Instant Access v Easy Access

Malchester

Hi

Just a commet really. Have only just realised the difference between easy access and instant access. Had an account with RCI Bank easy access but when I took the money out it took several days to come through as they seem not to be part of Faster Payments. Now have Tesco account which operate faster payments so money is transferred and accessible immediately. Something to note if you might need the money instantly

eskbanker

'Instant access' was a term in use long before faster payments came in and accurately describes the fact that there is no notice period needed for withdrawals - it doesn't necessarily signify immediate payment if that's what you're inferring.

masonic

I don't think there is actually a difference between easy access and instant access. There is no need for providers to take into account the time taken for you to receive the money when describing access times.

Malchester

Thanks for your comments. The point I was trying to make was about the difference between accounts as to how quickly you can get access to you money even with an instant access account. If the organisation uses faster payments the money is available immediately. If the organisation does not use faster payments you have to wait for a couple of days before you can get your hands on the money. If anyone wants to use the account to hold money that might be needed immediately you have to be careful

PeacefulWaters

eskbanker wrote: »

'Instant access' was a term in use long before faster payments came in and accurately describes the fact that there is no notice period needed for withdrawals - it doesn't necessarily signify immediate payment if that's what you're inferring.

I believe the term "easy access" was required by the advertising standards agency with the advent of the telephone account in the 1990s to differentiate between getting your cash in a branch on demand and receiving a cheque withdrawal by post or a BACS to your current account.

I've no idea what the rules are today, but I perceive instant access to be cash in my hand on demand and easy access something that falls a tad short.

masonic

Malchester wrote: »

Thanks for your comments. The point I was trying to make was about the difference between accounts as to how quickly you can get access to you money even with an instant access account. If the organisation uses faster payments the money is available immediately. If the organisation does not use faster payments you have to wait for a couple of days before you can get your hands on the money. If anyone wants to use the account to hold money that might be needed immediately you have to be careful

Indeed, but this has all become a bit of a non-issue since the best place for cash savings is in a current account supporting faster payments, or a savings account linked to the former.

Eco_Miser

Malchester wrote: »

If the organisation does not use faster payments you have to wait for a couple of days before you can get your hands on the money.

Unless the organisation allows cash withdrawals at a location convenient to you e.g. building societies.