ICE Save/BACS/CHAPS

KingKenny

I am interested in the ICE Save account and i am looking for anybody who can enlighten this forum with their experiences.

Has anyone moved money into their ICE Save account from another bank/building society account directly using BACS.

I do not mean when you first open the account, and i do not mean by using your linked current account.

I mean if you had a sum of money in a savings account, lets say for example the Nationwide, you closed this account and wanted to tranfer the amount directly into your already up and running ICE save account by BACS, so to reduce clearing days for cheques, and to reduce transferring time between two accounts, because it is far more efficient to transfer directly to ICE Save, rather than to your current account first then your ICE Save account?

Also, has anybody moved money out of their ICE Save account using the CHAPS facility?

debbie42

KingKenny wrote: »

Has anyone moved money into their ICE Save account from another bank/building society account directly using BACS.

I do not mean when you first open the account, and i do not mean by using your linked current account.

I have one winging its way there at the moment. I hadn't realised that they liked you to initiate transfers from their end using the direct debit mandate. Customer services have suggested that it shouldn't be a problem, but will get routed by their holding account. It is due to arrive there tomorrow, so I'll let you know.

KingKenny

debbie42 wrote: »

I have one winging its way there at the moment. I hadn't realised that they liked you to initiate transfers from their end using the direct debit mandate. Customer services have suggested that it shouldn't be a problem, but will get routed by their holding account. It is due to arrive there tomorrow, so I'll let you know.

Thanks, very interested to know how you get on, and whether they pay interest from the day it arrives in the holding account, then allocated to your account, .i.e. the third day:j , OR, the day after it arrives the fourth day?:eek:

KingKenny

Any Updates?

debbie42

Just checked:

it left my bank on the 11th, and was credited by Icesave as the 14th, though it wasn't showing on my statement when I checked yesterday. It was a small amount just to check that the transfer worked, so the interest would be minute.

KingKenny

Just goes to show, the BACS transfer process should be three days, in this case it was four days.

On the third working day it should show cleared funds in your account and earning interest?

So ICE Save it seems has a GOLDEN RULE.

The funds must leave your original account of departure before 11am on the first day, then the funds will clear on the third WORKING day.


If the funds leave the account of departure after 11am on the first day, the BACS process becomes a four day process, shoddy maybe, but be aware of this rule.

So when making a BACS transfer into your ICE Save account from an unlinked account, it goes to an holding account, make sure you check with your bank/building society that the BACS transfer has been initiated and carried out before 11am on the first working day.

It may save you a days interest if you are shifting a large amount?