Sainsburys Internet Saver - Can you set up a Direct Debit?

firsttimetom

Hi All,

I want to transfer some money out of my Sainsburys Internet saver and into an Icesave fixed rate account for 6 months to a year. the main reason for this is the impending interest rate cuts we are set to see.

However I dont want to go Sainsburys > Halifax Current Account > Icesave as i'll lose a fair few days interest, so is it possible to set up a direct debit on my sainsburys to fund my Icesave account?

I have had a quick scoot around the Sainsburys website but to no avail.

Thanks in advance.

northernsparky

firsttimetom wrote: »

However I dont want to go Sainsburys > Halifax Current Account > Icesave as i'll lose a fair few days interest, so is it possible to set up a direct debit on my sainsburys to fund my Icesave account?

While it will not be as simple, you should not lose any interest on the transfer from Sainsbury's to the Halifax. If the Icesave system DD is like the one at B&B ( which I am told it is ) you should not lose any interest on the transfer to Icesave - you should only have to wait until the funds clear before you can do an internal transfer to the fixed rate accounts at Icesave.

I have just applied for the Icesave account, but have to wait 8 days for the DD to be set up - hope the fixed rates are still around

JohalaReewi

With Sainsburys saver, you can create manual payments which allow you to send the money to any bank account (so you could do Sainsbury > Icesave). However, you can't automate these so you would have to log into Sainsburys each month and fire one off.

You can't set up a direct debit on a Sainsbury saver account (it's not a current account) so not an option that way.

firsttimetom

Thanks for the replies.

will my Icesave account accept a transfer in though. As far as im aware the only way to fund an icesave account is through a direct debit.

northernsparky - why wont i lose interest going from sainsburys to Halifax? Is it because the are part of HBOS?

northernsparky

firsttimetom wrote: »

Thanks for the replies.

will my Icesave account accept a transfer in though. As far as im aware the only way to fund an icesave account is through a direct debit.

northernsparky - why wont i lose interest going from sainsburys to Halifax? Is it because the are part of HBOS?

Transfers from Halifax=>Sainsbury's are instant, and Sainsbury's=>Halifax are overnight - why not give it a try

firsttimetom

Thanks. guys.

Much appreciated.

tradetime

As far as I know from my Icesave you cannot make payments into it from anywhere other than the account which is linked to it, and, (not sure about this bit) I believe it has to be a current account. Unless I am missing something in mine (which is very possible) you are missing a key piece of information, namely a sort code, I cannot see one anywhere on my Ice account summary.

hra_2

You can transfer into Icesave by CHAPS and also by cheque: see
http://www.icesave.co.uk/fixed-rate-savings-questions.html
and look under "How do I make my lump sum deposit".

For CHAPS, the details are:

"Our Account Number: 80469947
Our Sort Code: 20-32-53
Beneficiary: Icesave

Please ensure your bank or building society correctly quotes your reference number or account number when making the transfer as any error could result in a delay in allocating the money to your account and could result in the transfer being returned."


Depositing via CHAPS and cheque is also possible for Easy Access accounts: the info is on
http://www.icesave.co.uk/easy-access-savings-questions.html
see "How do I make my initial deposit". (It seems to apply if the funds are not literally your first deposit, or it did for me last month!)

tradetime

Seems that applies to an initial deposit. Though for the OP that would allow him to move his money more efficiantly as to a fixed term account since it would be an opening deposit, shame I didn't see that

Once you've made your initial deposit all further deposits are made by Direct Debit from your nominated account (which you set up as part of your application process). To make further deposits this way simply log in to your account select 'Make a Transaction' and follow the simple instructions.