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Good High Rate Savings account that sends and receives fast payments
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SparciaM
Posts: 586 Forumite
Does anyone know any good accounts that send and receive faster payments.
I have an ICICI account, but they only receive faster payments (supposedly) but not send them. I would like a good account 5%+ that you can send and receive using the faster payment scheme.
I have an ICICI account, but they only receive faster payments (supposedly) but not send them. I would like a good account 5%+ that you can send and receive using the faster payment scheme.
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Tesco Internet Saver is excellent!
It currently comes with a 1-year bonus taking it up by 1.5% to 6.25%.
This is only slightly less than the top instant access savings account but has the advantage that you can make Fast Payments to any destination you like. You can set up an unlimited number of payments.
Whether the recipient accepts Faster Payments is indicated before you confirm payment.
Sign up via LoyaltyShopper to get £12 cashback - see MSE referral thread.Dagobert0 -
I think Birmingham Midshires saving account also accepts faster payments.
MS0 -
A lot of 'high interest' accounts seem to accept faster payments, but hardly any seem to send them - I've only heard of the Tesco one, anyone heard of any others?0
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Tesco Internet Saver is excellent!
It currently comes with a 1-year bonus taking it up by 1.5% to 6.25%.
This is only slightly less than the top instant access savings account but has the advantage that you can make Fast Payments to any destination you like. You can set up an unlimited number of payments.
Are you a Tesco Internet Saver user yourself Dagobert or did you get this info from their T&C?
I just checked the Tesco Internet Saver page and it says:
"You can withdraw your money at any time. This will have to be transferred to a nominated account."
And in the T&C it says:
"Withdrawals may be made by direct payment to any other UK bank account."
But I can't find any info about the number of nominated accounts that's allowed. I'm primarily interested in whether I can have more than one nominated account (one current a/c and one regular saver - so I should fund the Tesco a/c with my current a/c which then drip feed my regular saver).
Any comment/advice will be appreciated!0 -
I am.mariaaaa wrote:Are you a Tesco Internet Saver user yourself Dagobert or did you get this info from their T&C?
I assume the statements you found about nominated accounts was a cut and paste error on Tesco's side.
I can assure you that you do not need to nominate any accounts (just during the application and this is completely irrelevant later). You can operate this savings account like a current account as far as setting up payments is concerned.Dagobert0 -
if you got a lloyds/ tsb current account, and you got a coventry savings/ current account only worth it in the first year as you get the bonus,
they both accept faster payments.
lloyds/tsb classic plus 6% at the mo by the way.0 -
So do we conclude that Tesco is the only one then? (i.e. the only high interest account to be able to SEND faster payments?)0
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Currently, only RBS is fully capable of sending Faster Payments.So do we conclude that Tesco is the only one then? (i.e. the only high interest account to be able to SEND faster payments?)
HSBC also seems to have increased their threshold although I do not know whether all payments are done via FP.
Not many savings accounts exist that allow you transfers to non-linked accounts anyway! Most instant access accounts are operated via one nominated current account. None of the web saver accounts that often come with current accounts have table topping rates.
Tesco uses RBS as clearing bank. Unless you find some other high interest account using RBS or HSBC, Tesco is the only one.Dagobert0 -
It does but payments out should be via BACS. They use Barclays as clearing bank and as far as I am aware they are still sending via BACS.william007 wrote: »I think Birmingham Midshires saving account also accepts faster payments.
Also, the account is restricted to one linked current account. No other destinations for pay-outs.Dagobert0
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