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HSBC transfers to building society accounts

s71hj
Posts: 576 Forumite


Have opened an HSBC account for the 8% saver, so my salary is going into it. I have regular savers with the following building societies who bank with HSBC - Catholic, Leeds and H, Leek, Scarborough, West Brom. I wondered if transfers from the HSBC current a/c to these were instant. If so, I'd set up an s/o for the day my salary arrives in the current account, to max interest. Anyone any direct experience of this?
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I am HSBC and I do the same with a second savings account with First Direct as like Leek etc. they are a sister bank. When I transfer funds giving sort code and account the transactions are immediate.0
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I am HSBC and I do the same with a second savings account with First Direct as like Leek etc. they are a sister bank. When I transfer funds giving sort code and account the transactions are immediate.
Thanks.....under construction.... COVID is a [discontinued] scam0 -
I am HSBC and I do the same with a second savings account with First Direct as like Leek etc. they are a sister bank. When I transfer funds giving sort code and account the transactions are immediate.
While transfers between HSBC and First Direct accounts are instant, I would not automatically assume that is the same for the other institutions mentioned (Catholic, Leeds and H, Leek, Scarborough, West Brom.) - even though they may use HSBC for their banking.
This is because the banking relationship HSBC/First Direct have with each other is not the same as those other institutions have with HSBC..
It may be sensible for someone to try a transfer from HSBC to leeds etc and see how long it actually takes..
Regards
Sunil0 -
I have only just opened my FD account. It was a prerequiement before I could subscribe to their 8% RS. As I said I am already an HSBC current account holder and I also have their 8% RS.
On receiving my account info , security info etc. I set up the account but before I transferred large amounts for the RS. I transferred £20 HSBC to FD using new Sort Code & A/C No. and the transaction was immediate. I then transferred £10 back ie. FD to HSBC again using Sort Code & A/C No. and the transaction again was immediate.
Now the fact that they are sister banks may be the reason. After all you can go top any HSBC branch and pay money into FD accounts. I am not so sure that institutions within the same banking group will offer the same facility.0 -
Transfers from the building societies will take the standard 3 working days to transfer via BACS (normal way of transfering money inter bank). The difference between FD and the building societies is that First Direct is owned by HSBC, where as the building societies merely use HSBC as a clearing bank.
G0 -
First Direct is actually owned by HSBC - or as their website says: "First Direct is a division of HSBC Bank plc' - hence the instant transfers between accounts and First Direct customers being able to use HSBC branches - I presume many of the back end IT systems are the same.
The other building societies are just 'customers' of HSBC.. - I presume like many other large companies - hence the treatment of transfers to/from their accounts and a HSBC/FD may be different and really needs someone to test it to see what actually happens.
From memory a transfer from Egg (who also use HSBC)--> to a HSBC account isn't instant but takes a couple of days.. but its been a long time since I have tried one.
Of course, come May 2008, this difference should be academic..
Regards
Sunil0 -
gt94sss2 is 100% correct in this matter.
G0 -
I read elsewhere on here that some people had had a problem with paying from a bank into a building society regular saver a/c, I think it was Barclays to YBS. They had set up the payment for the 30th, expecting it to not hit YBS until 2nd or 3rd, and it arrived same day, breaching the t&cs of the regular saver. Clearly therefore with some bs's who are "customers" of particular banks, it can happen. On this occasion I actually WANT it to happen! Unfortunately I don't have online a/cs with any of the bs's listed, so can't check. If anyone can, + let me know, much appreciated!0
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Transfers from HSBC to bog-standard savings accounts with Leeds or Scarborough are the usual 3 or 4 days.0
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From memory a transfer from Egg (who also use HSBC)--> to a HSBC account isn't instant but takes a couple of days.. but its been a long time since I have tried one......under construction.... COVID is a [discontinued] scam0
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