Which Banks Do Fast Transfers ?

bigk

Apologies if this has been answered before. I have just opened a Post Office online saver, instant unlimited access at 2.9% interest. Just what I wanted. I then discovered that any transfer of money into this account from my current account (Barclays) would be via BACS and would take about 4 days. This was down to the Post Office and not Barclays who operate a faster transfer system. My question is, which bank or building society offers fast transfer with a similar savings account to the Post Office one?

Thanks in advance, bigk

sabretoothtigger

Halifax do but they are weird about it. I think its only 1 allowed a day, others limit the amount they will handle

hsbc

Ifts

I use Tesco savings account (slightly less rate), faster payments in and out providing receiving end accepts faster payments.

Here is a link to UK Payments Administration, you can use it to check the sort code to see what types of payments they can accept/send:

http://www.ukpayments.org.uk/sort_code_checker/

alanq

Information on transfer limits here.
http://www.chapsco.co.uk/faster_payments/-/page/fpslimits/

tony1947

sabretoothtigger wrote: »

Halifax do but they are weird about it. I think its only 1 allowed a day, others limit the amount they will handle

hsbc

Agree absolutely WEIRD. I use Halifax to my NatWest eSaver quite often and have only just about got the pattern.

The maximum I have ever managed to transfer in one day is £2154 but this had to be done in two transactions £1000 and £1154. So my theory is Halifax allows two transactions per day for no more than £2154. Remember you can do another two transactions the next day so unless you are transferring more than circa £7k its still better than my pet hate ....the time banks keep our money in the ether. Somebody is earning interest but it ain't us!

Consumerist

NatWest allow FPs up to £10,000 per day. Not sure whether that can be split between different payees, but I think so.

Milarky

Consumerist wrote: »

NatWest allow FPs up to £10,000 per day. Not sure whether that can be split between different payees, but I think so.

Yes it can - split any way you wish between payees.

psychic_teabag

tony1947 wrote: »

Agree absolutely WEIRD. I use Halifax to my NatWest eSaver quite often and have only just about got the pattern.

The maximum I have ever managed to transfer in one day is £2154 but this had to be done in two transactions £1000 and £1154. So my theory is Halifax allows two transactions per day for no more than £2154.

I managed three 1k faster payments out of Halifax today, but it was a struggle : it would only let me do one per login session.

NatWest allows a total of 10k per day across all outgoing transfers (whether FP or BACS).

See also
https://forums.moneysavingexpert.com/discussion/985463
https://forums.moneysavingexpert.com/discussion/2851546

rb10

bigk wrote: »

My question is, which bank or building society offers fast transfer with a similar savings account to the Post Office one?

The AA - 2.6% AER - accept inward Faster Payments, but sending money from AA -> elsewhere takes two working days.

Halifax Websaver Extra - 2.5% or 2.7% - accepts inward FPs; sending money will go via BACS. But if you open a Halifax current account (worth it for the fivers), then you'll be able to send FPs from that. (Note withdrawal restrictions from this account though).

Given that you'll be sacrificing a lower rate for the fact that you get FPs, it's not really worth it - I'd just stick with the PO.

bengalknights

Barclays and HSBC allow upto £10k of transactions every 24 hours also via faster payments

New_Collier

Thanks to alanq for the CHAPs info
- but the BoS info/ limits do not seem to apply to Halifax. Interesting that others here have had problems / inconsistencies with Halifax faster payments.
I cannot work out why / whether they will send something as a faster payment. It seems to be entirely random. Sometimes they will send £3K, sometimes they won't send £10. In my experience it doesnt seem to be 1 per day or a cash limit. Anyone got any clues? Or is it entirely random?
I just think they want to keep hold of my money for as long as possible..... but don't want to look like that, so they pretend to do faster payments by doing some but not all the time.