Icesave transfer

neil324

When you transfer money into it using bacs, is the money taken on the stated date then you have the 4 days of limbo.
eg. Tried today was only allowed to choose the 17th May on the date selection then you have the 4 days limbo.

jem16

The stated date is the date it will arrive in your Icesave account. It would leave your linked account 2 working days earlier hence why you couldn't choose a date before 17th May.

corngoat

It then takes a further 6 days to clear (become available for withdrawal). According to Icesave his is because you can ask your bank to reclaim the money within 6 days.
For further information please see my comment under 'Icesave - paying money in'

neil324

Thats what im confused about last week i think thursday i transfered 250 pounds (to test) the earliest day i could choose was today.
The money was taken from my nationwide flex account today. Its now showing as being proccessed in my icesave.
Now this is not adding up with what you are stating

corngoat

I did a transfer from the Icesave site to transfer money from my HSBC current account into my Icesave account - cannot remember what date I did the transfer but the following dates are from the internet statements from both banks:
3rd May - Left HSBC current account
8th May - Arrived in Icesave account
15th May - Money available for withdrawl

Almost two weeks from start to finish!

oldfella

The stated date is the date it will arrive in your Icesave account. It would leave your linked account 2 working days earlier hence why you couldn't choose a date before 17th May.

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if you use the transfer facility on Icesave then that uses direct debit - the money leaves your home account and arrives at Icesave the same day - no interest lost

Mike

nilrem_2

corngoat wrote: »

I did a transfer from the Icesave site to transfer money from my HSBC current account into my Icesave account - cannot remember what date I did the transfer but the following dates are from the internet statements from both banks:
3rd May - Left HSBC current account
8th May - Arrived in Icesave account
15th May - Money available for withdrawl

Almost two weeks from start to finish!

Don't forget that Saturday and Sunday are not banking days (in the days of electronic transfer I don't see why except that it gives the banks more cash).
As far as I understand it although the deposited cash may take several days to be available for withdrawal your money is earning interest in the meantime and in most cases if you have just paid it in then it's not too likely that you would want it back within a couple of weeks?

Gambler

I transferred my opeing deposit of £250 with no problem. I thought I then did a transfer on Thursday night for a large transfer.

Just checked and I have no future transactions showing..................?? The money is still sitting in my current account earning peanuts.

Can you ask CS this type of Q via email? There doesn't seem to be any secure mail facility on the site.

I don't want to initiate the transfer again if I missing something. On the other hand the money is just sitting there at the moment when it could be earning good interest.

nilrem_2

Gambler wrote: »

I transferred my opeing deposit of £250 with no problem. I thought I then did a transfer on Thursday night for a large transfer.

Just checked and I have no future transactions showing..................?? The money is still sitting in my current account earning peanuts.

Can you ask CS this type of Q via email? There doesn't seem to be any secure mail facility on the site.

I don't want to initiate the transfer again if I missing something. On the other hand the money is just sitting there at the moment when it could be earning good interest.

Probably best to phone them TBH.

Gambler

nilrem wrote: »

Probably best to phone them TBH.

Thanks, what security details do I need as I have to train Mrs. G to make the call

corngoat

When I called them yesterday they wanted my account number and address also date of birth and mothers maiden name. They answered the phone quickly and were very helpful.