The Top Easy Access Savings Discussion Area

gt94sss2

pecunianonolet said:

gt94sss2 said:

pecunianonolet said:

ForumUser7 said:

For Future Reference:

Source ~ HSBC UK Personal Banking Terms and Conditions and Charges Effective 23rd November 2021 RFB1848 CMT0131

If your Sunday payment was made slightly after 8pm, the only reason I can think of for the delay would be their 'checks'.

Thanks, was just about to Google that as well. So if HSBC has 23:45 as cut off, that means they might send it but the receiving bank, Santander might have also a cut off time to credit it and for "checks" so for them it might be too late to credit the same day. 

From memory, Santander treat anything received after around 20:15 as being dated the next day.

The fact that HSBC allow same day payments to be sent/received until 23:45 won't affect this

So technically speaking, I could send funds in to Santander at 7pm to be credited the same day, take out by 9pm and move to another account e.g. Zoopa and have it credited there. Santander will pay me interest  and Zoopa too? That can't be right or working? 

Technically perhaps but expect to have your accounts closed.

Band7

pecunianonolet said:

Bridlington1 said:

pecunianonolet said:

gt94sss2 said:

pecunianonolet said:

ForumUser7 said:

For Future Reference:

Source ~ HSBC UK Personal Banking Terms and Conditions and Charges Effective 23rd November 2021 RFB1848 CMT0131

If your Sunday payment was made slightly after 8pm, the only reason I can think of for the delay would be their 'checks'.

Thanks, was just about to Google that as well. So if HSBC has 23:45 as cut off, that means they might send it but the receiving bank, Santander might have also a cut off time to credit it and for "checks" so for them it might be too late to credit the same day. 

From memory, Santander treat anything received after around 20:15 as being dated the next day.

The fact that HSBC allow same day payments to be sent/received until 23:45 won't affect this

So technically speaking, I could send funds in to Santander at 7pm to be credited the same day, take out by 9pm and move to another account e.g. Zoopa and have it credited there. Santander will pay me interest  and Zoopa too? That can't be right or working? 

I imagine the banks will take a pretty dim view of this though.

To make this profitable the sums you'd need to move would need to be rather high. 10k at 3.25% is around 0.89/day in interest. So in 10 days 8.90 profit with Santander plus the rate at any other bank at the expense of having 100k in and out within 10 days. Highly suspicious and very, very soon you know everyone in the fraud department by name until you get eventually kicked. I don't think it is against any T&C's and a simple arbitrage business but legal departments of a bank have by far more resource and power so a fight you can't win. 

But who am I, saying all the banks play fair and to the rules. Anyone remembering the LIBOR Scandal.....?

Many people who engaged in this "sport" had their accounts closed. So go ahead if you wish to join them.

pecunianonolet

Band7 said:

pecunianonolet said:

Bridlington1 said:

pecunianonolet said:

gt94sss2 said:

pecunianonolet said:

ForumUser7 said:

For Future Reference:

Source ~ HSBC UK Personal Banking Terms and Conditions and Charges Effective 23rd November 2021 RFB1848 CMT0131

If your Sunday payment was made slightly after 8pm, the only reason I can think of for the delay would be their 'checks'.

Thanks, was just about to Google that as well. So if HSBC has 23:45 as cut off, that means they might send it but the receiving bank, Santander might have also a cut off time to credit it and for "checks" so for them it might be too late to credit the same day. 

From memory, Santander treat anything received after around 20:15 as being dated the next day.

The fact that HSBC allow same day payments to be sent/received until 23:45 won't affect this

So technically speaking, I could send funds in to Santander at 7pm to be credited the same day, take out by 9pm and move to another account e.g. Zoopa and have it credited there. Santander will pay me interest  and Zoopa too? That can't be right or working? 

I imagine the banks will take a pretty dim view of this though.

