Maximising Interest for Regular Savers

khalid

Hi fellow MSEs,

Like me, some of you savers may have recently opened both a Barclays Monthly Savings (7.75% AER) and a Halifax Regular Saver (10% AER) account. I would be grateful if someone could help answer a few questions I have relating to both of these accounts.

1) What is the earliest date that money can be transferred into the savings account? Is it the first day of each calendar month or the monthly anniversary e.g. 11th of each month?

2) Can you only fund the account with a standing order or is it possible to move money from a current account held with the same banking establishment online?

3) When money is being transferred using a standing order, how long does the process take from a current account (a) with the same banking establishment (b) from a different banking establishment?

Unfortunately, every time I contact Barclays/Halifax, I seem to get a trainee who doesn’t seem to know the answer to these questions or give me much confidence that they have given me the correct answers.

Please clarify which bank account your answer relates to, as I am sure that the rules are different for both accounts.
Many thanks :money:

LucyTheDwarf

For the Halifax account:

1. You can fund the account on the first of each month - the earlier you get it in the better!

2. You can send funds via BACS or standing order from any bank account that allows you to make BACS payments. You can make more than 1 payment per month, provided the total paid in in any calendar month is no more than £500.

3. Standing orders take 2 to 3 days from a different banking establishment, but with the faster payments being rolled in, this should improve in the near future. Within Halifax, standing orders are immediate. I can vouch for standing orders from HSBC to Halifax - same day

Hope this helps

guli

LucyTheDwarf wrote: »

For the Halifax account:

1. You can fund the account on the first of each month - the earlier you get it in the better!

2. You can send funds via BACS or standing order from any bank account that allows you to make BACS payments. You can make more than 1 payment per month, provided the total paid in in any calendar month is no more than £500.

3. Standing orders take 2 to 3 days from a different banking establishment, but with the faster payments being rolled in, this should improve in the near future. Within Halifax, standing orders are immediate. I can vouch for standing orders from HSBC to Halifax - same day

Hope this helps

Not true,

Standing orders from HSBC to Halifax is not same day - SO is not part of faster payment yet.

I did a SO from HSBC to Halifax RS yesterday - definitely not same day....

guli

http://news.bbc.co.uk/1/hi/business/7411338.stm

chris1

guli wrote: »

http://news.bbc.co.uk/1/hi/business/7411338.stm

Even this is not up to date - for example you can't send Lloyds faster payments online yet.

chris1

khalid wrote: »

3) When money is being transferred using a standing order, how long does the process take from a current account (a) with the same banking establishment (b) from a different banking establishment?

They say to allow three days from another banking establishment, but sometimes it takes less, two days by BACS, and of course faster payments are coming. As has been reported elsewhere on these boards, generally speaking it's better not to send your payment from anywhere until 1st of the month, because you might incur penalties if you inadvertently make two payments in a single month.
HTH

LucyTheDwarf

guli wrote: »

Not true,

Standing orders from HSBC to Halifax is not same day - SO is not part of faster payment yet.

I did a SO from HSBC to Halifax RS yesterday - definitely not same day....

Mine was :eek:

And I'm obsessive about checking my online bank accounts...

guli

So am I.

Are you sure you did a set up a "standing order" or just "make a payment"?

In HSBC online banking, setting up a "standing order" is on the same page as listing your direct debits and standing orders, not "making a payment" page.

Thanks

LucyTheDwarf

Definitely a standing order.