Which bank clears cheques the fastest?

mcmumma

Hi everyone and hope you've having a merry christmas!

We just got a letter from HBOS saying our cheques are now going to take an extra day to clear (now 4 days)! As my husband is paid weekly by cheque we're obviously not very happy about this and this is really the last straw with HBOS - the £1 a day overdraft almost finished us but enough's enough!

Does anyone know which bank clears cheques the fastest?

We are ready to move on!

Thank you:)

Apricot

Don't know which is fastest but Natwest is 3 days.

booter

It used to be any of the main clearing banks i.e. Barclays, Lloyds, Natwest - 3 working days. Don't know if it's still the same now though! HTH

opinions4u

The change brings Halifax and BoS in line with Lloyds TSB. So I'd suggest that removes them from the equation.

To be honest, if you are going to change, check carefully what the definitions really mean. "Four working days" and "Third working day after you pay in" can mean the same thing. So be careful!

If it was me, I'd probably do all my spending on a credit card and clear the balance in full each month from the proceeds of the cheques when cleared. Alternatively, if the insurances (travel, phone, breakdown, card protection) on the Halifax URCA account have value, switching to that could be worthwhile - net cost of £7.50 a month and no £1 charges if your overdraft use is below £300.

mcmumma

Thanks very much everyone - very good advice and much appreciated!

jen245

Any time I pay cheques into both my Natwest accounts, funds are always available to withdraw in 2 working days

[Deleted User]

or same working day
e.g i get a Lloyds TSB cheque they can debit the acc instantly

Bubbapudd

Barclays allow you to take money out on the same day you put it in. My husband also gets paid weekly by cheque.

Russe11

a cheque being cleared and a availible to draw upon are 2 different things.

iblametheparents

Bubbapudd wrote: »

Barclays allow you to take money out on the same day you put it in. My husband also gets paid weekly by cheque.

Not all customers have this facility.

System

I've noticed that with NatWest & RBS - I don't know if thats the case for everyone or if it's related to your internal credit score - much like the quick access facility from Barclays etc

BTW, if its a local branch that your hubbies employer's cheque is drawn on, then deposit it there and it will be classified as a withdrawal rather than a cheque and not need to clear. He'll need to have an account at that bank though.

jen245 wrote: »

Any time I pay cheques into both my Natwest accounts, funds are always available to withdraw in 2 working days