Faster Payments - for Savings

MoneySavingNovice

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

Jake'sGran

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

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

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

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

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

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

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

yes, just make sure it's not more than £1000 in the case of HBOS to Tesco.

jem16

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

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.