Access to cheques same day

Accumet8000

Hi guys,
I remember there was an advert on TV for a bank where when you paid in a cheque, you could access the funds the same day you paid it in and earned interest on the cheque the same day you paid it in as well, however I have forgotten which bank it is.

Could anyone help me out.
Thanks

hippey

It's Lloyds TSB (upto £1000)

But also Barclays do it on certain accounts

cifpower

That would be Barclays I believe if your credit status is good enough.

rb10

hippey wrote: »

It's Lloyds TSB (upto £1000)

They pay interest from the day of deposit, but unless it's from a personal Lloyds TSB account, you won't have instant access to the money.

• You can normally have instant access to your money when you pay Lloyds TSB personal cheques into your account.

• We will start crediting you with interest immediately when you pay in a cheque.*

From http://www.lloydstsb.com/media/lloydstsb2004/pdfs/ltsb_m54091_0808_web.pdf

Extant

Barclays does allow you to draw on uncleared cheques, but it is subject to status. It is not limited to Barclays cheques, though.

The typical amount is up to £1000, although some customers (Premier etc.) is higher.

i-Citizen

What i find funny is the customer service people dont know about this - I asked the Lloyds tsb lady "does the cheque go thorugh today" her reply being "no sir it will take 3-5 working days". Went home and found a nice cheque deposit of 1000 pounds.

Extant

i-Citizen wrote: »

What i find funny is the customer service people dont know about this - I asked the Lloyds tsb lady "does the cheque go thorugh today" her reply being "no sir it will take 3-5 working days". Went home and found a nice cheque deposit of 1000 pounds.

It will post to your account on the same day. She was likely referring to the clearing time.

ShelfStacker_3

Depends really. Regardless of bank, it's the sort of thing overdrafts were invented for - have one of those and you'll be A-OK.

Milarky

ShelfStacker wrote: »

Depends really. Regardless of bank, it's the sort of thing overdrafts were invented for - have one of those and you'll be A-OK.

Under '2-4-6' rule a cheque starts to earn interest from the 'second' working day after being paid in. At that point it also offsets any borrowing done via the overdraft. So you are able to draw against a cheque (in effect) up to the available overdraft from the 'second' working day. But beware that your overdraft is then used (and remains unavailable) for the next two working days (less time for individual banks like Nationwide and, I think, Halifax too) by which time the cheque is deemed 'cleared' anyway.