2 day interest loss?

monhon1

This might be a very stupid question and I'm sorry if it is. Since the new tax year starts today 06/04/13 (weekend), and it's not a working day and money will transfer on Monday (working day), does that imply we lose 2 days interest? Just confused, and some clarification would be great.

Gromitt

Yes, but with most accounts, you can transfer today via FPS, so no worries.

I just filled up my 4.25% Nationwide ISA account this morning from Halifax and it shows up already, as expected.

rb10

If you don't transfer until Monday, then you'll be getting interest over the weekend from wherever the money is at the moment.

I transferred mine this morning, and it went straight through, dated today.

monhon1

Gromitt wrote: »

Yes, but with most accounts, you can transfer today via FPS, so no worries.

I just filled up my 4.25% Nationwide ISA account this morning from Halifax and it shows up already, as expected.

I did to from Halifax (e saving a/c to current a/c to Santander), but showing 8th! Normally instant, o well!

rb10

monhon1 wrote: »

I did to from Halifax (e saving a/c to current a/c to Santander), but showing 8th! Normally instant, o well!

That's not necessarily the date the interest is calculated from.

skitskut

I sent a faster payment to my Halifax current account to then transfer to my Halifax ISA but still not showing 16hrs later. Do Halifax not accept faster payments on a Saturday?

Prof_FrinkProf

wrong thread sorry!

david78

skitskut wrote: »

I sent a faster payment to my Halifax current account to then transfer to my Halifax ISA but still not showing 16hrs later. Do Halifax not accept faster payments on a Saturday?

Yes they do.

skitskut

david78 wrote: »

Yes they do.

Well it didn't get there till Monday 8th even though it left Tesco on the 6th.

zerog

rb10 wrote: »

That's not necessarily the date the interest is calculated from.

It is in the case of Halifax.

skitskut wrote: »

Well it didn't get there till Monday 8th even though it left Tesco on the 6th.

Saturdays and Sundays don't exist for Halifax. Monday 8th is 72 hours long and began after Friday 5th ended.

So the answer is yes, you've lost 2 days of interest if you transferred from Tesco to Halifax on 6th.

If you transferred from Halifax to Tesco on 6th, it leaves on 8th and arrives on 6th, so you gain 2 days interest. Same from Halifax to Santander as long as you do it before around 8pm real time.

This is why my money in Halifax spends every weekend in Tesco, Santander and various other banks.

badger09

zerog wrote: »

This is why my money in Halifax spends every weekend in Tesco, Santander and various other banks.

Great to hear your money in Halifax spends its weekends productively in Tesco & Santander. I'm imagining it stacking shelves and sunning itself on the beach on alternate weekends, as a change from forcing rhubarb :eek: :rotfl: