Best Savings Account for 'Immediate Access'

PeacefulWaters

Archi_Bald wrote: »

You are right, it's BOS, not Lloyds, and a whole bunch of others. I think the complete list is

AA
Bank of Scotland
BM Savings
Halifax
Intelligent Finance
Saga

Bank of Scotland
Halifax
Intelligent Finance (IF)
Birmingham Midshires (BM Savings)
Bank of Scotland Private Banking
Bank of Scotland Germany
Bank of Scotland Treasury
Lloyds Bank (in the Netherlands only)
Bank of Wales
St. James’s Place Bank.
Some savings accounts under the AA Savings, Saga and Charities Aid Foundation

tg99

Archi_Bald wrote: »

Surely you won't be needing tens of thousands with an hour? Also, no bank will guarantee you payment within the hour. Faster Payments is by end of next business day, and even CHAPSonly guarantees you payment on the same day if you get your order in before a cut-off time which usually is before midday.

Havings said this, I would agree that BM is probably slower than Tescos. Tescos use proper Faster Payments, and if you need more than £10K sent, you just call them and they do it on the phone for you, at no charge, as a Faster Payment.

Essentially it is so I can fund my sharedealing account straight away via debit card from current account and then invest it for example if a market sell off leads to me wanting to invest at a certain price point straight away. So for example, with Santander I could straight away move the money from the savings account to the 123 account online and then fund my sharedealing account whereas with something like BM Savings I would not be able to until next day at the earliest. Hence I need the savings account to be linked to a current account I can make debit card payments from.

tg99

YorkshireBoy wrote: »

Does that really matter though, in the grand scheme of things?

What's the cost of, say, £2K pulled from YB/CB (paying 2% AER) and then replenished next day from a 1.5% AER savings account? Answer: 2p after BR tax.

That's two penny sweets from my local Woolworths pic'n'mix....well back in 1990 it was anyway!

typistretired

Even the best of them can let you down I sent a payment by faster payment from my Tesco Current Account to my Lloyds Club Current Account this afternoon and it has still not arrived. Just read in their frequent questions that faster payments can be delayed between 4pm Saturday and 6am Sunday but they don't explain why.

PeacefulWaters

typistretired wrote: »

Even the best of them can let you down I sent a payment by faster payment from my Tesco Current Account to my Lloyds Club Current Account this afternoon and it has still not arrived. Just read in their frequent questions that faster payments can be delayed between 4pm Saturday and 6am Sunday but they don't explain why.

If you instigate the payment on a weekend it can be treated as a Monday instruction and doesn't have to get there until close of business on Tuesday.

So you haven't been let down.

typistretired

The bank usually warns you that the payment will not be processed until the next working day. I made a payment from my N&P current account today and a message came up letting me know that the payment would be held until Monday, the funds are still showing in the account. With Tesco Bank the payment went immediately out of the account no warning that it would not be processed until Monday.

typistretired

The payment from Tesco arrived at Llloyds today Sunday so nothing to do with be treated as Monday instruction. Tesco obviously perform maintenance between 4pm Saturday and 6am Sunday. They could like Nationwide inform clearly on their site that this happens.

PeacefulWaters

typistretired wrote: »

The payment from Tesco arrived at Llloyds today Sunday so nothing to do with be treated as Monday instruction. Tesco obviously perform maintenance between 4pm Saturday and 6am Sunday. They could like Nationwide inform clearly on their site that this happens.

I didn't say it would be treated as a Monday transaction.

But the bank would be compliant with legislation if they did.

typistretired

My post is to warn other forum users that Tesco obviously do maintenance between 4pm Saturday and 6am Sunday. Payments made on the Saturday into the Tesco current account did not show until today either.

YorkshireBoy

typistretired wrote: »

The payment from Tesco arrived at Llloyds today Sunday so nothing to do with be treated as Monday instruction.

Presumably dated Monday at Lloyds?


Was/is the value earning interest at either Tesco or Lloyds on Saturday/Sunday do you know? Because if it left Tesco before cut-off Saturday and is dated Monday at Lloyds then it might not have been.