Faster Payments - for Savings

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MoneySavingNovice
MoneySavingNovice Posts: 435 Forumite
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in Savings & investments
Hello,

Does any-one know of a high paying savings account (2% +) which will allow you both to make and receive 'Faster Payments'?

I can't find any at all, but I'm hoping some-one else might.

The reason I want this is I have a a couple of thousand which I want to keep for an emergency. If you have an emergency you do tend to need the money at once rather than have to wait for the BACS system.

Thanks to all the constructive people in advance for your help / suggestions
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  • Jake'sGran
    Jake'sGran Posts: 3,269 Forumite
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    I have a current account with SMILE banking and they make fast payment but as they say, they cannot do anything about banks etc paying me and taking 3-4 days. The only guaranteed "quick way" is a CHAPS transfer but you always have to pay for this. All banks were supposed to start making quicker payments and there is no reason why they can't, but they drag their feet because they have managed to get away with it so far. It really annoys me. By the way Smile pays lousy rates of interest.
  • jem16
    jem16 Posts: 19,400 Forumite
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    MoneySavingNovice wrote: »
    Hello,

    Does any-one know of a high paying savings account (2% +) which will allow you both to make and receive 'Faster Payments'?

    Tesco Internet saver

    http://www.tescofinance.com/personal/finance/savings/savingsaccounts/internetsaver/index.jsp
  • Jake'sGran
    Jake'sGran Posts: 3,269 Forumite
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    I'm curious about the last response. How does Tesco influence whoever is paying into one's account e.g. another bank or building society to do it quickly?
  • Speculator
    Speculator Posts: 2,225 Forumite
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    Just make sure the receiving Bank/BS can receive Faster payments by entering their sort code into the APACS sortcode checker...

    http://www.apacs.org.uk/sortcodechecker/index.html
  • opinions4u
    opinions4u Posts: 19,411 Forumite
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    Don't forget to consider the bank you have your main current account with.

    If they meet your interest rate requirement, then most will be able to transfer from savings account to current account more or less immediately.
  • MarkFromCornwall
    MarkFromCornwall Posts: 885 Forumite
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    Jake'sGran wrote: »
    I'm curious about the last response. How does Tesco influence whoever is paying into one's account e.g. another bank or building society to do it quickly?

    They can't. For example, I can't, at present, make a faster payment from my Bank of Scotland current account, to either of my Tesco accounts.
  • jem16
    jem16 Posts: 19,400 Forumite
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    MarkFromMullion wrote: »
    They can't. For example, I can't, at present, make a faster payment from my Bank of Scotland current account, to either of my Tesco accounts.

    Why not? I make a faster payment from my BOS current account to my Tesco internet saver all the time.
  • Speculator
    Speculator Posts: 2,225 Forumite
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    yes, just make sure it's not more than £1000 in the case of HBOS to Tesco.
  • jem16
    jem16 Posts: 19,400 Forumite
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    Speculator wrote: »
    yes, just make sure it's not more than £1000 in the case of HBOS to Tesco.

    I thought it was £500 - has that changed?
  • Speculator
    Speculator Posts: 2,225 Forumite
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    edited 7 June 2009 at 11:21AM
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    yes, I normally make one FP at £1000 and the second at £990 on the same day from HBOS to Tesco.

    For some reason, it won't let me make a second £1000 FP transfer on the same day but accepts £990.
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