The Top Easy Access Savings Discussion Area

typistretired

Post Office, Coventry BS are the same withdrawals arrive next day 

Consumerist

I have savings accounts with Coventry BS and their withdrawals to external accounts have always been paid the day after the withdrawal date on the account statement. Internal transfers are same-day, however.

Edit

NS&I are the same.

InvesterJones

Daliah said:

Daliah said:

FORD MONEY

I tried a deposit earlier today, just to see what happens on non-business days. I got a text around 4pm to confirm the deposit, which also shows with today's date in my account.

Withdrawals will now not be processed before Monday (the Processing Date), and there is a message to say the money should be in the nominated account by close of business the next working day following the Processing Date

My withdrawal from last Saturday has arrived in my current account around lunchtime today. Withdrawal date listed in the Ford Money account was yesterday.

A withdrawal requested yesterday a.m. was also listed in the Ford Money account as withdrawn yesterday, and arrived around lunchtime today in my current account. Shame they can't do same day.

Thanks for this. I'm similarly conducting real tests for my bank and Ford Money. It's a shame they take overnight from the money disappearing from FM and then appearing in the nominated account - that's one day less of interest for me (I know, not much in the grand scheme of things but every little counts, and one of the things I appreciated about Marcus was just how quickly withdrawals appear - instantly.)

Malchester

Investec and Marcus are both almost instant whatever day or time

paul235

InvesterJones said:

Daliah said:

Daliah said:

FORD MONEY

I tried a deposit earlier today, just to see what happens on non-business days. I got a text around 4pm to confirm the deposit, which also shows with today's date in my account.

Withdrawals will now not be processed before Monday (the Processing Date), and there is a message to say the money should be in the nominated account by close of business the next working day following the Processing Date

My withdrawal from last Saturday has arrived in my current account around lunchtime today. Withdrawal date listed in the Ford Money account was yesterday.

A withdrawal requested yesterday a.m. was also listed in the Ford Money account as withdrawn yesterday, and arrived around lunchtime today in my current account. Shame they can't do same day.

Thanks for this. I'm similarly conducting real tests for my bank and Ford Money. It's a shame they take overnight from the money disappearing from FM and then appearing in the nominated account - that's one day less of interest for me (I know, not much in the grand scheme of things but every little counts, and one of the things I appreciated about Marcus was just how quickly withdrawals appear - instantly.)

Withdrawal amount stays in the account until the withdrawal date so earning interest?

InvesterJones

paul235 said:

InvesterJones said:

Daliah said:

Daliah said:

FORD MONEY

I tried a deposit earlier today, just to see what happens on non-business days. I got a text around 4pm to confirm the deposit, which also shows with today's date in my account.

Withdrawals will now not be processed before Monday (the Processing Date), and there is a message to say the money should be in the nominated account by close of business the next working day following the Processing Date

My withdrawal from last Saturday has arrived in my current account around lunchtime today. Withdrawal date listed in the Ford Money account was yesterday.

A withdrawal requested yesterday a.m. was also listed in the Ford Money account as withdrawn yesterday, and arrived around lunchtime today in my current account. Shame they can't do same day.

Thanks for this. I'm similarly conducting real tests for my bank and Ford Money. It's a shame they take overnight from the money disappearing from FM and then appearing in the nominated account - that's one day less of interest for me (I know, not much in the grand scheme of things but every little counts, and one of the things I appreciated about Marcus was just how quickly withdrawals appear - instantly.)

Withdrawal amount stays in the account until the withdrawal date so earning interest?

That's not what was observed - amount is removed from the account on first working day but arrives in nominated account only on second.

typistretired

It has to go through Barclays who are the clearing bank for Ford Bank

InvesterJones

typistretired said:

It has to go through Barclays who are the clearing bank for Ford Bank

Deposits are same working day however

Nick_C

Skipton BS and Cambridge BS withdrawals are processed same day, if done early enough.

Yorkshire BS is next working day.

uptdale

Consumerist said:

I have savings accounts with Coventry BS and their withdrawals to external accounts have always been paid the day after the withdrawal date on the account statement. Internal transfers are same-day, however.

That's not been my experience with Coventry BS.  It's true that you cannot withdraw instantly to an external account, it's always the next business day, but that is the withdrawal date, so you don't lose interest.