I have just defected from ING due to the savings rate being cut & have now opened a Cahoot Savings a/c - gross 4.98%.

In order to at least minimize the amount of lost interest due to moving the money from ING to my bank a/c then to Cahoot - Please can anyone clarify the following:

With cahoot if you want to transfer a value you have to give a date 4 working days in advance when the transfer will go through. I noticed the initial £1 deposit taken from my bank account appeared in the Cahoot account on the same day.

Can anyone out there with a Cahoot account confirm if that is what happens during a normal funds transfer from a bank account to Cahoot?

At present my money is in ING which will take 3 working days to transfer to my bank a/c so could I arrange both the ING and Cahoot transfers on the same day so the money from ING gets into my account 3 days later and then Cahoot take the money on the 4th day and it will be credited the same day?

Or do Cahoot request the money from my bank a/c earlier than the 4th day so if the funds hadn't reached my account from ING yet so the bank would refuse the request from Cahoot?

Confused please help.

was it taken from an abbey national account?- if so it would appear on the same day as they are the same institution.

Big al

Hi Big Al.

No my a/c is barclays.

I'm with barclays and cahoot, if I transfer money from barclay to cahoot. It takes 4 days easily. It's a right pain - I don't know if barclays or cahoot is the culprit, but it's your standard banking thievery at work.
If you want to have same-day transfers, arrange a CHAPS transfer in your branch. This will cost you some money unless you have a bells-n-whistle account.
Don't forget too keep your cash in the barclays e-savings account while you sort out your transfer. It gives you something like 4% compared to the near zero % you get from your current account.

You should also beware of money laundering regulations. If they see more than £10,000 then they will be obliged to at least consider that you could be laundering money. If they decide to tell the NCIS then they are not allowed to do anything with the money and not allowed to tell you why the money is in limbo. I found this when transferring the house proceeds into ING. They did pay interest for that week but the money was in limbo for a week.

If you have more than £30K you may want to spread your cash round a few accounts as the government will guarantee 90% of your funds up to £35K. But you probably knew that any way.

thanks was aware of spreading the money. was under the impression that you only needed to spread across a/cs if the bank had a chance of getting into difficulties - surley this would not be the case with Cahoot part of Abbey?.

sorry if I am sprouting rubbish maybe I am no so well informed as you but would welcome any comments you may have.

thanks do not have the e-saver but may well considor opening up one for the furture if I have to keep moving money from saving a/c to saving a/c.