ICICI -> LTSB -> NatWest -> YBS : save £1.26

pcc_3

For holders of an ICICI savings account who are using the 'waterfall' technique to transfer £500 to YBS regular saver at the start of every month, instead of waiting 4 days for a ICICI -> current account bank -> YBS bacs transfer, you could save £1.26 of lost interest (18p * 7 months -- now until May when faster payments are introduced) by using these banks' partners to do the transfer in 2 days (or 1 day if near a YBS saving 63p) provided you are near both a NatWest and LTSB, if the following scheme would work.

1. Open LTSB current account with chequebook (chequebook required for ICICI link), if you don't already have one
2. Open NatWest basic bank account, if you don't already bank with NatWest
3. Link ICICI account to LTSB account
4. Day N: BACS transfer £500 from ICICI to LTSB
5. Day N+1: £500 should have arrived in LTSB. Go there and withdraw £500 in cash
6. Day N+1: Deposit the £500 at NatWest
7. Day N+1: Go home and BACS transfer the £500 to YBS
8. Day N+2: money arrived at YBS
or
6. Day N+1: Deposit the £500 at YBS

I know 5 will work (has been discussed here before) but don't know about 7 (debits before credits?) or 8. Any idea? Edit: yes obviously only worth it if there is no monetary cost in doing so.

masonic

This looks like it's going to take at least a couple of hours of your time every month. I'd gladly lose out on 18p for the luxury of not having to go through all that! :rotfl:

nilrem_2

OMG! Life is just too short to be wasted on that!