Chaps / Bacs

katies_mum

Hi

I`ve just opened the Northern Rock account and need to pay initial investment in, please can anyone tell me what is the difference between CHAPS and BACS. The other alternative is send a cheque.

Just want to send a payment from my bank account without incurring any charges.

Thanks.

Stavros_3

I pay by BACS from my HSBC account - no charge for that and its in the Northern Rock account within 30 mins Also see below

http://forums.moneysavingexpert.com/showthread.html?t=861597

katies_mum

Many thanks, I just wasn`t sure which was the chargeable one. Am I right in thinking its just the sort code they have sent me and the account number they have given me?? doesn`t seem enough info to me.

Stavros_3

They should have sent you their sort code which is 6 figures and starts 08, then your 8 numbered Northern Rock account number. If you bank on-line you should be able to set up a payment mandate from your nominated account

isofa

CHAPS is virtually immediate, but costs, around £25 a transaction.

BACS takes a few working days, normally no more than 3.

katies_mum

Thank you all for the replies, think I have done it... will be watching and checking carefully over the next few days.