To make this profitable the sums you'd need to move would need to be rather high. 10k at 3.25% is around 0.89/day in interest. So in 10 days 8.90 profit with Santander plus the rate at any other bank at the expense of having 100k in and out within 10 days. Highly suspicious and very, very soon you know everyone in the fraud department by name until you get eventually kicked. I don't think it is against any T&C's and a simple arbitrage business but legal departments of a bank have by far more resource and power so a fight you can't win. 

But who am I, saying all the banks play fair and to the rules. Anyone remembering the LIBOR Scandal.....?

Many people who engaged in this "sport" had their accounts closed. So go ahead if you wish to join them.

To be clear, I am not doing this or plan on doing this, wouldn't even have the time for it. Thought my earlier post was clear and outlined the very little gain vs. the very high risk. 

ForumUser7

Has anyone else had their YBS Easy Access Accounts Interest paid today? N.B. Mine shows online in the transaction list and balance, but only in the balance on the app. My factsheet says interest is paid on 31st March, so something seems wrong.

Whatsmore, the online profile says my last log in was in 2093! 😳

pecunianonolet

ForumUser7 said:

Has anyone else had their YBS Easy Access Accounts Interest paid today? N.B. Mine shows online in the transaction list and balance, but only in the balance on the app. My factsheet says interest is paid on 31st March, so something seems wrong.

Whatsmore, the online profile says my last log in was in 2093! 😳

Maybe you should inquire on 1st April for the missing compounded interest until 2093 

SonOfPearl

ForumUser7 said:

Has anyone else had their YBS Easy Access Accounts Interest paid today? N.B. Mine shows online in the transaction list and balance, but only in the balance on the app. My factsheet says interest is paid on 31st March, so something seems wrong.

Whatsmore, the online profile says my last log in was in 2093! 😳

Thanks for the tip off. I've also received interest on some of my YBS accounts. Specifically, an Internet Saver Plus Issue 12 and an E-ISA Issue 4. Also the last login is shown as 22 Mar 2093. Curious! 

ERM92

ForumUser7 said:

Has anyone else had their YBS Easy Access Accounts Interest paid today? N.B. Mine shows online in the transaction list and balance, but only in the balance on the app. My factsheet says interest is paid on 31st March, so something seems wrong.

Whatsmore, the online profile says my last log in was in 2093! 😳

Same here. I wonder if it is the interest up to today or the actual payment date of this Friday?

ForumUser7

ERM92 said:

ForumUser7 said:

Has anyone else had their YBS Easy Access Accounts Interest paid today? N.B. Mine shows online in the transaction list and balance, but only in the balance on the app. My factsheet says interest is paid on 31st March, so something seems wrong.

Whatsmore, the online profile says my last log in was in 2093! 😳

Same here. I wonder if it is the interest up to today or the actual payment date of this Friday?

The same happened with my Make Me An E-Saver maturity - they said it is pro-rated apparently, but then if I was to withdraw funds would I profit, or would I be penalised, no one knows. In my opinion, they have broken the agreement as the factsheets say 31st March, and today is not 31st March. It just causes confusion doing it not on the agreed date.

Middle_of_the_Road

ForumUser7 said:

Has anyone else had their YBS Easy Access Accounts Interest paid today? N.B. Mine shows online in the transaction list and balance, but only in the balance on the app. My factsheet says interest is paid on 31st March, so something seems wrong.

Whatsmore, the online profile says my last log in was in 2093! 😳

Noticed last night interest was showing in the app. Had it's own entry then, but only showing in the balance now. 

ForumUser7

Regarding YBS:

- 2093 issue - I have contacted them and sent in a screenshot, and they will get the IT team to look into it
- Regarding interest - they said they calculate and pro-rata it. If I made a deposit between now and 31st March, additional interest is calculated and paid on the next interest date next year. If I made a withdrawal between now and 31st March, interest penalty is calculated and deducted on the next interest date next year. They believe if this would result in negative interest (I.e. none new earned - penalty), nothing happens