The best way to transfer money from one account to another?Watch
And I also intend on setting up a mini cash ISA as its a good idea to set away some savings whilst earning a decent bit of tax free interest (my student account interest is a lousy 0.1%). Anyone else set up an ISA aswell, how did ya find it?
You can do either a standard BACS transfer, or a CHAPS transfer. The former will take 3 days to complete, during which the money will be held by the bank and accruing interest for them (but there is no fee). The latter is a high-speed transfer, usually incurring a £20 fee - you will also have to pay the equivalent of 3 days interest. If the transfer is from two accounts at the same bank, the transfer is internal and should be instant with no charge.
If you tell the cashier or telephone you want to wire some money, they will assume a BACS transfer. Just tell them the account name, account number and sort code of the target account. All of these details should be on your cheque book (the sort code is 6 digits long, and is often in the form xx-xx-xx). The account number should be 8 digits long. The account name will be something like J J Bloggs.
I think that CHAPS is actually £25 + VAT
if you bank online you may be able to do an electronic transfer. talk to ur bank about it
can you do that even when they are at different banks?
yes. An electronic transfer is an incredibly broad term -- those things that I mentioned are all forms of electronic transfer.