BMS or Tesco to Halifax 10% RS?

pfpf

hello.

this savings malarky is not normally my thing but i have just opened the halifax 10% RS account.

whats the best way to fund it? i currently have most of my savings in Icesave (6.05% doesnt seem that great anymore) from which i can only withdraw to "nominated" accounts.

it would be wasteful to send from Icsave - Lloyds - RS surely?

i have been looking around the forums and seen:

Birmingham Midshires e-Saver Account (Issue 2) paying 6.51%

and:

Tesco Internet Saver paying 6.25%

are these suitable accounts to leave a lump sum in to feed the RS?

i was under the impression that these accounts can only send/recieve money from nominated accounts? is it possible to use "faster payments" from these accounts to the RS or at least be able to set up a SO, if its only the SO option does that get sent to the RS "faster"?

thanks for your time, i really am a bit dim when it comes to this stuff.

cheers.

pfpf

ok, i guess the lack of a single reply means either no one knows or its a subtle hint to find out for myself :rolleyes: :eek:

pfpf

having done a little reading, i am now looking for someone who has a Tesco account.

on this page:

http://www.tescofinance.com/personal/finance/savings/savingsaccounts/internetsaver/index.jsp

it states:

You can withdraw your money at any time. This will have to be transferred to a nominated account.

but here:

http://www.tescofinance.com/personal/finance/savings/savingsaccounts/terms-and-conditions.html

it says:

Withdrawals may be made by direct payment to any other UK bank account.

so will the Tesco account do what i have asked in the OP?

thanks.

YorkshireBoy

Tesco offers FP's out, and can send to any account...

http://forums.moneysavingexpert.com/showpost.html?p=11582283&postcount=2

8%+ average interest means it's worth losing a bit of interest whilst the money is in transit...

http://forums.moneysavingexpert.com/showpost.html?p=11612097&postcount=5

pfpf

YorkshireBoy wrote: »

8%+ average interest means it's worth losing a bit of interest whilst the money is in transit...

thanks alot.

what do you mean by the above though? would anything be lost in transit from Tesco to Halifax using FP?

YorkshireBoy

pfpf wrote: »

what do you mean by the above though?

If you choose a feeder account that doesn't offer FP's out (at least not initially) it's STILL worth it...as shown in the example in the linked post.

would anything be lost in transit from Tesco to Halifax using FP?

Dagobert's post (linked above) says Tesco offer FP's out, and you're informed at the initiation stage if the receiving account accepts FP's (because it'll show the date of arrival). So all you need to do is ascertain whether the Halifax Regular Saver sort code (probably the same branch sort code as your existing Halifax accounts/current account...mine is) accepts FP's and you'll have the answer to your question.

pfpf

yep, the Halifax sort code accepts FP. thanks again.