Internet Banking - Time it takes to transfer money

rail.link

Well, if both current accounts appear in your account summary, I can't see any reason why the transfer would not be instant, unless, of course, A & L have different rules for that.

sloughflint

rail.link wrote: »

Well, if both current accounts appear in your account summary, I can't see any reason why the transfer would not be instant, unless, of course, A & L have different rules for that.

the difference is the current and plusaver are linked accounts.
Yes I think A&L do have different rules from memory but can't confirm. I much prefer real time banking.

Mikeyorks

Can't see how that makes a difference. Is this thread seriously suggesting A&L BACS money between internal accounts??

Even if they don't but need an overnight Batch run to show internal transfers - doesn't take 3 working days. Suspect the OP has run into something that doesn't represent the norm.

I've just made 5 Halifax transfers earlier today. 3 internal to me and 2 to accounts within Halifax but owned by family members - all of them instant. Decline to believe A&L are that far off the pace?

sloughflint

Mikeyorks wrote: »

Can't see how that makes a difference. Is this thread seriously suggesting A&L BACS money between internal accounts??

I sometimes wonder why I bother posting:mad:
I was merely trying to answer a specific question:

Well, I can transfer instantly between my A & L current and plus saver, so would presume it should be the same for 2 current accounts under the same name ?

Perhaps, somebody else can confirm ?

I have a Premier and a Premier Direct current accounts. I keep stoozed funds in the Premier Direct and keep virtually nil in the Premier apart from the day before a transfer to a regular saver.
Right, I shall now confirm that the transfer is not instant or at least doesn't show as such ie "payment being processed"( but I suspect will show up tomorrow under today's date) between these two accounts in my name.
The reason rail.link's transfer was instantaneous is because the plusaver is linked to the current account.

Decline to believe A&L are that far off the pace?

It's entirely up to you.

Milarky

Decline to believe A&L are that far off the pace?

Why do you imagine A&L pays people to bank with it? Someone has to be the 'dog' of all current accounts...

I suspect the reason A&L has these features at all is the relic of its 'girobank' heritage (A&L purchased GB from the government or the Post Office or whatever they traded as) Thus A&L banking was always going to be a bit non-mainstream.

I've said it before but I'll bore you again: when 'same-day' transactions arrive A&L will be struggling if people expect to be able to send money to themselves any more quickly than they could today. As things stand they won't benefit and the banks have had seven years to get ready for this.