Sainsbury's BANK – are transfers same-day from Halifax bank

ukdutypaid

Ed, I and I suspect many others are with you there.
I took the BoS switch offer of 100 quid, for their Hi Int CA... Then opened the Sain's one savings account.

To confirm. Payments TO Sains from BoS, show up instantly ... FROM Sain's to BoS and it's over night.
The only reason I use the Sains one now is to finish off the last few months of a few pesky Hi Int regular saver accounts, (they're all more trouble than they're worth, as well in my opinion. I recently increased my mortgage payments and having done that, I will save almost 10k... Whereas, regular saver accounts with all the associated hassles is just more monthly clickin....)

YorkshireBoy

ukdutypaid wrote: »

FROM Sain's to BoS and it's over night.

Not always. It depends on when you initiate the transfer.

If you initiate a transfer on Sunday, it'll be Tuesday (ie overnight the next banking day) before you see it at Halifax/BoS (although the date of credit will be shown as Sunday).

Likewise, if you initiate a transfer late on Monday, it'll update overnight Tuesday/Wednesday (although the date of credit will show as Monday).

If the transfer was to a Halifax/BoS current account, eg the 6.17% AER HICA, it's possible that the money could earn only 0.1% at Halifax/BoS for Sunday and Monday (or Monday and Tuesday in the second example) if you already had a £2.5K balance in the Halifax/BoS HICA.

Therefore, if moving large amounts, you're better to send it to a WebSaver first to minimise the interest lost.



EDIT: Going the other way, ie from Halifax/BoS...whilst the credit may show instantly, you will not earn interest at Sainsbury's until the next day. From the T&C's...

4.2 Transfer - If you pay money into your account by transferring it from another account, we will pay interest on it (if we pay interest under condition 4.1) from the day after the payment reaches your account. For example, if your transfer reaches your account on a Tuesday, we will pay interest on that amount from the Wednesday.

http://www.sainsburysbank.co.uk/savings/sav_importantinformation_is_dive.shtml

ED

YorkshireBoy - many thanks, very useful.
ukdutypaid - well done for speeding up mortgage repayment. Indeed, sometimes I too feel burdened with making monthly deposits to Regulsar Savers - especially with som many building societies reducing the rate more than the 0.25% Base Rate drop.