The Top Easy Access Savings Discussion Area

Nick_C

One of the many useful things about the Chase savings account is that you can schedule Faster Payments and Standing Orders and they are sent on Sundays.

My Cambridge BS and Virgin Money Regular Savers have been credited today.  (I used to fund them from my Club Lloyds Current Account, and they would not have been sent/credited until Tuesday.)

soulsaver

ToTPs amended accordingly. :thumb:

kaMelo

Nick_C said:

One of the many useful things about the Chase savings account is that you can schedule Faster Payments and Standing Orders and they are sent on Sundays.

My Cambridge BS and Virgin Money Regular Savers have been credited today.  (I used to fund them from my Club Lloyds Current Account, and they would not have been sent/credited until Tuesday.)

There is absolutely no reason for funds sent from Chase to show any differently than funds sent from a Club Lloyds or indeed any other transfer by faster payment. They would all usually be sent immediately.
Specifically with Cambridge BS, as they use a third party (Barclays) for payments I'm intrigued as to how your payments are showing in Cambridge BS today as they would not normally do a payment run until the next working day, which in this case is Tuesday.

Mr._H_2

kaMelo said:

Nick_C said:

One of the many useful things about the Chase savings account is that you can schedule Faster Payments and Standing Orders and they are sent on Sundays.

My Cambridge BS and Virgin Money Regular Savers have been credited today.  (I used to fund them from my Club Lloyds Current Account, and they would not have been sent/credited until Tuesday.)

There is absolutely no reason for funds sent from Chase to show any differently than funds sent from a Club Lloyds or indeed any other transfer by faster payment. 

I think that even though the payment itself is transferred by the Faster Payments system, Lloyds are still using an old setup for their Standing Orders whereby if a scheduled payment lands on a weekend or bank holiday, it doesn't get sent until the next working day.

Nick_C

Mr._H_2 said:

kaMelo said:

Nick_C said:

One of the many useful things about the Chase savings account is that you can schedule Faster Payments and Standing Orders and they are sent on Sundays.

My Cambridge BS and Virgin Money Regular Savers have been credited today.  (I used to fund them from my Club Lloyds Current Account, and they would not have been sent/credited until Tuesday.)

There is absolutely no reason for funds sent from Chase to show any differently than funds sent from a Club Lloyds or indeed any other transfer by faster payment. 

I think that even though the payment itself is transferred by the Faster Payments system, Lloyds are still using an old setup for their Standing Orders whereby if a scheduled payment lands on a weekend or bank holiday, it doesn't get sent until the next working day.

Standing Orders from a Lloyds Current Account are only processed on a Banking Day.  If I had funded my Cambridge BS RS with a Lloyds SO, the money would not have left Lloyds until Tuesday.

Standing Orders from Chase are processed on the day they are scheduled for.

A top up payment from Chase to my Skipton RS, set up as a scheduled FP, not as a SO, has also been credited to my Skipton RS today.

Payments to Cambridge BS and Skipton BS are both processed via Barclays.  

Incidentally, although the payment to Skipton from Chase has processed today and is showing now in my Skipton RS, when I tried to process a transfer from a Skipton instant access savings account to my Skipton RS, it scheduled it for Tuesday.  So funding the Skipton RS from Chase is faster than funding it from a Skipton account on non banking days.

Finally, a payment from Chase to my Saffron BS Regular Saver, which is also processed via Barclays, has not been credited to my Saffron account.  I expect it will show up on Tuesday.

I will also post this on the RS thread, as the information is relevant to both.

Olinda99

Are Chase unique in that they let you set up DDs from the savings account?

Daliah

Olinda99 said:

Are Chase unique in that they let you set up DDs from the savings account?

You can use the Chase savings account for both, DDs and SOs. Some other savings accounts let you do future dated payments, but not on a regular schedule, i.e. no SOs, and also no DDs. Moreover, many other savings accounts only allow withdrawals to (and deposits from) a linked account, whilst the Chase saver pretty much behaves like a current account (without a debit card). This has its advantages but also disadvantages.

Whether the Chase savings account works the way it does by design or by accident is a different question. 

Daliah

kaMelo said:

Specifically with Cambridge BS, as they use a third party (Barclays) for payments I'm intrigued as to how your payments are showing in Cambridge BS today as they would not normally do a payment run until the next working day, which in this case is Tuesday.

No idea how they do it but FP and debit card deposits to Cambridge BS made today do show with today's date.

kaMelo

That's interesting to note as of course Barclays (or whoever the third party processing bank is) will have the funds the same day, it's the allocation to the individual accounts within the building society that would normally take them another day. Even some that process their own payments, such as The Cumberland, are always next working day.

I've never seen it happen same day on any account using a third party processor.

Daliah

kaMelo said:

That's interesting to note as of course Barclays (or whoever the third party processing bank is) will have the funds the same day, it's the allocation to the individual accounts within the building society that would normally take them another day. Even some that process their own payments, such as The Cumberland, are always next working day.

I've never seen it happen same day on any account using a third party processor.

There's always a first for everything....