Savings Calculator

Axon75

Hello! I can't remember a website that you put your savings and it shows you where to put what in various UK savings accounts, to maximize profit! Anyone remember?

ceredigion

http://www.bankaccountsavings.co.uk/

Axon75

Yeah, that's it, thanks! But now I have a problem:
I have set a standing order to transfer an amount to various accounts, but I don't know the exact time it takes to process them, so I may end up not being able to fulfill the standing order! Any hint?

badger09

Axon75 wrote: »

Yeah, that's it, thanks! But now I have a problem:
I have set a standing order to transfer an amount to various accounts, but I don't know the exact time it takes to process them, so I may end up not being able to fulfill the standing order! Any hint?

You have to be quite careful and need to know the requirements of the specific bank accounts you're operating. Some use calendar months, whereas some use statement months;)

Generally speaking, you should avoid the beginning and end of the month, as that's when most bank holidays fall.

The only ones you really need to worry about though, are those in which you keep a very low balance - such as the Halifax Reward, which pays no interest, but credits £5 providing you meet all the T&C.

If you tell us what you have set up, someone will probably point out any pitfalls:)

ceredigion

Axon75 wrote: »

Yeah, that's it, thanks! But now I have a problem:
I have set a standing order to transfer an amount to various accounts, but I don't know the exact time it takes to process them, so I may end up not being able to fulfill the standing order! Any hint?

Firstly what is the point of maintaining accounts that do not have a balance (excluding Halifax)?
A standing order will happen in the early hours of the morning of the day you set it up for, except if the date happens to be a weekend or a public holiday in which case it will happen on the next working day. The exception being Tesco's who process seven days a week.
So you either need to leave three days between your S/Os or do it manually via faster payments.

Vortigern

Axon75 wrote: »

I have set a standing order to transfer an amount to various accounts, but I don't know the exact time it takes to process them, so I may end up not being able to fulfill the standing order! Any hint?

Standing orders go by faster payments and are near instantaneous. Most banks, except Tesco, will not send standing orders on a weekend or bank holiday; they will be held till the next working day.

If you make your SO 4-weekly on a Wednesday, you will not hit a bank holiday for a few years.