Saving tart

oldfella

Barclays have a platinum account which gives free CHAPS which sorts the outbound move. You need to have £5K in the online saver (around 4.5%) and another Barclays product like a Barclaycard. Well worth it if you do a lot of money moving.

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The trick is to open the new account with the smallest amont necessary then move the rest of the money. But and here's the tricky part - Instruct say ING to transfer the money to your own Bank a/c on say Monday and it will arrive in your account in 3 days i.e. Wednesday. But on Monday you also instruct Icesave to Debit your Bank a/c with the same amount of money and this also hits the account on Wednesday. Thus you minimise the interest lost.

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this only works if you are moving less than your overdraft limit - and you might get hit with 1 day's interest anyway

safer to get the money in the day before you pay it out

Mike

DocProc

oldfella

Although I am with Lloyds TSB, we are talking exactly the same language here.

bazhance

Well thanks for all this useful info, I will take onboard and inwardly digest.