transfers from Barclays to Principality, Cheshire, Bradford & Bingley

Dagobert

A tip and warning for the regular saver brigade in particular:

Payments from Barclays to Principality BS, Skipton BS, Cheshire BS, and probably Bradford & Bingley, too, are immediate because they use Barcleys as a clearing bank. Those who try to optimize the regular saver pay-ins by transferring before the 1st, beware: the money will arrive on the same day.

Check the receiving bank's sort code before making a payment at the end of the month: UK sort codes.

To my knowledge, transfers from HSBC to building societies which use HSBC as a clearing bank, don't pose a problem because only personal-to-personal account transfers are immediate.

Kazza242

Thanks Dagobert. I first found this out last year when I was feeding my (then 8%) Cheshire regular saver from my Barclays current account. In my case, the payments were arriving the following day i.e. money sent from Barclays on a Monday arrived in my Cheshire RS on Tuesday. I earned a bit of extra interest because of this.:D

Dagobert

I learnt it the hard way: making my Nov payment to the Principality on 30th Oct. It's now in a suspense a/c and in 2 weeks it will be transferred to my Principality instant access saver ...

I checked with the Cheshire to-day: payment sent and received on 1st Nov. Maybe it depends on what time of day you instruct Barclays.

ED

I believe the following Building Societies use BARCLAYS as their clearing bank : Cheshire BS, Ipswich BS, Newcastle BS, Portman BS, Principality BS, Saffron BS, Skipton BS. LLOYDS are used by Loughborough BS. Anyone got additions for Dagobert's excellent thread?

Dagobert

ED wrote: »

the following Building Societies use BARCLAYS as their clearing bank : ... Ipswich BS ...

Although, Ipswich use Barclays as their clearing bank, transfers from Barclays are not immediate.

The first part of Ipswich' sort code is 23, not 20 whatever that means. In any case, at Barclays it doesn't show up as immediate transfer and, indeed, it takes 3 working days.

ED wrote: »

LLOYDS are used by Loughborough BS.

Beware that transfers from Lloyds TSB Scotland will probably not be immediate. I read somewhere that transfers from ICICI to Lloyds TSB should be immediate (ICICI use TSB as clearing bank) but payments to TSB Scotland accounts go through the BACS cycle.

Dagobert

Kazza242 wrote: »

... Cheshire regular saver from my Barclays current account. In my case, the payments were arriving the following day

It appears to be the case that the first internal payment you make to an account is held back for one working day.

The first time I attempted an online payment to the Cheshire BS, I got a response informing me that the first payment to another Barclays customer would be delayed by a day to check the details are valid.

My first payment to the Skipton BS arrived the following working day. The second payment arrived immediately.

ED

Invaluable info, thanks Dagobert. (Guess who is currently changing the source of monthly deposits to various Building Societies!)
Newcastle Bdg Soc + Portman Bdg Soc also use 23 (not 20) as the first part of their sort code, so presumably transfers via BARCLAYS would also take the usual 3 banking days - anyone experienced this?

AndyR_3

If the sort code starts 20, it should be an instant transfer. If it starts 23 (or 25 for bill payments) then it won't go through straight away.

However, if the payment goes into a suspense account (normally the case if you have to quote a roll number) then it may not actually be credited to your building society account straight away.

ED

Thanks, AndyR. Looks like Barclays are ahead of other clearing banks with this potentially useful facility.

Dagobert

AndyR wrote: »

If the sort code ... starts 23 (or 25 for bill payments) then it won't go through straight away.

As a matter of interest, why is that? I thought sort codes 23 + 25 were Barclays, too?

AndyR wrote: »

if the payment goes into a suspense account (normally the case if you have to quote a roll number) then it may not actually be credited to your building society account straight away.

In the case of transfers to collection accounts to the above mentioned building societies (Skipton, Cheshire, Principality), the payments arrive on the same day.