Kent Reliance

S_uk

I was wondering if anyone who has an online savings account with KR can please tell me how long it takes for a deposit from your nominated account to show in your KR account? On their website it says that funds will clear in your account on the same working day they receive them, but doesn't actually say when they normally receive it/cut off times for it to clear that same day etc?

I made a deposit at lunchtime today but it hasn't shown yet.

1spiral

For funds to show same day I find they have to be sent by mid morning. I asked them once but they weren't specific. I now ensure I send funds first thing but certainly no later than 1030, it is then visible online by 2pm, after this it's likely to be next day, certainly 1130 onwards (but you might be lucky). They do state 1530 as cut off time in T&Cs and if they receive funds before this you will receive interest for that day despite not being visible online until next day. They send an email when the funds are credited (usually by 1430) but if you miss this, the email will arrive at 0900 tomorrow but it will be credited to your balance from today.

S_uk

1spiral said:

They do state 1530 as cut off time in T&Cs 

Unless I've misread it, I can only see the 3.30pm time in relation to the cut off time to withdraw by for it to clear that working day into the nominated account, and not a cut off time for deposits to be paid for it to clear in to KR. I think they could make their T+Cs clearer in this regard.

cwep2

I sent a payment earlier this month maybe 2-3pm on a weekday. It didn’t appear in KR online that day (even by 10pm). But it appeared the following day (maybe around 9am) showing as credited the previous day. 

So I got the interest as if it arrived when I sent it, but they obviously didn’t process it or update the online banking until next day. 

Hope this helps. 

1spiral

S_uk said:

Unless I've misread it, I can only see the 3.30pm time in relation to the cut off time to withdraw by for it to clear that working day into the nominated account, and not a cut off time for deposits to be paid for it to clear in to KR. I think they could make their T+Cs clearer in this regard.

It seems you are correct. I have been with KR for several years now and noted this in my spreadsheet when originally opened so can only assume that this used to be the case.

Interestingly the T&Cs state "The funds will usually be available as cleared funds in your account on the same working day we receive them." but as I stated previously, I know from experience that after mid morning that doesn't happen. I'm also pretty sure (because of the way I like to operate my accounts) that when 1530 was a cut off for deposits, afternoon deposits were visible same day.

Bigwheels1111

The trouble I had with KR, opening an isa and transferring old isa in.
Over 3 months in total and a month at the end just to get my money back.
I would avoid them at all costs.
Taking KR to the Financial Ombudsman Service was fun and probably cost them quiet a lot.
For me lost interest, phone call money, time, petrol parking and time spent driving to Rochester branch etc.
Time and effort expended to get my own money.
Around £700 plus lost interest for me.
Not as good as TSB they gave me 1k ish.

S_uk

To update - the money did clear this morning and I received a text and email at 9am to say the money had been deposited. The money actually cleared sometime after midnight but before 2am as that's when I checked and the deposit showed. The money is dated as yesterday so I'm assuming there hasn't been any loss in interest.