New card but unsure if transfer will be done automatically?

I've just opened a pair of new accounts: MBNA for the 0% transfer to current account option, and Tesco for the 0% BT option. Object is to have cash in a high interest account, all at 0% with no fees.


During the MBNA application, it asked if I wanted to do a BT and if so, where to. I selected current account from the options and how much I wanted to transfer. The next screen showed the limit they gave me allowed for this to happen but there was no mention of it actually being done.

So my question is, will this transfer be done by them automatically or was this just a question designed to know what amount you were planning to transfer and you actually need to transfer it manually once you access the online system?
Herman - MP for all! :)

Replies

  • SuperHanSuperHan Forumite
    2.3K Posts
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    Make sure your money is earning 6.9% over the 0% period in the accounts you're putting it in though, otherwise you'll be making a loss (4% fee on your money transfer, 2.9% on your BT).

    Best bet is to get it put in to TSB plus accounts and hope you have at least 16 month is 0% period!
  • aliasojoaliasojo Forumite
    23.1K Posts
    Part of the Furniture Combo Breaker
    SuperHan wrote: »
    Make sure your money is earning 6.9% over the 0% period in the accounts you're putting it in though, otherwise you'll be making a loss (4% fee on your money transfer, 2.9% on your BT).

    Best bet is to get it put in to TSB plus accounts and hope you have at least 16 month is 0% period!

    Thanks for the advice but there are no handling or BT fees on these particular accounts so the funds will be earning 'cleanly' iyswim. I was just unsure of the opening process and timing as to when the BT would be done.
    Herman - MP for all! :)
  • SuperHanSuperHan Forumite
    2.3K Posts
    Tenth Anniversary 1,000 Posts
    aliasojo wrote: »
    Thanks for the advice but there are no handling or BT fees on these particular accounts so the funds will be earning 'cleanly' iyswim. I was just unsure of the opening process and timing as to when the BT would be done.

    Ooh, could you tell me which cards they are then, as I may be interested. I have been able to find any MBNA money transfers with no fees - but I may not have looked hard enough.

    (Sorry - I don't know the answer to your question!)
  • aliasojo wrote: »
    So my question is, will this transfer be done by them automatically or was this just a question designed to know what amount you were planning to transfer and you actually need to transfer it manually once you access the online system?

    When I did a MT with MBNA it got automatically credited to my current account a couple of days after applying. I did apply for a 0% MT with a fee though but presume your money would also automatically be deposited once processed.
  • aliasojoaliasojo Forumite
    23.1K Posts
    Part of the Furniture Combo Breaker
    @ SuperHan -
    Here's one...

    http://www.mbna.co.uk/credit-cards/mbna-low-rate-credit-card/?MC=UCBMBN005AG

    And combining it with this card...

    http://www.tescobank.com/creditcards/lowfee/index.html

    ...would get you 12 months 0% interest on a money transfer...and fee-free. :D
    Herman - MP for all! :)
  • SuperHanSuperHan Forumite
    2.3K Posts
    Tenth Anniversary 1,000 Posts
    aliasojo wrote: »
    @ SuperHan -

    Oh, I get it now.


    I thought it was a 0% money transfer, but obviously that's why you're doing the BT. Duh!
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