How does Icesave work?

YorkshireBoy

LondonDawg wrote: »

So YBS worth it or not in ur opinion.

Each day's interest lost will be recovered in 8 days with the higher rate YBS account. So, a month with electronic transfers or a little over two weeks with the ATM withdrawal/manual deposit method.

Your choice really.

LondonDawg

Well with £60,000 in icesave, plan was to take £750 out at beginning of month and put into current account with hsbc. From there £500 would be transferred to YBS (7.1%) and £250 to hsbc reg saver (at 8%). Setting up an automated date to transfer from icesave, is this worthwhile it in ur opinions? :beer:

LondonDawg

just phoned icesave to confirm amount of time it takes to transfer funds, 3-4 days. Then 4 days to transfer to other regular savers. You were quite right with the 8 days. Losing 8 days interest every month defeats the object of regular savers as will not be in effect be making much of a saving, if any (about 3 months loss of interest) when transferring. Will keep the savings account in tact have decided, and not work my mojo on the drip drip. :T

mjmal51

YorkshireBoy wrote: »

Are you sure?

Whilst they pull the money in by DD (meaning same day debit/credit), they send the money to your nominated current account by BACS - which means you suffer the standard 3 day wait. Indeed, the Icesave T&C's state...

Can only go off experience. If the move is planned in advance it always goes that very day. If I want to make the move without advance notice then it does indeed take the 3 days. The original question seemed to imply advance notice plans each month.

masonic

sav4it wrote: »

Ok, I'm getting a little nervous.
The initial £250 was organised during application on 20/8 and was in Icesave on 29/8 but not cleared and still isn't even though it left nationwide on 29/8
Sent more funds on 29/8 which showed in Icesave on 31/8 but still not cleared.
Have checked my flexaccount today and the second lot of funds have not left the account.
Should I be worried? The DD ref is showing within my flexaccount so something has been set up. It's a nuisance as the money is waiting in my curent account earning virtually nothing as it's more than £3000.

From the T&Cs

5b. Funds deposited electronically by you will be available for withdrawal
7 business days after receipt of your deposit.

The first lot of funds should clear on Thursday (but you'll earn interest from the date they first appeared).

So the second lot of funds have already been credited to your Icesave account, but have not yet left your flexaccount? That's nice of them.
Since this would be your first direct debit payment to them, it will take up to 8 working days to go through (so expect it to be debited by Friday). Subsequent payments will take 3-4 working days.