Interest on BACS Credits

Searcher2

Not sure if this is the right thread.... but I am in the process of opening a Sainsbury's account and have intiated a test transaction from my Nationwide Flexaccount whilst I am waiting for my account to be approved.

I rang Sainsbury's and they said they could accept BACS transfers from anywhere. I have about £230K in Birmingham Midshires online saver account which I want to transfer to Sainsbury's but when I tried to change my linked account from Nationwide Flexaccount to Sainsbury's saver account the BM website said that Sainsbury's wouldn't accept receipts into my Sainsbury's sort code/account. I don't know if that is because my account is not approved yet... but I suspect it could be because BM will only let me link to a current account.

Assuming I cannot transfer direct from BM to Sainsburys, am I better

1. transferring the money from BM to Nationwide Flexaccount and and once it appears there doing a BACS to Sainsbury's (from the above I am not sure how long it will take to appear) OR

2. transferring the money from BM to Nationwide Flexaccount and and once it appears there doing a bank transfer (cost £20) to Sainsbury's to ensure it appears the same day OR

3. setting up a Sainsbury's current account then linking my BM account to the Sainsbury's current account and transferring the money to that and then into the Sainsbury's saver account...which Sainsbury's say will happen the same day (but not immediately).

?

Biggles

It seems common to require the main 'linked account' to be a current account. Can you make payments to any other a/c as well as to the 'linked a/c'?

Best bet otherwise might be to open a Sainsbury's current a/c, they ought to be able to do that easily enough as you already have an a/c with them.

ED

£230,000 is a large sum. May be worth investigating possibility of a same-day CHAPS transfer from Birmingham Midshires direct to Sainsbury Bank. A fee of approx £30 would be happily countered by earning interest several days sooner than via BACS transfer.Anyone here experienced CHAPS from BM?

Searcher2

Thanks for the replies.

I rang up Sainsburys first and they repeated that I could pay into the InternetSaver from anywhere and that maybe the reason I BM was refusing it was because it isn't authorised yet. Seems strange as I sent a payment from my Nationwide okay. Didn't get around to asking about a current account as I got cut off.

I then rang BM having seen the post above and they can indeed arrange a CHAPS transfer for £35. Will be done the same day as long as I ring before midday. I think that is the way to go.

I just wasn't sure in light of the original post how many days interest I would lose in BACSing it from BM to Sainsbury's. Originally I assumed 2 days. If it is 2 days then I work this out to be about £72 interest (at 5.75%) lost before tax.