Interest while money is being transfered

khalid

agent_orange wrote: »

Are we talking about £0.30pence interest on this amount of money.

The HiSave account is a Savings account, which takes 2 days to access because the money needs to be first transferred to my nominated account (A&L).

The A&L account is a Current account that I can readily access, but is limited to £2,500 at 6.5%. Anything above that is given a paltry interest of 0.1%.

Therefore, I keep the bulk of my money in the HiSave account and ~£2,500 in the A&L account.

When I have more then £2,500 in the A&L Premier Current account, I then have the option of either moving it back into the HiSave account (6.41% - 2 days to access if I need the money in the future), A&L DirectSaver account (6.3% - no interest during any month when money is taken out) or A&L PlusSaver account (5.25% - lowest interest of all 4 accounts, but can be readily accessed as money can be transferred to the Current account on the same day).

DeepSporran wrote: »

I believe this is only available for transfers into ICICI - your original posting suggested it was transfers out of ICICI you were interested in. You would need A&L (the target account) to raise a direct debit on ICICI to get the money to go in that direction, and I don't think A&L will do this.

From the explanation above, the option to transfer back the money into ICICI through direct debit explains the advantage of this method. I do however also happen to have a Bradford & Bingley Savings account (6.4%) with a direct debit already set-up with A&L. Maybe I'll just transfer the £500 from this account into the A&L Premier Current account in the future.

PS I know I have a lot of accounts, but even though I’m still a novice (saving for nearly 2 years), I have a good grip of all accounts and easily transfer money online (with very little effort). I just wish I knew about ISAs when they first came out!