Linking A Current Account To Another Account

kfb_524

Aplogies if someone has answered this recently - I'm a newbie and just registered!
I've looked but cannot find a tip that Martin gave about linking accounts so that money can transeferred faster that the normal 4 wking days between account such as a current account and a high interest savings account.
Does anyone know the process/method on how to get this set up?
M.Tx.

sergeant121

A&L have a PremierPlus Current A/C paying 5.5% gross on credit balances of up to £2,500 at the moment and they have 'linked' savings accounts offering slightly less interest - the PlusSaver A/C (4.5% gross) and the OnLine Saver A/C (5.35% gross).

'24 hour' transfers (or less in my experience) are possible between any of those accounts (online) but, with the Current A/C paying 5.5% gross, there's not much point for most of us.

Milarky

I haven't seen this tip - might it be in the 'guides' section? - but I find that Egg savings account allows me to move money to any other account [current or savings] in 2 working days [eg Monday to Wednesday].

If you pay in by debit card from your current account, the 'cash' is immediately available for withdrawal. This can then be sent, straightaway, to a savings/bank account with a different institution [using an 'adress book' facility] and takes 2 working days to get there [this never fails]. As a 'plus' the withdrawal will not leave your bank account for a day or two. Some interest may thus be 'earned' while the cash is technically still 'in transit '.

;D

ED

Sounds interesting, Milarky…!

Please can you set out an example, day–by–day?

Milarky

.... Of course another way to 'link' current accounts is the good old ATM! (why didn't I think of this  ??? )

If you use your bank card to withdraw cash at the ATM of another bank that you also hold an account with, you can walk straight inside and pay the cash over the counter! Hey Presto, you have 'linked' these accounts.

In that case, why cant we....

1) Walk into any bank... Present our other bank's cash card...  Have it 'swiped'... key in our PIN... state the amount [multplies of £10?] and simply have the bank we're in credit our own account by the same amount...? [Something to do with 'wasting' their time, I imagine  ::) ]

2) The above scenario, but done via our own secure online connection to our bank? [They would need the equivalent 'authorisation' to an ATM 'PIN' - which is where the 'debit' card details would come in]

Yes, this could be done now. But it wouldn't be in the interests of banks to offer this flexibility to their customers.

In connection with '1' (above) you can always write a cheque to yourself and pay it in [3 workings days to 'clear'] and this is the exact equivalent - except that you draw the cash from the 'hole in the wall' and credit it via a debit card. But banks will not accept these 'electronic cheques' which other banks issue...  Funny that  ???