Barclays cheque clearance times

diamonds

Ballard wrote: »

Okay. That's handy to know.

Do you really find it worthwhile to open a new account just to clear a cheque though?

Yes, quicker access to my money (not the bank/s) & interest is gained sooner and already a existing customer should they offer a product for existing customers only, or quick processing (usually online) if they introduce a market leading product, and/or easier to open a product if my circumstances/needs change and one of their products is the best match (point 3^)



I have always done this with cheques and savings accounts. I have about twenty savings accounts with very low balances, I withdraw funds to the nearest 10 pounds and let the spare change just hang on in there.


Metro & HSBC savings accounts opened in last week.


Current customer offers incoming until and/or one or more products is right for me then I will build a bigger internal accounts portfolio

Ballard

Your first and last paragraphs are still seemingly random words but I get the general idea.

You must receive some significant cheques if a few days interest makes it worthwhile.

diamonds

Ballard wrote: »

Your first and last paragraphs are still seemingly random words but I get the general idea.

You must receive some significant cheques if a few days interest makes it worthwhile.

No, I get my cash earlier thus interest and a introduction to a financial institution that may in the future be useful to me without all the hassle of being a new customer

GingerFurball_2

Ballard wrote: »

Is that what you mean by 'in-house savings account'?

In my (admittedly little) experience cheques do not clear quicker nowadays by paying a (for example) Santander cheque into a Santander account. Which banks do you find clear cheques quicker?

Halifax and Bank of Scotland will clear their own (and each other's) personal cheques instantly if the value is less than £1,000.

eskbanker

diamonds wrote: »

The question asked is not relevant to be answered directly when point 1 states 'ID counter withdrawl', which as you know does not need a card, pin, internet login, just photo ID and a supervisor/manager approvals over the floor cap amount/s.

The reason I asked the question about who issues cards quickly was because you'd said you always "open a savings account with a debit/ATM card", so it seemed to follow that the card provision was relevant in some way to the point you were making!

diamonds wrote: »

I have about twenty savings accounts with very low balances, I withdraw funds to the nearest 10 pounds and let the spare change just hang on in there.

Surely in the context of your desire to extract every last fraction of a penny by expediting cheque clearances by a day or two (and all the palaver with Tesco and FPs) it doesn't make sense to leave at least £200 permanently sitting in low-interest savings accounts?

jonesMUFCforever

The days of quicker cheque clearance for in house cheques are numbered.

My Lloyds business cheque is now treated as any other non Lloyds cheque and I have been told this will spread to all cheques by the end of the year.

diamonds

eskbanker wrote: »

The reason I asked the question about who issues cards quickly was because you'd said you always "open a savings account with a debit/ATM card", so it seemed to follow that the card provision was relevant in some way to the point you were making!

Surely in the context of your desire to extract every last fraction of a penny by expediting cheque clearances by a day or two (and all the palaver with Tesco and FPs) it doesn't make sense to leave at least £200 permanently sitting in low-interest savings accounts?

No relevance other than a non branch access savings account, even internet access is fine in these days of FP.

£200? I said above in these circumstances I open a savings account at cheque issuing bank and withdraw to the nearest £10 sum round up - all my savings accounts have £0.01 to £9.99 balances.

eskbanker

diamonds wrote: »

£200? I said above in these circumstances I open a savings account at cheque issuing bank and withdraw to the nearest £10 sum round up - all my savings accounts have £0.01 to £9.99 balances.

OK, I understand what you mean now but even if not £200 it'll still be a non-trivial sum when totted up across twenty accounts (again, in the context of some of the extreme every-penny-a-prisoner measures you take)?

diamonds

eskbanker wrote: »

OK, I understand what you mean now but even if not £200 it'll still be a non-trivial sum when totted up across twenty accounts (again, in the context of some of the extreme every-penny-a-prisoner measures you take)?

As FD 1p savings account to avoid fees, Halifax £5 Clarity...



Penny pincher or not to buy my first property, for the above example reasons and easy access to open new accounts or take advantage of new existing customer offers why would I cut my nose off despite my face ?

As I have stated before with Risk Management, plan ahead for everything you possibly can, esp in life, assume nothing, or take for granted nothing....that is inept.

Health & Safety plan ahead your life (esp financial) not just what employers enforce on you, no eggs in one basket.

jfdi

Cheers JonesMUFC............., as opening a new account every time I want to deposit a cheque is a little impractical, I'm guessing they're just trying to claw back some interest!