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S_uk

If one of the app based accounts I have increases this week to match NBS then I might was well keep my funds with them given the quicker withdrawals, and then review next month after the next BOE meeting. I have a feeling I'll be bouncing funds between the two for the rest of the year at least.

jaceyboy

2010 said:

nic_c said:

jaceyboy said:

So it seems NBS are another Shawbrook where they hold your funds for a day before giving them to you, cant be dealing with that again after having Chip/Tandem etc, thats so backwards...

They state they don't use faster payments but standard payments

Do you offer a faster payment facility?

Unfortunately we don’t. We offer a Standard Payment facility for withdrawals; this will ensure your funds will reach your nominated bank account within two working days of leaving the Society. This came into effect as of the Payment Service Directive January 2012.

jaceyboy, must have read the T&C or just ticked the box saying they had been read, otherwise you can`t apply for the account.

So it shouldn`t come as a surprise that NBS is not instant withdrawals.

I can live with waiting a day, getting a good rate that`s going to go up the full amount of any future increase.

Yes I read the T&C's and yes I know NBS is the same, but why dont they come up to the current standards like everyone else? also Shawbrook is very random on paying interest, normally its paid for me on the 16th and I wont get the credit for another two days after that, everything with them is snail

PixelPound

jaceyboy said:

2010 said:

nic_c said:

jaceyboy said:

So it seems NBS are another Shawbrook where they hold your funds for a day before giving them to you, cant be dealing with that again after having Chip/Tandem etc, thats so backwards...

They state they don't use faster payments but standard payments

Do you offer a faster payment facility?

Unfortunately we don’t. We offer a Standard Payment facility for withdrawals; this will ensure your funds will reach your nominated bank account within two working days of leaving the Society. This came into effect as of the Payment Service Directive January 2012.

jaceyboy, must have read the T&C or just ticked the box saying they had been read, otherwise you can`t apply for the account.

So it shouldn`t come as a surprise that NBS is not instant withdrawals.

I can live with waiting a day, getting a good rate that`s going to go up the full amount of any future increase.

Yes I read the T&C's and yes I know NBS is the same, but why dont they come up to the current standards like everyone else? also Shawbrook is very random on paying interest, normally its paid for me on the 16th and I wont get the credit for another two days after that, everything with them is snail

Current standards is open banking, but still plenty of places not signed up for that.

The answer probably is to do with the cost of upgrading systems to allow it, and they probably get more business offering a competitive rate than offering a lower rate but offering faster payments.

Mr._H_2

nic_c said:

jaceyboy said:

2010 said:

nic_c said:

jaceyboy said:

So it seems NBS are another Shawbrook where they hold your funds for a day before giving them to you, cant be dealing with that again after having Chip/Tandem etc, thats so backwards...

They state they don't use faster payments but standard payments

Do you offer a faster payment facility?

Unfortunately we don’t. We offer a Standard Payment facility for withdrawals; this will ensure your funds will reach your nominated bank account within two working days of leaving the Society. This came into effect as of the Payment Service Directive January 2012.

jaceyboy, must have read the T&C or just ticked the box saying they had been read, otherwise you can`t apply for the account.

So it shouldn`t come as a surprise that NBS is not instant withdrawals.

I can live with waiting a day, getting a good rate that`s going to go up the full amount of any future increase.

Yes I read the T&C's and yes I know NBS is the same, but why dont they come up to the current standards like everyone else? also Shawbrook is very random on paying interest, normally its paid for me on the 16th and I wont get the credit for another two days after that, everything with them is snail

Current standards is open banking, but still plenty of places not signed up for that.

The answer probably is to do with the cost of upgrading systems to allow it, and they probably get more business offering a competitive rate than offering a lower rate but offering faster payments.

Maybe if they didn’t send so many physical letters in the post, they could afford to implement faster payments 

Silverweed

Apologies for another question re: Newcastle Tracker A/C.

Have looked on their site but can't find the answer - trying to find out what the cut off time is for transferring funds in so that they are credited on same day?

Thanks in advance for any help. 

pokemaster

In The Savings General Terms and Conditions

ForumUser7

pokemaster said:

In The Savings General Terms and Conditions

That’s interesting - they told me there was a 4pm cut off - wonder what that was all about

pokemaster

Withdrawals maybe?

ForumUser7

pokemaster said:

Withdrawals maybe?

Perhaps they got mixed up with the withdrawals and deposits.

They said:

“Any payment made to us before 4pm on a business day, will credit the account on the same day.”

Perhaps if it is made after 4pm it appears on the next working day, but is backdated to the day it was made.

ForumUser7

YBS Internet Saver Plus Issue 13 -> 4.25% 

Source ~ MoneyFacts