How is Kent Reliance for basic saving?

greenglide wrote: »

So they do do faster payments then but require overnight processing, probably requiring another institution to make the payments.

If they were using BACS it would take three days.

Kent Reliance is a pain the backside if you want access to your cash quickly!...their policy is anything but ‘Easy Access’ ,...IMHO.

If you withdraw, for example, £20k for transfer to your ‘nominated current account’ you must make the transaction before 1.30pm if you wish the money to appear in your nominated current account the NEXT day. You cannot make a normal transfer at any time on a WORKING day that will see the cash deposited in your nominated account that same day.

After 1.30pm you CANNOT make a normal transfer without changing the date of the transaction to the next WORKING day!

But wait,..it gets worse!...even if you authorize the transaction before 1.30pm the cash only appears in your nominated current account VERY late in the evening (certainly well after 5.30pm) of the next WORKING day.

Effectively, that means any transaction taking place (for example) at 11.00am on Friday morning will only see the cash available to you the following Tuesday morning!;....if you decided you need to withdraw your money after 1.30pm on Friday you then you’ll need to wait until Wednesday before you can do anything with it!

I’ve never come across an easy/instant access account that operates like that. My cash from Kent Reliance now resides with Ulster Bank (1.25% interest instant access account) where access back and forth truly is ‘instant’.

Kent Reliance Easy Access?...I don’t think so. I’m not tempted back by their latest 1.27% ‘Easy Access’ account.

Just for clarity:-... the money from Kent Reliance was simply being transferred to my bog-standard NatWest current Account;…the same account that the money came from in the first place.

The above is based purely on my own (very recent) personal experience of Kent Reliance which entailed about half a dozen sizeable withdrawals.

Uxb wrote: »

err......
The faster payments system does not guarantee payment that day
It only guarantees it by the end of the next working day.

Many people see the mainstream banks doing it in 2 hours and thinking that is the norm and that is how it is supposed to work......it isn't.

There are lots of building societies (if not most) who rely on external mainstream banks to do their payments processing for them who work in exactly the method that you describe.
I would indeed grant you that 1:30pm seems an early cut off time - most I've seen are later in the afternoon commonly the old end of banking time of 3:30pm or close of business time.

Its all a bit like me usually writing a set of minutes a day after the meeting and then on one occasion having to leave it a week and everyone now gets upset - well I simply stop writing them the day after from then on and strangely everyone is now happy.....

..err,

Kent Reliance appear to take the phrase “by the END of the next working day” to it’s extreme though!...in their case they mean ‘by midnight.’

youngretired wrote: »

I have never had an issue with my payments not being received by 5pm on the day of requesting the funds, as long as it is requested before 1.15pm. Even when our matured Regular Saver payments were sent via the branch, as long as it was before 1.15pm the money was in the accounts. We both bank with Santander and BOS.

I would admit the annoying thing with KRBS is that if after the cut off time then yes it will take longer, but you will know that you have missed the cut off as it will prompt you to amend the transfer day to the next working day (this is why if I need the funds by a specific day I set up future pending transfers therefore no risk of this).

…I’ve no idea why your experience of Kent Reliance is so much better than mine, but it obviously is.

However, the description I gave in my post #15 is 100% accurate and the delays were unerringly similar with EVERY transaction;…perhaps the delays are something to do with NatWest bank, but I really can’t understand how it could be.

Are different people's experiences of whether the money (requested before 1.15pm) arrives in the nominated bank the same day or next related to whether the transaction is more or less than £10k?

http://www.kentreliance.co.uk/support/taking-money-out

Up to £10,000 same day
Over £10,000 under £100,000 next working day