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How much hastle will it be?

to move £1,600 from ING Direct to Cahoot Savings account?
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Comments

  • derrick
    derrick Posts: 7,424 Forumite
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    If I am not mistaken you need to set up a link from a current account to move money into Cahoot, and as ING is not a bank you would need to move your money from ING into your nominated bank account then from that account to your Cahoot account,assuming that account is linked to Cahoot.
    Don`t steal - the Government doesn`t like the competition


  • From Halifax Current Account ( Mine pays 3%) to Halifax Websaver ( Pays 4.9%) it does the transfer , either way, instantaneously on line.  No hassle.
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  • mary
    mary Posts: 1,585 Forumite
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    If I am not mistaken you need to set up a link from a current account to move money into Cahoot, and as ING is not a bank you would need to move your money from ING into your nominated bank account then from that account to your Cahoot account,assuming that account is linked to Cahoot.

    Correct. That's what I do.
    From Ing via current a/c with Lloyds and then on directly to Cahoot Savings Account. You can get the sort code to put money directly into the Cahoot Savings Account
  • johnllew
    johnllew Posts: 1,928 Forumite
    Why not open a Cahoot current account, transfer by BACS from ING to that a/c (two days loss of interest), and then instantaneous transfer from Cahoot c/a to Cahoot Savings a/c (no loss of interest). Using another bank's current account will just complicate things.
  • System
    System Posts: 178,227 Community Admin
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    John, your method sounds soooo much easier, but i have one confession...... Whats BACS?  How do i go about using this system?

    *is totally thick ignorant where money is concerned as she only knows how to spend*
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • dunstonh
    dunstonh Posts: 118,602 Forumite
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    John, your method sounds soooo much easier, but i have one confession...... Whats BACS?  How do i go about using this system?

    *is totally thick ignorant where money is concerned as she only knows how to spend*

    Banking automated clearing system. You use this every time you have a standing order go out or a transfer outside of your branch is made or when an institution wants to send you money and asks for your bank details.

    Money arrives cleared on third day (debited monday, credited wednesday for example).
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Milarky
    Milarky Posts: 6,356 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    johnllew's suggestion cannot work, I'm afraid, as ING controls the process, and only make payment's to your nominated bank account. [You can have up to 3 but they must be 'chequebook' accounts, as this is how they establish you are using your own money to pay in] If your bank a/c was with cahoot it would be fine, of course.

    mary's is the 'correct' method: 1) Ask ING for a withdrawal to your current a/c - payment takes two days if requested on a Monday Tuesday or Wednesday - so 2 days loss of interest. 2) Ask cahoot to collect that amount by direct debit - must allow 4 working days for this but since they are collecting by DD there is no loss of interest as the money sits in your current account until the day it 'crosses' and appears in the cahoot account.

    Now all very complicated, I agree, but these accounts all have their 'querks' and we just have to take the time to sit down and puzzle them out.

    There is the alternative of paying into cahoot, which is to use the 'bill payment' method [aka 'BACS'] once the ING money reaches your bank - but this does entail a further loss of at least 2 days more interest - and it varies from bank to bank.

    Can I suggest Judi starts the ball by requesting a cahoot credit on Monday, and also on Monday she makes a future dated request to ING [which is possible] to transfer out to her current account on Wednesday - reaching it on Friday, the day that cahoot ought to collect.? That ought to work but she would need to ensure that her bank overdraft limit was enough to allow for the withdrawal of the money going to cahoot [eg £500] because otherwise collection will not occur even if the ING credit arrives on the same day. As she wishes to move 1600, she could move the money from ING on Tuesday instead - have it sat in her bank for one day and cahoot will take that sum without incident
    .....under construction.... COVID is a [discontinued] scam
  • System
    System Posts: 178,227 Community Admin
    10,000 Posts Photogenic Name Dropper
    My nominated bank account would be the bank account i set up (the one they set up the Direct Debit with wouldnt it?). I still dont know why they insist on opening a Direct Debit in the first place. ??? Blimey this is complicated, far more complicated than moving it from a normal bank savings account.

    *sighs and gets on with the task in hand*
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • johnllew
    johnllew Posts: 1,928 Forumite
    johnllew's suggestion cannot work, I'm afraid, as ING controls the process, and only make payment's to your nominated bank account. [You can have up to 3 but they must be 'chequebook' accounts, as this is how they establish you are using your own money to pay in] If your bank a/c was with cahoot it would be fine, of course.
    I suggested opening a Cahoot current account; once that was done it could be named as one of your nominated accounts at ING and a withdrawal request made (ING would make the transfer using the BACS system). What's wrong with that?

    Apart from the time taken to open the account, my way would appear to be more efficient than some of the other methods suggested.
  • mary
    mary Posts: 1,585 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Milarky

    Can you explain the difference between (A)

    :
    2) Ask cahoot to collect that amount by direct debit - must allow 4 working days for this but since they are collecting by DD there is no loss of interest as the money sits in your current account until the day it 'crosses' and appears in the cahoot account.

    I thought you should only use Direct Debits when it was for a regular monthly payment, like the council tax. In Judi's case, it's a simple transfer of a one off lump sum.
    In addition you say
    there is no loss of interest as the money sits in your current account until the day it 'crosses' and appears in the cahoot account
    .
    If my money is languishing in my current account with Lloyds I get peanuts on such occasions, so effectively there is a loss of interest then

    and (B)
    There is the alternative of paying into cahoot, which is to use the 'bill payment' method [aka 'BACS'] once the ING money reaches your bank - but this does entail a further loss of at least 2 days more interest - and it varies from bank to bank.

    Surely you lose 4 days on both occasions whether by Direct Debit or BACS?
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