Northern Rock to Nationwide to Kaupthing Edge

oshoshitzu

I want to transfer a substantial amount of money (by BACS) from my Northern Rock account to my Nationwide account then on to my Kaupthing Edge account.

If I start this transfer next Tue will the money be in my Kaupthing Edge account by Friday; or do I need a Monday to Friday to do this?

THANKS

fishingdobbie

I am transfering from NR to cahoot to kaupthing, I am transfering 10.000 at a time to try and minimise interest loss (I hope) So far it seems to take 8 working days, so I move from NR on Mondays, it gets to cahoot current acc by Thursday, I put it in my cahoot savings acc over the weekend, and send it to kaupthing on the Monday, it gets to kaupthing on the Thursday. I move again from NR on the Monday etc etc. What a ball ache

cundall

No quick way as we have a 5 day working week

Depending on how much your transferring... you could try CHAPS (about £30) for the first transfer and then BACS for the last one and you would get it done in 4/5 working days....

fishingdobbie

I don't know about your bank, but cahoot only supposedly allows transfers in and out of £5000, I did not know this and have been transferring £10000 at a time,they have never pulled me

10_66

fishingdobbie wrote: »

I don't know about your bank, but cahoot only supposedly allows transfers in and out of £5000, I did not know this and have been transferring £10000 at a time,they have never pulled me

I think the £5K limit is on transfers into Cahoot by DD (as opposed to BACS). I asked them quite a long time ago, when the limit was introduced. I've transferred more than this into my Cahoot account by BACS (and back out of it again when closing an account with one company to open one with another) without any problems.

fishingdobbie

I belive you are right,just remembered I closed an account with A&L and transfered £52.000 to cahoot no problem,thanks for reminding me

roddydogs

I think a lot of us will now be doing this as NR SS ac is now going down to 5.65% their doing a "ING" on us all mugs who stayed with them when everyone else was trying to transfer out-now whose the Mugs? PS i believe if you transfer on Sat or Sun, it dosent take effect till the Monday, useful if you cant get to a computer till say Tuesday. Please correct me if im wrong

alared

This is just another example of the greedy banks,still getting interest from your money while it`s in "mid air".
With the latest electronic transfers it shouldn`t take more than "next day" to transfer,after all it`s "instant" if you cough up and pay a "CHAPS" fee,which proves it can be done.
A speeded up process was due to start on 27th May but yet again the greedy banks are dragging their heels.
Don`t forget it was their obscene greed that has caused the "credit crunch",which of course they want US to bail them out of.

Dagobert

oshoshitzu wrote: »

I want to transfer a substantial amount of money (by BACS) from my Northern Rock account to my Nationwide account then on to my Kaupthing Edge account.

If I start this transfer next Tue will the money be in my Kaupthing Edge account by Friday; or do I need a Monday to Friday to do this?

NO - definitely not in a 4-day week, possibly not even in a 5-day week depending on how long a transfer from NR takes.

oshoshitzu

Dagobert wrote: »

NO - definitely not in a 4-day week, possibly not even in a 5-day week depending on how long a transfer from NR takes.

So using BACS it looks like Saturday and Sunday is unavoidable :mad:

liitleblackcat

I have done something similar from my NSI Direct ISA to Nationwide to Kaupthing starting on a Monday and making the second move on a Wednesday. It got to Kaupthing on the Friday. In your case, as it is a Bank Holiday next Monday, it would be better to leave it in your Nationwide account over the weekend and start the second move on the following Monday.

If I have to have a large amount in my Flexaccount with Nationwide for a short while, I always move it into their e-Savings which has 5.05% interest compared with 0.1% for anything over £3k in the Flexaccount, and then back out again when I need it.