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HBOS to Lloyds

How long would it take if i issue a cheque from my HBOS account to LLoyds? How many days interest would be lost?

Also, I think they both are into faster payments. Does that mean, if I make a payment tomorrow (Monday), it'd be in the other account by Tuesday (1 day interest lost)?

Thanks xx

Comments

  • Masomnia
    Masomnia Posts: 19,506 Forumite
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    If it's by cheque then it's still three working days I think.

    And isn't tomorrow a bank holiday?
    “I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse
  • G_M
    G_M Posts: 51,977 Forumite
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    They both use FPs so if you send it today it should be there within the hour (usually minutes).

    Might not appear online till Tuesday (next bank day) but should be dated today.
  • superstar_2
    superstar_2 Posts: 2,104 Forumite
    Thanks.

    I have not used FP before, can this be done online on HBOS. Do you just transfer money as usual? There is no faster payment tab/icon though. Sorry, if this is something very obvious.
  • How many days interest would be lost?
    None - you might even 'gain' days; Lloyds start crediting interest on the day the cheque is paid in (it won't be available for withdrawals immediately however.)
    Conjugating the verb 'to be":
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  • Milarky
    Milarky Posts: 6,356 Forumite
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    edited 13 April 2009 am30 7:03AM
    G_M wrote: »
    They both use FPs so if you send it today it should be there within the hour (usually minutes).

    Might not appear online till Tuesday (next bank day) but should be dated today.
    I found this with Lloyds - making a FP from Halifax on a Saturday, it arrived 'instantly' alright, but with Monday's date on it. This is actually one instance where you can lose interest by Faster Payment. But, as said above, if you pay a Halifax cheque into a personal Lloyd's current account, and time it right, you can get interest for four days in both places, due to clearing and Lloyds particular treatment of cheques upto £1000 per day..

    [It shouldn't happen if they were really a single organisation as they are on paper - ie cheques should 'clear' instantly on both sides - but they remain separate in practice and that could be years off - maybe never - happening]
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  • Milarky wrote: »
    I found this with Lloyds - making a FP from Halifax on a Saturday, it arrived 'instantly' alright, but with Monday's date on it. This is actually one instance where you can lose interest by Faster Payment. But, as said above, if you pay a Halifax cheque into a personal Lloyd's current account, and time it right, you can get interest for four days in both places, due to clearing and Lloyds particular treatment of cheques upto £1000 per day..

    [It shouldn't happen if they were really a single organisation as they are on paper - ie cheques should 'clear' instantly on both sides - but they remain separate in practice and that could be years off - maybe never - happening]

    Hi Milarky!

    So am I right if I were to do a transfer (by cheque), i.e., write a HBOS cheque and bank it in Lloyds on Friday; I will start earning interest on Friday - and the HBOS account will only be debited on early morning the following Tuesday?
  • superstar_2
    superstar_2 Posts: 2,104 Forumite
    edited 13 April 2009 pm30 9:10PM
    None - you might even 'gain' days; Lloyds start crediting interest on the day the cheque is paid in (it won't be available for withdrawals immediately however.)

    If I issue a HBOS cheque say dated tomorrow to Lloyds bank, when will the money be out of HBOS (i.e. no more interest on that money)

    Lloyds credits the first £1000 on that same day and the rest in 2 working day. I need to transfer at least 6K, so trying to see which would be best way.

    Thanks. xxx
  • Mikeyorks
    Mikeyorks Posts: 10,377 Forumite
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    superstar wrote: »
    . I need to transfer at least 6K, so trying to see which would be best way.

    FP is not a valid option then ...... as HBOS are operating immediate payments to an upper limit of £1k (and even that lowly limit is a bit uncertain).

    Cash (would need notice) or CHAPS .... if you're desperate. Perversely - cheque otherwise.
    If you want to test the depth of the water .........don't use both feet !
  • superstar_2
    superstar_2 Posts: 2,104 Forumite
    Mikeyorks wrote: »
    FP is not a valid option then ...... as HBOS are operating immediate payments to an upper limit of £1k (and even that lowly limit is a bit uncertain).

    Cash (would need notice) or CHAPS .... if you're desperate. Perversely - cheque otherwise.

    Knew about the 1k upper limit on HBOS which made things harder. I think I would just issue a cheque to the account.

    Thanks!
  • Milarky
    Milarky Posts: 6,356 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    But does the limit apply to separate accounts? If not then you can make further payments to third-party current accounts you hold and redirect from them to Lloyds
    .....under construction.... COVID is a [discontinued] scam
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