Doing a Bank Transfer

Folks,

I have 15k which I want to transfer from an account in one Irish bank to another. Main reason is the new account gives around same interest but also instant access to funds.

I can do either electronic transfer or get a draft and lodge it in new bank.

Is draft or electronic transfer better, i.e. If I lodge a draft does that mean my money is cleared straight away? thanks

No, a draft takes the same time to clear as a cheque

thanks- so does that mean if I transferred it electronically that the moment it appears in my new account it is there! just trying to avoid limbo period when I have it taken from the original account and not yet credited in new account as would seem to be case with draft.

See what mindset all this hassle with the banks gives u!

With most banks, they will start giving interest from the day a cheque is lodged.

Obviously, if the cheque does not clear they will take back any interest accrued.

I suppose what I am trying to establish is that between taking the draft out of one bank and then making the lodgement to the other bank does my money become "non existent" for a period. ie. its gone from one bank and not cleared into the new bank. And could the bank its being drawn from delay clearance of the funds into the new bank?

as I said earllier this is probably a stupid question but it all comes from the uncertainty that we are all sick of reading every day - thanks

If you do an electronic transfer it will not show in the other a/c for a few days anyway.
If you do it within the same bank it will show immediately, but that's a different story.