Does your bank pay interest on a weekend?

cepheus

Seems that HSBC, Santander, and Nationwide do and Barclays, Lloyds TSB, Halifax and RBS/Natwest don't.

However, with the second group you still get interest on the money taken out on a weekend, you can even go overdrawn without charges providing you top up on Monday.

http://www.thisismoney.co.uk/money/saving/article-2274975/The-banks-pocketing-days-savers-pay-weekends.html#axzz2KLC91vSt

grumbler

The title of the thread is very misleading.
The article is about the interest on money paid in at weekends, not just about the interest on a weekend.

pinkdalek

Because interest rates right now are so high that it makes such a huge difference...........

If you pay in on a Saturday it's classed as Monday yes? The principle is the same if you withdraw? So explain the problem?

EarthBoy

This is a complete non-story.

callum9999

EarthBoy wrote: »

This is a complete non-story.

It's the Daily Mail - what did you expect? Quality journalism!?

cepheus

I think it's useful to know you can go overdrawn on a weekend with certain banks but not others considering the charges they make. The way transaction dates are moved around on the statement on a weekend can also be confusing.

I doubt if many people know how their bank counts weekends for payment in and out..

If people do have decent interest paying accounts (I have one at 2.85%) and if a large transaction is made which is common, with the latter group the trick is surely to make sure it goes in before the weekend. Conversely the weekend can be a good time to withdraw cash.

innovate

cepheus wrote: »

I think it's useful to know you can go overdrawn on a weekend with certain bank but not others considering the charges they make.

Sorry but relying on the Daily Mail to tell you which bank won't charge you on a weekend is sheer lunacy. What if the bank change their processing, what if the Daily Mail got it wrong in the first instance?

The only way you can be certain that you won't get charged is if you stay within the parameters published by the bank.

pinkdalek

callum9999 wrote: »

It's the Daily Mail - what did you expect? Quality journalism!?

Oh that makes sense now! Maybe we need to publish an article about how Saturday/Sunday newspapers churn out the same tripe they've been writing about all week, waste stupid amounts of paper on needless magazines etc.

BobQ

cepheus wrote: »

I think it's useful to know you can go overdrawn on a weekend with certain banks but not others considering the charges they make. The way transaction dates are moved around on the statement on a weekend can also be confusing.

I doubt if many people know how their bank counts weekends for payment in and out..

If people do have decent interest paying accounts (I have one at 2.85%) and if a large transaction is made which is common, with the latter group the trick is surely to make sure it goes in before the weekend. Conversely the weekend can be a good time to withdraw cash.

This is silly. Nobody should be deliberately going overdrawn at a weekend anyway, and as for trying to exploit a loophole, they will get what they deserve.

jonesMUFCforever

This reminds me of the old cheque before payday loophole>
You bought something from Marks and Spencer, paid by cheque (yes it is that long ago) then took it back and got a cash refund.

Those were the days and I suppose the forerunners of a payday loan!

royjerrys

It depends on the policy of particular bank you take...