Faster Payments between current and high Interest Accounts

cepheus

I have historically found it difficult to quickly move money between a convenient current account and high interest savings account. However, I seem to have some success with Nat West and Derbyshire Netsave 2 (3.2% with bonus although due to run out this year) which both seem to use the faster payments or same day transfers both ways as far as I can tell. Has anyone else found any similar combination?

Unfortunately, the NatWest faster payments limit is £10,000/day so I am having to transfer over several days outward, neither am I sure if they do this on weekends (I will find out shortly)

Annoying quirks of the DerbyshireBS though is that the account number is 00000000, the sort code is not obvious without ringing (570055), and the personal account is identified by having to quote some non standard reference number, hardly ideal.

The Nat West online system also has an 18 digit limit which prevents your own name, the BS name, and account number to be properly referenced.

cepheus

I attempted to transfer £10,000 from Nat West at 7.30am on Saturday but it still isn't in the Derbyshire. It must require a full working day, I was hoping it would be faster.

dtaylor84

cepheus wrote: »

I attempted to transfer £10,000 from Nat West at 7.30am on Saturday but it still isn't in the Derbyshire. It must require a full working day, I was hoping it would be faster.

It will transfer today and update on their system overnight.

Gromitt

cepheus wrote: »

I attempted to transfer £10,000 from Nat West at 7.30am on Saturday but it still isn't in the Derbyshire. It must require a full working day, I was hoping it would be faster.

It'll be there by the end of the next working day (ie, today), but it might take a further day to show up on your account.

cepheus

Yes I'd forgot the display is a day out of date.

jamesd

The Payment Services Regulations should be taking care of this already. The D+1 requirement in particular, and its normal implementation with Faster Payments. Most rapid access savings accounts are covered. You should be finding that except at the smaller institutions it's normal to have near-immediate transfers between accounts already.