Cheque Availability

pcombo

I put in a large amount into my savings accounts as current accounts with rbs dont get interest now. So im wondering since this cheque is 6k will the funds still be made available for interest to be gained or will it take longer cause of the amount.

I know normaly funds are made available the 3rd day from when it was deposited.

Loughton_Monkey

pcombo wrote: »

I put in a large amount into my savings accounts as current accounts with rbs dont get interest now. So im wondering since this cheque is 6k will the funds still be made available for interest to be gained or will it take longer cause of the amount.

I know normaly funds are made available the 3rd day from when it was deposited.

Nothing to do with the amount!

Your cheque will clear in 3 days, from which time it will start earning interest.

zppp

http://www.chequeandcredit.co.uk/files/candc/flash_files/246._updated.swf

(Flash required)

Mikeyorks

If you paid it direct to a Savings account the 2-4-6 rule becomes 2-6-6 normally .......... so 6 days before the funds are available, in lieu of the more normal 4.

But interest should be accruing from day 2.

pcombo

Mikeyorks wrote: »

If you paid it direct to a Savings account the 2-4-6 rule becomes 2-6-6 normally .......... so 6 days before the funds are available, in lieu of the more normal 4.

But interest should be accruing from day 2.

Hmm why does it become 2-6-6 curious

jambosans

pcombo wrote: »

Hmm why does it become 2-6-6 curious

I believe the assumption is, when you deposit money into a savings account, availability for withdrawal is not the primary concern.

jonesMUFCforever

I disagree me thinks 2-4-6 applies here.
Interest will start to be paid on day 2 eg pay in on Monday interest from Wednesday.

Mikeyorks

From the horse's mouth :-

For savings accounts the maximum time limit for withdrawal (where withdrawals are allowed) is longer (6 days, rather than 4), these are known as 2-6-6.

http://www.chequeandcredit.co.uk/246/

.............. no idea why they added an extra 2 days for Savings accounts, but suspect jambosans is close to the mark