The New Top Easy Access Savings Discussion Area

janusd

CuparLad said:

Rheumatoid said:

People have said this about Natwest as well but I can find no way to pay over 20k even though I have biometrics enabled.

https://www.ulsterbank.co.uk/support-centre/general-banking-information/general/what-are-the-payment-limits.html

fwiw, I did this yesterday with Ulster, transferring £25k back to my main current account and then ultimately onto Zopa... my limits are set @ 20k with Ulster (biometrics enabled), but when I entered £25,000 to send to my external current account, it when through fine - you just need to answer a couple of questions in the app.

Rheumatoid

CuparLad said:

Rheumatoid said:

People have said this about Natwest as well but I can find no way to pay over 20k even though I have biometrics enabled.

https://www.ulsterbank.co.uk/support-centre/general-banking-information/general/what-are-the-payment-limits.html

That's what it says but I still can't set a payment limit above 20k in Ulster or NW. I am registered for biometrics on both and NW certainly have my address verified as I have been with them since 1983!

Rheumatoid

janusd said:

CuparLad said:

Rheumatoid said:

People have said this about Natwest as well but I can find no way to pay over 20k even though I have biometrics enabled.

https://www.ulsterbank.co.uk/support-centre/general-banking-information/general/what-are-the-payment-limits.html

fwiw, I did this yesterday with Ulster, transferring £25k back to my main current account and then ultimately onto Zopa... my limits are set @ 20k with Ulster (biometrics enabled), but when I entered £25,000 to send to my external current account, it when through fine - you just need to answer a couple of questions in the app.

Ahhh, maybe I will try that then.

taxman1234

I always wonder with all our switching back and forth do we actually lose out on a day's interest without knowing ?

flaneurs_lobster

taxman1234 said:

I always wonder with all our switching back and forth do we actually lose out on a day's interest without knowing ?

Monies need to be on deposit overnight to earn interest. Loss of interest happens when an institution's processes mean that monies are not available same-day in the credited account. 

So yes, you may lose a day's interest (or more) by moving funds.

No, you should be aware of the processing delays imposed by particular institutions.

s71hj

flaneurs_lobster said:

taxman1234 said:

I always wonder with all our switching back and forth do we actually lose out on a day's interest without knowing ?

Monies need to be on deposit overnight to earn interest. Loss of interest happens when an institution's processes mean that monies are not available same-day in the credited account. 

So yes, you may lose a day's interest (or more) by moving funds.

No, you should be aware of the processing delays imposed by particular institutions.

So presumably they all action this based on precisely midnight? So if the money was in the account at midnight it gets interest for the day that is ending? , or the one that is starting (I truly apologise if this is a silly question BTW!) 

flaneurs_lobster

s71hj said:

flaneurs_lobster said:

taxman1234 said:

I always wonder with all our switching back and forth do we actually lose out on a day's interest without knowing ?

Monies need to be on deposit overnight to earn interest. Loss of interest happens when an institution's processes mean that monies are not available same-day in the credited account. 

So yes, you may lose a day's interest (or more) by moving funds.

No, you should be aware of the processing delays imposed by particular institutions.

So presumably they all action this based on precisely midnight? So if the money was in the account at midnight it gets interest for the day that is ending? , or the one that is starting (I truly apologise if this is a silly question BTW!) 

Nominally yes, in actuality each institution will have a cutoff time sometime before midnight (actually more than one for different interfaces and lines of business) after which any transactions will be queued for action on the next day.

The overnight processes that include crediting interest will then run and at some point after midnight the system rolls dates to be ready for that day's actions.

s71hj

flaneurs_lobster said:

s71hj said:

flaneurs_lobster said:

taxman1234 said:

I always wonder with all our switching back and forth do we actually lose out on a day's interest without knowing ?

Monies need to be on deposit overnight to earn interest. Loss of interest happens when an institution's processes mean that monies are not available same-day in the credited account. 

So yes, you may lose a day's interest (or more) by moving funds.

No, you should be aware of the processing delays imposed by particular institutions.

So presumably they all action this based on precisely midnight? So if the money was in the account at midnight it gets interest for the day that is ending? , or the one that is starting (I truly apologise if this is a silly question BTW!) 

Nominally yes, in actuality each institution will have a cutoff time sometime before midnight (actually more than one for different interfaces and lines of business) after which any transactions will be queued for action on the next day.

The overnight processes that include crediting interest will then run and at some point after midnight the system rolls dates to be ready for that day's actions.

Makes it sound like, at least hypothetically there could be a way to make money by earning interest on the same money twice or even more times from multiple institutions 

chris_the_bee

flaneurs_lobster said:

s71hj said:

flaneurs_lobster said:

taxman1234 said:

I always wonder with all our switching back and forth do we actually lose out on a day's interest without knowing ?

Monies need to be on deposit overnight to earn interest. Loss of interest happens when an institution's processes mean that monies are not available same-day in the credited account. 

So yes, you may lose a day's interest (or more) by moving funds.

No, you should be aware of the processing delays imposed by particular institutions.

So presumably they all action this based on precisely midnight? So if the money was in the account at midnight it gets interest for the day that is ending? , or the one that is starting (I truly apologise if this is a silly question BTW!) 

Nominally yes, in actuality each institution will have a cutoff time sometime before midnight (actually more than one for different interfaces and lines of business) after which any transactions will be queued for action on the next day.

The overnight processes that include crediting interest will then run and at some point after midnight the system rolls dates to be ready for that day's actions.

Cahoot for instance is about 8pm, NatWest is 6.30pm.

s71hj

chris_the_bee said:

flaneurs_lobster said:

s71hj said:

flaneurs_lobster said:

taxman1234 said:

I always wonder with all our switching back and forth do we actually lose out on a day's interest without knowing ?

Monies need to be on deposit overnight to earn interest. Loss of interest happens when an institution's processes mean that monies are not available same-day in the credited account. 

So yes, you may lose a day's interest (or more) by moving funds.

No, you should be aware of the processing delays imposed by particular institutions.

So presumably they all action this based on precisely midnight? So if the money was in the account at midnight it gets interest for the day that is ending? , or the one that is starting (I truly apologise if this is a silly question BTW!) 

Nominally yes, in actuality each institution will have a cutoff time sometime before midnight (actually more than one for different interfaces and lines of business) after which any transactions will be queued for action on the next day.

The overnight processes that include crediting interest will then run and at some point after midnight the system rolls dates to be ready for that day's actions.

Cahoot for instance is about 8pm, NatWest is 6.30pm.

So if you move money from Natwest at 6.31 pm to Cahoot, you could earn interest on the same money in 2 places?