Transferring Money from ING to IceSave

Tee

I have both account and would like to transfer money for ING directly to IceSave. I have tried adding IceSave as a nominated account in ING, but with the sort code 203253 and account number 80469947, it should Barclay's PLC as the bank, not IceSave. I would have to lose 8 days of interest if I sent the money from ING to my main bank, then transfer it to IceSave. Is there any way around this?

Thanks in advance.

Tee

KTF

As far as I know it has to go via a linked current account as it uses Direct Debit to move the money around.

Dagobert

You can only transfer from ING to a linked current account with a cheque-book. The link will only be established once the cheque has been received (and probably has to clear, too).

You can only transfer into Icesave via a linked current account with a DD facility, which has to be set up first, which might take 14 days.


Money sent from ING to c/a on arrive 2 working days later. The best you can do is transfer on Wednesday to arrive on Friday, park the money in an eSaver over the w/e, back into c/a on Monday, then instruct Icesave to pull the money via DD. Do this before 11 am and the instruction will go through that day.

codetown

Tee wrote: »

I would have to lose 8 days of interest if I sent the money from ING to my main bank, then transfer it to IceSave. Is there any way around this?

When I moved out of ING I transfered to my cc (Nationwide) on Monday and 2 days later (wednesday morning) the money was in. I immediately put the money onto the Nationwide esaver (instant trasfer). So the loss was 2 days.
Plus of course any more days you need to get into Icesave (which again is about another 2 days if you start on the following Monday morning).

In general swtiching from ING (5%) to Icesave (5.95%) will gain you 0.0208 net pounds per day per 1000 pounds, once the money reaches Icesave. So it is about 0.62 pounds per month per 1000 pounds.

If you have 20.000 pounds in savings, your interest gain will be roughly 12.5 pounds net per month, additionally offered by Icesave. On the same sum, you will loose in the transfer (once only) roughly 2,19 pounds per day out of interest. So even if your transfer takes 5 days, you will still make up all your loss within the following month!

My suggestion is therefore to move the money ASAP and break the move into two steps:
- Step 1: Monday or Tuesday ING-> Your A/C -> Your Instant Savings;
- Step 2: Next Monday Instant Savings->A/C->Icesave.

Tee

Thanks all. I'll just transfer to from ING to Citibank, then move to IceSave. Just hoping that there was some less long-winded way around this.

a&akay

The Sort and Acc No you quote are correct for ICESAVE with the Reference as your ICESAVE Acc No. Send £1 from ING to confirm this and then, when you see it in your ICESAVE account, you can repeat at leisure.

McSaver

It took me a week to get my money from ING Direct to Icesave but the time it takes its more than worth it because of the significant difference in rates

Remember that in Interest Terms.... 1% is a BIG number.

Compound_2

Can anyone confirm the timing details for money going to Icesave from the current account via direct debit? This is from the Icesave site:

If I make a transaction, when does the money get taken from my personal UK nominated bank account to credit my Icesave account?

When you request a transfer of money from your personal UK nominated bank account you will be requested to enter a date that you would like it to reach your Icesave account. The money will typically be withdrawn from your nominated account within three to four business days prior to this date. Please contact your bank for more details. Please ensure that you have the cleared funds available in your nominated account prior to the date of the transfer.

When you action a DD request that is already set up, what is the earliest day you can set as the date? My understanding of the banking system is that if you make a DD request on a Monday, the earliest date is Wednesday, as long as you haven't missed the cut-off time on Monday. This means the money has to be in your current account by close of business on Tuesday. What Icesave says is wrong unless they do the DD early and hold on to the money. So just one day of lost interest, or none if the current account pays a decent rate on that amount.

Darth_Calculus

Dear Tee

I think another way to do it would be as follows:

1) Set up the transfer from the current account to Icesave on the Monday, for the cash to go on the Thursday.

(For me, the cash leaves my A&L A/c on day 4, and arrives on the same day to Icesave, so even if I dont have the cash in my account when I instruct Icesave to take the DD on day four, as long as it is there on day four, I am fine).

2) On the next day (Tuesday), transfer the money from ING to your current A/c.

On the Thursday, your current account will have the money coming in from ING, and then being transfered to your Icesave on the same day.

Therefore, it will leave ING on Tuesday, and be in Icesave on Thursday, only losing two days interest.

This is how it works for me with respect to my Icesave A/c, apologies if this is not how it works for all! :-)

masonic

Compound wrote: »

Can anyone confirm the timing details for money going to Icesave from the current account via direct debit? This is from the Icesave site...

It's going to be up to the sending bank how they deal with a direct debit request that is made at a time when there are insufficient funds in the account. I'd think most, if not all, would make a decision on whether or not to reject the transfer on the day before, or the day of the transfer. However, Landsbanki can't speak for other banks, so they've adopted the ultra-safe position of asking people to get their funds in place by the time the transfer request is sent. So if you need to, clarify it with the bank you hold your linked account with.