Derbyshire BS NetSaver (issue 1)

alanq

Interesting!

If the money I sent from two different banks showed up next day how did it get there? Not by BACS that's for sure.

Also how come the transactions are shown as "FP Bank Credit"?

ChiefGrasscutter

Virtually all B.Socs will accept faster payments IN.
There are very few that (at present) have the capability to initiate a F.P transfer OUT.

The reply from the Derbyshire was correct.
They do not process FP's at the moment.
Their Bankers (that's Natwest with the 000000 collection account which is subsequently allocated to the correct B.Soc roll number by the a/c No in the reference field) collect the FP's coming in on the Derbyshire's behalf.

The Derbyshire online system updates daily in the early morning on the next business day

G_M

Which is why of course I worded my question so clearly (I thought!). Two questions - IN and OUT.

And just a single blanket answer.

Stompa

alanq wrote: »

Also how come the transactions are shown as "FP Bank Credit"?

Indeed. And FWIW deposits made from banks which don't support FP out are shown as simply "Bank Credit".

There is an FAQ here:

http://www.thederbyshire.co.uk/uploadedFiles/Savings/Online_Savings/Derbyshire%20NetSaver%20FAQ%20Aug11.pdf

which states:

9. Are faster payments available?
Withdrawals requested by 3.30pm will take up to three working days to appear in your nominated account (unless payment is requested by
CHAPS). Please note that interest on payments to the account (after the initial cheque payment to open the account) will start to be earned the
day after the payment reaches the account.

Clear as mud!

Chadsman

Derbyshire have increased the rate and bonus on the NetSaver by 0.07% so the current interest rate including bonus is 3.18%
https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=208766
http://www.thederbyshire.co.uk/Savings_Portfolio.aspx?id=3491

Sceptic001

Chadsman wrote: »

Derbyshire have increased the rate and bonus on the NetSaver by 0.07% so the current interest rate including bonus is 3.18%

Nice to see that existing savers also benefit from this increase. Well done, Derbyshire!!!

pearl123

With the strange website glitches (mine came up with the words "security breach" after I'd filled out an application form)- has anyone decided not to use this building society?
I ask because I'm surprised the not more people are talking about this leading rate!

typistretired

It is part of Nationwide group and Natwest is their bank running the web site so they will eventually get there. Faster payments is supposed to become more widespread by 2012. It is advertised online and in the money pages of newspapers but as part of the rate is a bonus it is usually shown in that section. If you need quick access to your savings best not to use them for all your savings.

Froglet

Have just registered online for this account.Couldn't quite believe it when it stated it wants proof of ID.Haven't needed to send any for years,despite opening accounts several different institutions online.And i was only with the Derbyshire about three years ago, though i closed the account when the bond came to an end.

Having just read about the problems some are having with them i am not sure now.

Froglet

Found the Nottingham online easy access saver and have now signed up for that instead.Instantly able to add funds,no need for proof,and a higher rate of interest.

No contest!!