The New Top Easy Access Savings Discussion Area

chris_the_bee

s71hj said:

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? 

Correct, and for 3 days over a weekend.

flaneurs_lobster

s71hj 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.

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 

Theoretically, and probably actually, yes you could make money this way.

You would also probably get your accounts shut down.

Old thread about it here

https://forums.moneysavingexpert.com/discussion/6085833/earning-interest-twice

And this is WAY OFF TOPIC of Easy Access Accounts.

taxman1234

Hope I haven't opened a Pandora's Box.
Think about it this way......aren't we all lucky we have this money to chop and change.

mebu60

taxman1234 said:

Hope I haven't opened a Pandora's Box.
Think about it this way......aren't we all lucky we have this money to chop and change.

The harder I worked and the more effort I devoted to financial matters the luckier I became (with apologies to Gary Player).

sheffieldeagle

I know it's dangerous to cross threads but just seen Topcashback are offering £25 for the Cahoot simple saver and sunny day saver. Apologies if it's already been mentioned.

Cheers

https://forums.moneysavingexpert.com/discussion/6635598/cashback-for-opening-bank-or-investment-accounts-including-cahoot#latest

s71hj

sheffieldeagle said:

I know it's dangerous to cross threads but just seen Topcashback are offering £25 for the Cahoot simple saver and sunny day saver. Apologies if it's already been mentioned.

Cheers

https://forums.moneysavingexpert.com/discussion/6635598/cashback-for-opening-bank-or-investment-accounts-including-cahoot#latest

Just to add this still sewmingly works even if you already have a simple saver. And thanks to the OP. Always nice to share good things like this with people who populate a thread which is in that broad area even if not precisely on thread

SickGroove

s71hj said:

sheffieldeagle said:

I know it's dangerous to cross threads but just seen Topcashback are offering £25 for the Cahoot simple saver and sunny day saver. Apologies if it's already been mentioned.

Cheers

https://forums.moneysavingexpert.com/discussion/6635598/cashback-for-opening-bank-or-investment-accounts-including-cahoot#latest

Just to add this still sewmingly works even if you already have a simple saver. And thanks to the OP. Always nice to share good things like this with people who populate a thread which is in that broad area even if not precisely on thread

How can this work if you've already got a simple saver please?

s71hj

SickGroove said:

s71hj said:

sheffieldeagle said:

I know it's dangerous to cross threads but just seen Topcashback are offering £25 for the Cahoot simple saver and sunny day saver. Apologies if it's already been mentioned.

Cheers

https://forums.moneysavingexpert.com/discussion/6635598/cashback-for-opening-bank-or-investment-accounts-including-cahoot#latest

Just to add this still sewmingly works even if you already have a simple saver. And thanks to the OP. Always nice to share good things like this with people who populate a thread which is in that broad area even if not precisely on thread

How can this work if you've already got a simple saver please?

As in you can apply for a second one

DodgerPot

SickGroove said:

s71hj said:

sheffieldeagle said:

I know it's dangerous to cross threads but just seen Topcashback are offering £25 for the Cahoot simple saver and sunny day saver. Apologies if it's already been mentioned.

Cheers

https://forums.moneysavingexpert.com/discussion/6635598/cashback-for-opening-bank-or-investment-accounts-including-cahoot#latest

Just to add this still sewmingly works even if you already have a simple saver. And thanks to the OP. Always nice to share good things like this with people who populate a thread which is in that broad area even if not precisely on thread

How can this work if you've already got a simple saver please?

I now have 2 Simple Savers 
Not intending to use the 2nd 

SickGroove

DodgerPot said:

SickGroove said:

s71hj said:

sheffieldeagle said:

I know it's dangerous to cross threads but just seen Topcashback are offering £25 for the Cahoot simple saver and sunny day saver. Apologies if it's already been mentioned.

Cheers

https://forums.moneysavingexpert.com/discussion/6635598/cashback-for-opening-bank-or-investment-accounts-including-cahoot#latest

Just to add this still sewmingly works even if you already have a simple saver. And thanks to the OP. Always nice to share good things like this with people who populate a thread which is in that broad area even if not precisely on thread

How can this work if you've already got a simple saver please?

I now have 2 Simple Savers 
Not intending to use the 2nd 

Interesting.....Can you do the same for the sunny day saver too, if you've already got one?