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julianhodgearepants

I opened a Halifax online saver for my mum last year which is due to lose its bonus next week. I rang them up to ask what is the best account they have to transfer her balance to. She is retired and does not pay tax. To my surprise I was told to open another online saver. I have done so and will be moving the funds over on the due date. Is this something that everyone except me is aware of?

G_M

julianhodgearepants wrote: »

Is this something that everyone except me is aware of?

No, not everyone......:T

Middle_Sister

My vantage accounts have been ticking along nicely for about a year but I just noticed I didnt get any interest for the month of October on 2 of my accounts. Seemingly it was because I didnt pay the money in Sept. Dont understand that because its worked every other month. Need advice about the dates my Standing Order is set for.
£1K goes out from No. 1 a/c on 28th of the month
Then I transfer £1K from No. 2 a/c to No. 3 a/c on 29th
Then I transfer £1K from No. 3 a/c to No. 4 a/c on 29th
Then I transfer £1K from No. 4 a/c to No. 1 a/c on 27th

What should I change to make sure I never miss out on my interest again?:(

innovate

Middle_Sister wrote: »

My vantage accounts have been ticking along nicely for about a year but I just noticed I didnt get any interest for the month of October on 2 of my accounts. Seemingly it was because I didnt pay the money in Sept. Dont understand that because its worked every other month. Need advice about the dates my Standing Order is set for.
£1K goes out from No. 1 a/c on 28th of the month
Then I transfer £1K from No. 2 a/c to No. 3 a/c on 29th
Then I transfer £1K from No. 3 a/c to No. 4 a/c on 29th
Then I transfer £1K from No. 4 a/c to No. 1 a/c on 27th

What should I change to make sure I never miss out on my interest again?:(

I would allow a lot more time in between the transfers, and never do them close to the end of the month.

Sept 29 was a Saturday - - often banks do not process anything until the next working day, which in this case was the next month.

Or you can do the transfers yourself manually, but again, I would not do it at weekends.

Middle_Sister

innovate wrote: »

I would allow a lot more time in between the transfers, and never do them close to the end of the month.

Sept 29 was a Saturday - - often banks do not process anything until the next working day, which in this case was the next month.

Or you can do the transfers yourself manually, but again, I would not do it at weekends.

Right oh. I've changed them now to come out on 22nd, 23rd, 23th & 25th Oct so hopefully that's okay. I'm still confused though. Does that mean if the day a DD needs to be paid is a Saturday it means it doesnt actually get paid till the Monday? I thought internet banking was instantaneous.

I-LOV-MONEY

If you are using the Faster Payments system (manual transfer) then it is 'instant' (except in the case of Tesco, which can take 10 / 15 minutes!).

Direct Debits tend to transfer on the next working day if due on a weekend.

innovate

Middle_Sister wrote: »

Right oh. I've changed them now to come out on 22nd, 23rd, 23th & 25th Oct so hopefully that's okay. I'm still confused though. Does that mean if the day a DD needs to be paid is a Saturday it means it doesnt actually get paid till the Monday? I thought internet banking was instantaneous.

Looks a bit better but you could still get caught out by weekends - e.g. if 22nd is Saturday, the transfer might not get made until the 24th - - or even 25th if Monday is a bank holiday. Since all your transfers are with Lloyds, however, you are probably ok.

This has been working for me w/o a hitch for a couple of years:
6th Halifax A to Halifax B
8th Halifax B to Lloyds A
15th Lloyds A to Lloyds B
22nd Lloyds B to Lloyds C
25th Lloyds C to another bank
29th another bank to Halifax A

chris1

innovate wrote: »

This has been working for me w/o a hitch for a couple of years:
6th Halifax A to Halifax B
8th Halifax B to Lloyds A
15th Lloyds A to Lloyds B
22nd Lloyds B to Lloyds C
25th Lloyds C to another bank
29th another bank to Halifax A

Not that it matters, but you could do the Lloyds on the same day if you're keeping more than £1K in them for the interest...

chris1

Middle_Sister wrote: »

Need advice about the dates my Standing Order is set for.
£1K goes out from No. 1 a/c on 28th of the month
Then I transfer £1K from No. 2 a/c to No. 3 a/c on 29th
Then I transfer £1K from No. 3 a/c to No. 4 a/c on 29th
Then I transfer £1K from No. 4 a/c to No. 1 a/c on 27th

What should I change to make sure I never miss out on my interest again?:(

If you have more than 1K in each, why not just set them all up for 1st of the month?

innovate

chris1 wrote: »

Not that it matters, but you could do the Lloyds on the same day if you're keeping more than £1K in them for the interest...

I am maxed out for interest purposes all month long, without the £1K. The £1K is just a sum of money that cycles through the accounts to meet the pre-reqs for the account perks / interest deals.