far have been pretty quick. I typically instigate them first thing on Monday morning and the money appears in the destination account first thing Wednesday morning.

oldfella

You're not really in control, for 2 days your £x is not in either of your accounts, and could be anywhere.

---

it doesnt work like that ..... you raise the DD at Icesave on the Monday, the money leaves your account on Weds and arrives at Icesave on Weds. The major issue is it needs to be in your account on Tues because of the "day before" procedure.

So basically its instant delivery and you save 1 maybe 2days interest.

Mike

brranger

Hi ,
Does anyone know if you can set up standing orders from icesave to say a regular saver like the brittania one?
Thanks