Internet Savings accounts & BACS deposits

baldbloke_2

I have an Egg Savings Account - although I imagine this simple question applies to most internet only accounts.

Can you have monthly interest from a BS or bank Fixed-Rate Bonds paid directly into an Egg Savings account or similar.

It seems an unnecessary added step to have to deposit it to a current account first and then transfer it again. I shall be using the money saved from the interest at various times during the year but not on a reular monthly basis and so don't need it sitting around in a current account - which pays no interest.
The internet accounts such as egg that offer deposits by BACS seem to only refer to transfers from your own bank account but presumably other organisations can perform the same kind of BACS deposit/transfer.

Sorry if I have made this sound more complicated than it really is.

Milarky

Generally the interest options include payment to a 'bank account'. These go via BACS and, since Egg internet savings has sort code and unique (to you) eight digit account number there is no reason your request to pay interest in this way directly cannot be met. I would say this will work therefore.

[BTW if they insist on paying to your current account direct - typical of 'internet saver' type accounts that link for payments in and out - then you can use your debit card to make an instant deposit of any amount - not simply the interest amount received - from all your current accounts - which accomplishes the same thing almost]

baldbloke_2

Thanks for that. I shall have 5 of these monthly interest deposits and wanted to avoid so many deposit and transfer transactions having to take place - but I agree the debit card option will do - I have always used it with Egg and find it most satisfactory.