HSBC to First Direct Transfers/Payments

pdyson21

I am currently an account holder with HSBC which makes life easier as my ex-partner (who I have a SO with for the kids), my current partner (who we transfer money between) and my work (for my wage) all have HSBC accounts. However I am looking to switch to First Direct after many years of 'I'll do that tomorrow...' lists!

My question is, will transfers and payments still occur on the same day as they are made as they do now, i.e when my work pay me, it goes the same day straight into my account and when I pay SO for my kids, it goes straight into my ex-partners account? I know HSBC and FD are essentially the same but wasn't sure if they had different rules when it came to payments.

Thanks

agrinnall

They may be the same, or they may not. The issue is that anything set up as a SO between HSBC accounts will be sent as an internal transfer rather than a real SO, but when you switch to FD your SOs will be sent through the Faster Payments system. The only way to be sure of the timing is to monitor what happens with the first payments, and if necessary amend the timing.

pmcgurk

Generally speaking, everything under £10K between UK bank accounts goes as a same-day faster payment. *Generally*.

It might be worth posing the question to First Direct.

EarthBoy

First Direct standing orders are sent and received the same day, unless the payment date is a weekend or bank holiday, in which case they are paid on the next working day.