Faster payments.

hebron

What internet savings accounts send faster payments: like Tesco do.

Thank you.

adindas

I was not aware any saving a/c that will allow money tranfer..
But there is Lloyds TSB Vantgae a/c. It is an a/c but with saving a/c benefit.

Other people could probably share their knowledge. If there was any else a/c, I would also like to know as well.

ADINDAS

hebron wrote: »

What internet savings accounts send faster payments: like Tesco do.

Thank you.

MarkFromCornwall

hebron wrote: »

What internet savings accounts send faster payments: like Tesco do.

Thank you.

Nat West esavings is one that definitely does.

hebron

There doesn't seem to be many doing it, then. Tesco seems very good when they send their money instantly. Will more banks and building societies be doing it soon?

Thanks.

opinions4u

RBS, Nat West and Tesco are the ones that I know.

Halifax don't. But you can easily move funds from savings account to current account and then FP onwards from there.

Just discovered LloydsTSB don't even allow payments from savings accounts to other banks! How quaint.

rb10

hebron wrote: »

Will more banks and building societies be doing it soon?

Yes, a lot more should come on during 2011.

Under EU regulations introduced in November 2009, all payments must be completed by the end of the following working day by 1st January 2012, so this should be the end of 3-day BACS payments.

noh

opinions4u wrote: »

RBS, Nat West and Tesco are the ones that I know.

Halifax don't. But you can easily move funds from savings account to current account and then FP onwards from there.

Just discovered LloydsTSB don't even allow payments from savings accounts to other banks! How quaint.

The problem with Halifax is that they still have a low limit on FP outbound payments. Then their anti fraud system stops you making more than one or two transfers per day.
My regular saver just matured and I moved the £6600 split to each of my 5 current accounts. Managed to make one FP out for £999 on Friday.
Got a phone call Saturday asking if it was me trying to make the FP transfers. The block was removed.
Made one more FP transfer for £999 on Saturday before the sysyem prevented any more.

adindas

The list is available here:
http://www.which-savings-account-4u.co.uk/?src=cpc&_s_ref=7sY8Z8IAS&kw=savings&creative=5412790215&gclid=CKXBrbPjpKQCFYlg4wodfSZ-4g

It seems that if the interest is high (+2.6%) there are catches involved :
- EITHER Introductory bonus for 1 year, after that drop significantly OR
- Limited 1 per year withdrawal without penalty.

From those list which allow Saving a/c to function like current a/c is e.g instant access, FP, SO&DD. There are 3 of them e.g.
TESCO, RBS, Natwest, but

The one that offer the best competitive rate, is TESCO but with Introductory bonus for 1 year.

RBS, NatWEst only offer APR of 1.0% But at least this interest is without bonus so we could expect that the APR will approximately stay the same without significant drop.

So it seems that Lloyds TSB vantage current a/c provide a better deal with 4% APR (for the sum between 5,000 to £7,000) as long as you could put £1,000 into the a/c each month. But this could easily be sorted by round feeding £1,000 to each vantage a/c. They allow people to open 3 Vantages and circle the £1.000 incoming money requirement between vantage a/c and this will count as money in and therefore will earn vantage interest.

Could other people please have a look on this and provide comments whether I have missed something in drawing conclusion.

Thank You
ADINDAS

ADINDAS

hebron wrote: »

There doesn't seem to be many doing it, then. Tesco seems very good when they send their money instantly. Will more banks and building societies be doing it soon?

Thanks.