Why B&B and ICICI savings account aren't as good as they seem

noh

meinnit wrote: »

Thats interesting! The FAQ states this:



My first transaction was in processing state for a week before it became processed so I assumed that I wasn't earning interest on this. Still very confused!

Yes it indicates processing during the days between you requesting the DD and the DD actually taking place. It indicates processed from the day after the money reaches your account. During the period that the transaction was in processing the money was still in your bank account. Future DDs will only need to be initiated 3 days prior to payment date so will say processing for a period of 3 days.

Nigel

meinnit

noh wrote: »

Yes it indicates processing during the days between you requesting the DD and the DD actually taking place. It indicates processed from the day after the money reaches your account. During the period that the transaction was in processing the money was still in your bank account. Future DDs will only need to be initiated 3 days prior to payment date so will say processing for a period of 3 days.

Nigel

So its actually 3 days where the money doesnt earn interest?

noh

meinnit wrote: »

So its actually 3 days where the money doesnt earn interest?

No. For example you log into your BB account on a Monday and initiate a transfer of £100 for the Wednesday(the earliest it will allow). Your B+B account will show processing against that £100 until Thursday when it will be included in the processed balance. The actual amount of £100 will leave your bank account on the Wednesday and be credited to your B+B account on the same day, earning interest from the next day.
So you only lose interest for one day.

Nigel

oldfella

So you only lose interest for one day.

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this is not true if you are moving more than your overdraft limit from your current account - in which case it needs to be in the CA the day before the direct debit