Principality 5.60% e-SAVER - 5-day ISO + BACS

ED wrote: »

Beware internal transfers FROM the recently launched e-SAVER of Principality Building Society apparently take up to 5 banking days to reach any other Principality account. It takes the same number of days as transfers to any external account done via BACS. The Society's Senior Member Services Manager has confirmed this to me. Anyone here able to explain if there is a technical reason for Internal transfers taking so long? Much interest could be lost (eg 77 pence per £1,000 in 5-day delay).

The good news, however, is holders of Principality FR Regular Saver Bonds, etc, can instruct (postally) immediate transfer upon maturity to the e-SAVER where the 5.60% gross rate will be earned same-day.

terms and conditions says can take "up to 5 working days for payments to reach your nominated account " while 5 days is a long time its no longer than receiving a cheque by post, paying it in and with most building societies not getting interest until the 3rd working day following receipt

e-saver FAQ says "Can I transfer money from existing Principality accounts?
You can transfer money from existing Principality accounts by writing to us with details of the amount you want to transfer, together with your account passbook remembering to quote your e-SAVER account number"

e-saver terms and conditons say 18. "Transfers from other Principality Building Society accounts are not permitted. The only exception to this is for transfers from the Postal Account. Requests for this must be received in writing"

"you couldnt have made it up" :rotfl:

ED wrote: »

bristolleedsfan - on launch-day, I noticed those contradictions, too, ha-ha! Hence my question to the Society. Shame internal transfers FROM (not to) the e-SAVER take up to 5 banking days, compared with the same-day arrival of Standing Orders from, say, Barclays Bank to Principality monthly savings accounts. If the Society had been able to offer same-day internal transfers, I would have moved funds from their matured Bond into e-SAVER, then each month internally transferred some of it to a new Regular Saver Bond. Seems no point if the funds will earn nil interest for up to 5 banking days (possibly + weekend) in the interim.

i agree "up to 5 working days" both for internal transfers and external transfers is makes it virtualy the same time as getting a cheque withdrawal through the post,paying it in and waiting for 3rd working day following receipt to get interest on

anyone know how this compares with other building society e-savers ie leeds bs and saffron bs