Shawbrook Bank Faster Payments?

KingKenny

Hi, I opened one of their Easy Access Issue 10 savings accounts. Online Paying circa 1.19%. Pretty good.


I sent the opening balance in, all fine was sat in there by 6pm that same day. A few weeks ago.
Friday, I needed 500 pounds quick; as I could not get any cash out of my other account with Ulster Bank. No card reader yet and app is only 250 a day and still waiting 72 hours to pass.
Anyway about 10.45am I made a withdrawal request on Friday 8th September.
Not arrived in my nominated account as I write.
How long do withdrawals take from the Shawbrook?


What does this mean, from the terms and conditions. Highlighted.


To enable payment requests to be processed the same day, the cut-off time for receipt of the payment details is 2.30pm on a Working Day. Provided the above cut-off time is met and all required details provided (subject to condition 21.0), payments should be received by the beneficiary bank on the next Working Day (with the exception of same day payments which will normally be received by the beneficiary bank on the same Working Day).



Cheers.

eskbanker

Clause 9.4 of those Ts & Cs states "Withdrawals can be made by cheque or same day payment only on request and only in exceptional circumstances" so this suggests that 'same day payments' means CHAPS, as opposed to their normal withdrawal process of Faster Payments, which is required to arrive by the end of the next working day by the terms of that scheme.

So, if you make a standard withdrawal request on a Friday morning, the funds should be in your nominated account by the end of the next working day, i.e. Monday.

Too late now obviously, but if you'd needed the money on Friday, you could presumably have contacted them and paid their £20 CHAPS fee....

YorkshireBoy

If you're in the habit of needing funds at short notice maybe Tesco (paying 1.16% I believe*) may be a better option?


* Would leave you 30p/year/£1,000 worse off.

greatkingrat

Or just stick a couple of grand in a high paying current account then you have a higher interest rate and can get at the money very easily if necessary,

Dsquared

After an exchange of messages with Shawbrook regarding the transfer-out of a maturing fixed rate account held by my wife, it became clear that this small bank is not a member of the 'faster payments' system which usually enables payments to reach the beneficiary's account within 2 hours (provided the request is made before the cut-off time for same-day payments). The response from their customer services representative went on to say that they usually make transfers and payments via cheque, which will go some way to explaining the delay experienced by KingKenny. Not very satisfactory for Shawbrook customers who want easy access to their savings!

Malchester

Ah the difference between instant access and easy access. I got caught with this with Shawbrook and RCI Bank. Now with Tesco true instant access

eskbanker

Faster Payments is effectively a two-tier scheme - all institutions have to meet the 'end of next working day' service level mandated by the Payment Services Directive, but there is also a subset of institutions who are Direct Participants, as defined at http://www.fasterpayments.org.uk/about-us/current-participants, where there is an expectation that transfers will be within two hours.

For Shawbrook Easy Access customers, the wording about withdrawals at https://www.shawbrook.co.uk/savings/personal-accounts/easy-access-accounts/easy-access-issue-10/ is fairly self-explanatory:

Where a withdrawal request is received prior to 2:30pm on a working day, your funds should be received into your nominated account on the next working day

2010

I requested a withdrawal from Shawbrook "easy access" this morning and I am confident it will arrive in my nominated account tomorrow.

As pointed out by eskbanker.