"Santander staff told me I cannot deposit money into FRISA"

Nine_Lives

SG27 wrote: »

Are you sure you didn't tick tr box that says close my previous account on the transfer form?

100% positive .......... i saved the form in .pdf format, so i know EXACTLY what i entered on the form.
I did it this way in case they couldn't read my handwriting. So i'm glad i could check back on it. I've no doubt i filled it out correctly.

The amount will always be different to the amount put on the form because interest will be added to the transfer when the old account is closed. I dont really know why you have to put an amount on the form.

It wont always be different - because i didn't close the account. They did. I didn't request any interest to be transferred, because interest shouldn't have been paid - as my account wasn't being closed, only partially transferred. Keyword: partially. So you (or i) have to put an amount on the form to tell them exactly what i'm transferring.

Vortigern

bxboards wrote: »

I've been able to sucessfully set up a transfer to go on 6th April from my ESaver to Fixed Rate ISA.


Transaction name Transfer between my accounts
Account to transfer from:09-01-28 xxxxxx - ESAVER
Account to transfer to:09-01-27 xxxxxx - FIXED RATE ISA
Amount:£5,640.00
Transfer to be paid on:06/04/2012

It's set up as a pending transaction to go on 6th.

The system appears to allow me to do the same between a 123 current account and a FRISA. I didn't attempt to complete the transaction due to lack of funds at present.

My question: If I have £5640 in my Santander 123 current account on 5th April and I move the money to my Santander FRISA on 6th April, on what date will it start to earn interest in the ISA?

hermante

MiserlyMartin wrote: »

Surely a Faster Payment into the account will still go through any day of the year regardless of it being a Sunday or a Bank Holiday Monday?

Yes, but the date of the transaction may not be the same as the actual date you make the payment. If you make an FP from/to Santander on Sunday, it gets dated Monday (and from what I can see will only earn interest from Monday).

Vortigern wrote: »

If I have £5640 in my Santander 123 current account on 5th April and I move the money to my Santander FRISA on 6th April, on what date will it start to earn interest in the ISA?

We will find out in a week. Almost certainly 7th, possibly 6th. If not 6th, it will still earn 3% in the 123 on the 6th.

intalex

Just did a quick experiment transferring £1 from a Zero Current a/c to an eSaver a/c and then back, and both transactions were dated 31/03. Perhaps someone could run the same experiment tomorrow, and that would tell us if the date will be 06/04 or 07/04.

I've also set up a future dated (06/04) transfer from my eSaver to my FRISA. Just wondering if I should leave this "automated" transfer or whether to cancel this and manually do the transfer on 06/04.

bxboards

Vortigern wrote: »

My question: If I have £5640 in my Santander 123 current account on 5th April and I move the money to my Santander FRISA on 6th April, on what date will it start to earn interest in the ISA?

It should arrive instantly as its Santander to Santander, so will earn interest from 6th.

The transfer will be instant.

hermante

intalex wrote: »

Just did a quick experiment transferring £1 from a Zero Current a/c to an eSaver a/c and then back, and both transactions were dated 31/03. Perhaps someone could run the same experiment tomorrow, and that would tell us if the date will be 06/04 or 07/04.

No, it won't tell us because the 6th is a Friday and a bank holiday. It will only tell you the behaviour of Santander on Sundays, which is to date transactions as the day after (i.e. Monday).

bxboards wrote: »

It should arrive instantly as its Santander to Santander, so will earn interest from 6th.

The transfer will be instant.

Yes, it will be instant, but it will only earn interest from the 6th if Santander's systems can date transactions on bank holidays. Someone on another forum has suggested that it will just treat the 6th as a normal Friday.

Nine_Lives

intalex wrote: »

I've also set up a future dated (06/04) transfer from my eSaver to my FRISA. Just wondering if I should leave this "automated" transfer or whether to cancel this and manually do the transfer on 06/04.

What's the difference?

intalex

K_P83 wrote: »

What's the difference?

For a transfer from one bank to another, I've experienced a future dated transfer going by BACS even though an instant transfer made on the planned date would have gone by FP. I know this time it's within the same bank, but that bank is Santander so the anxiety levels are a tad higher

intalex

hermante wrote: »

No, it won't tell us because the 6th is a Friday and a bank holiday. It will only tell you the behaviour of Santander on Sundays, which is to date transactions as the day after (i.e. Monday).

Yes, it will be instant, but it will only earn interest from the 6th if Santander's systems can date transactions on bank holidays. Someone on another forum has suggested that it will just treat the 6th as a normal Friday.

Did the same experiment today and the date was indeed tomorrow's (02/04) and not today's (01/04). I agree with you - it's down to whether their systems will treat 06/04 as a normal Mon - Sat (deposit date = 06/04), or as a Sun (deposit date = 07/04). Either way, it's better than 10/04 I guess.

intalex

Just did the transfer from an eSaver to the FRISA, and it went through instantly and was even dated 06/04.