Icesave transfer

jem16

oldfella wrote: »

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

Now I think of it you are quite correct. I think I confused myself with the fact that the DD had to be requested at least 2 days in advance.

kingmonkey

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.

Someone had a similar problem and it turned out they were pressing back or exit instead of confirm. The buttons are extremely close together and are not intuitive at all.

Probably still best to give them a call though.

nilrem_2

oldfella wrote: »

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

Now here is a conundrum about this that I am unsure about, I have a Natwest CA plus a Natwest E save account, to transfer to Icesave I have to set up a DD then transfer cash from my esave account to my CA for the DD to work, problem is that I am then losing interest whilst the cash is sitting in my No Interest CA, so is it safe to transfer the cash from Esave to CA early on the day that Icesave gives for the transfer?

FWIW to date I always move the cash to my CA at the same time as I set up the Icesave DD but it irks me to have money sitting in my CA for 3 days sans interest!

Gambler

nilrem wrote: »

Now here is a conundrum about this that I am unsure about, I have a Natwest CA plus a Natwest E save account, to transfer to Icesave I have to set up a DD then transfer cash from my esave account to my CA for the DD to work, problem is that I am then losing interest whilst the cash is sitting in my No Interest CA, so is it safe to transfer the cash from Esave to CA early on the day that Icesave gives for the transfer?

FWIW to date I always move the cash to my CA at the same time as I set up the Icesave DD but it irks me to have money sitting in my CA for 3 days sans interest!

I am wondering exactly the same !

kirsty99

I have done about ten transfers by direct debit to my Icesave account over the last couple of months, and initially I transferred the money between my esavings to current account at the time of setting up the payment on Icesave. Every single time it has left my current account on the same day as appearing in Icesave, so for the last few transactions I have only done the transfer between esavings and current account on the date that Icesave gives - and it has worked perfectly, no loss of interest, no problems!

nilrem_2

kirsty99 wrote: »

I have done about ten transfers by direct debit to my Icesave account over the last couple of months, and initially I transferred the money between my esavings to current account at the time of setting up the payment on Icesave. Every single time it has left my current account on the same day as appearing in Icesave, so for the last few transactions I have only done the transfer between esavings and current account on the date that Icesave gives - and it has worked perfectly, no loss of interest, no problems!

Ah that's good to hear, I will try that myself.

neil324

I would not like to try and guess when the DD will be pulled on a large transfer, not sure what happens if the money is not in your linked account but maybe your over drawn to that amount

oldfella

I would not like to try and guess when the DD will be pulled on a large transfer, not sure what happens if the money is not in your linked account but maybe your over drawn to that amount

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it depends on when your bank carries out the are you overdrawn calculation. Technically you need the money in your account the day before the DD happens. My bank says :
1 - you get hit with a charge if you exceed your overdraft limit at the point the DD is processed
2 - the calc for interest is carried out at end of day the DD goes through

so in my case as long as it doesnt break my overdraft limit I can transfer the money to my current account on the same day the money moves to Icesave. If it exceeds my overdraft it needs to be in the day before

Mike