oxbury bank - withdrawal timings

dreaMer001

What has been your experience with withdrawal timings from oxbury Personal Easy Access Account to linked current account?

I did a test a few days ago. unfortunately, I made the withdrawal just after the cut-off time of 1 pm on weekday. It was done at 1:23 pm on 13.05.2024. The money arrived at my nationwide current account the next day (14.05.2024) at 3:01 pm. I know this because oxbury sends an email saying withdrawal has been processed. I checked the nationwide account soon as I saw the email at 3:01 pm and the money had arrived. 

Just now I did another test withdrawal (3:56 am on 15.05.2024). Message on screen saying 'withdrawal successful' and 'this will reach your account by the end of the next working day - you will receive a confirmation email'.

Seems like a faster payment? Usually within 2 hours but can be up to next working day 5 pm. I know payments can be sometimes held for longer for checks. But curious what the general timings are.

My balance at Oxbury is still the same (as before doing the withdrawal). i.e. £19. I did a payment for £9. So once the payment is processed balance should go down to £10. I think the payment has still not been processed by oxbury.

Doing these tests before I move £1000 to qualify for the 4.94% interest.

Bigwheels1111

This is an issue with a few savings platforms.
I believe it’s because they use a different bank to process deposits and transfers.
Say Barclays.
Ive misses the 13.00pm deadline and waiting a weekend.
Now I avoid these savings accounts as the time frame does not suit my needs.

I love Chip at the moment as their easy access ISA tracks the base rate -0.15%
I’m getting 5.1%.
Deposits and withdrawals are instant, doing either takes a minute or less, Day night, weekends or bank holidays.
Because it uses open banking and clear bank.

allegro120

dreaMer001 said:

What has been your experience with withdrawal timings from oxbury Personal Easy Access Account to linked current account?

I did a test a few days ago. unfortunately, I made the withdrawal just after the cut-off time of 1 pm on weekday. It was done at 1:23 pm on 13.05.2024. The money arrived at my nationwide current account the next day (14.05.2024) at 3:01 pm. I know this because oxbury sends an email saying withdrawal has been processed. I checked the nationwide account soon as I saw the email at 3:01 pm and the money had arrived. 

Just now I did another test withdrawal (3:56 am on 15.05.2024). Message on screen saying 'withdrawal successful' and 'this will reach your account by the end of the next working day - you will receive a confirmation email'.

Seems like a faster payment? Usually within 2 hours but can be up to next working day 5 pm. I know payments can be sometimes held for longer for checks. But curious what the general timings are.

My balance at Oxbury is still the same (as before doing the withdrawal). i.e. £19. I did a payment for £9. So once the payment is processed balance should go down to £10. I think the payment has still not been processed by oxbury.

Doing these tests before I move £1000 to qualify for the 4.94% interest.

I have notice accounts with Oxbury, withdrawals have always arrived on the day scheduled early in the morning. 

dreaMer001

Bigwheels1111 said:

This is an issue with a few savings platforms.
I believe it’s because they use a different bank to process deposits and transfers.
Say Barclays.
Ive misses the 13.00pm deadline and waiting a weekend.
Now I avoid these savings accounts as the time frame does not suit my needs.

I love Chip at the moment as their easy access ISA tracks the base rate -0.15%
I’m getting 5.1%.
Deposits and withdrawals are instant, doing either takes a minute or less, Day night, weekends or bank holidays.
Because it uses open banking and clear bank.

I've already deposited around 25k in Chip. Deposits and Withdrawals all going swimmingly.

Also using the Chase Saver account to save around 10k. That pays 4.1%. Lower than Chip but I don't wanna put all my eggs in one basket.

Moving money in and out of Chase saver is also simple. Maybe not as slick as Chip but close enough. The oxbury bank easy access saver is meant to replace the Chase Saver account due to oxbury bank paying higher interest.

By the way, are you getting 5.10% from Chip due to referring a friend? usual rate 4.84% + 0.26% for friend referral = 5.10%.

edit: bugbear about Chip is support is only through chat within App or email and can sometimes take a couple of working days to receive a response. THere appears to be no phone support.

slinger2

dreaMer001 said:

Bigwheels1111 said:

This is an issue with a few savings platforms.
I believe it’s because they use a different bank to process deposits and transfers.
Say Barclays.
Ive misses the 13.00pm deadline and waiting a weekend.
Now I avoid these savings accounts as the time frame does not suit my needs.

I love Chip at the moment as their easy access ISA tracks the base rate -0.15%
I’m getting 5.1%.
Deposits and withdrawals are instant, doing either takes a minute or less, Day night, weekends or bank holidays.
Because it uses open banking and clear bank.

I've already deposited around 25k in Chip. Deposits and Withdrawals all going swimmingly.

Also using the Chase Saver account to save around 10k. That pays 4.1%. Lower than Chip but I don't wanna put all my eggs in one basket.

Moving money in and out of Chase saver is also simple. Maybe not as slick as Chip but close enough. The oxbury bank easy access saver is meant to replace the Chase Saver account due to oxbury bank paying higher interest.

By the way, are you getting 5.10% from Chip due to referring a friend? usual rate 4.84% + 0.26% for friend referral = 5.10%.

Doesn't the Chip ISA still pay 5.10%?

Bigwheels1111

dreaMer001 said:

Bigwheels1111 said:

This is an issue with a few savings platforms.
I believe it’s because they use a different bank to process deposits and transfers.
Say Barclays.
Ive misses the 13.00pm deadline and waiting a weekend.
Now I avoid these savings accounts as the time frame does not suit my needs.

I love Chip at the moment as their easy access ISA tracks the base rate -0.15%
I’m getting 5.1%.
Deposits and withdrawals are instant, doing either takes a minute or less, Day night, weekends or bank holidays.
Because it uses open banking and clear bank.

I've already deposited around 25k in Chip. Deposits and Withdrawals all going swimmingly.

Also using the Chase Saver account to save around 10k. That pays 4.1%. Lower than Chip but I don't wanna put all my eggs in one basket.

Moving money in and out of Chase saver is also simple. Maybe not as slick as Chip but close enough. The oxbury bank easy access saver is meant to replace the Chase Saver account due to oxbury bank paying higher interest.

By the way, are you getting 5.10% from Chip due to referring a friend? usual rate 4.84% + 0.26% for friend referral = 5.10%.

edit: bugbear about Chip is support is only through chat within App or email and can sometimes take a couple of working days to receive a response. THere appears to be no phone support.

https://www.getchip.uk/savings-accounts/cash-isa

slinger2

dreaMer001 said:

What has been your experience with withdrawal timings from oxbury Personal Easy Access Account to linked current account?

I did a test a few days ago. unfortunately, I made the withdrawal just after the cut-off time of 1 pm on weekday. It was done at 1:23 pm on 13.05.2024. The money arrived at my nationwide current account the next day (14.05.2024) at 3:01 pm. I know this because oxbury sends an email saying withdrawal has been processed. I checked the nationwide account soon as I saw the email at 3:01 pm and the money had arrived. 

Just now I did another test withdrawal (3:56 am on 15.05.2024). Message on screen saying 'withdrawal successful' and 'this will reach your account by the end of the next working day - you will receive a confirmation email'.

Seems like a faster payment? Usually within 2 hours but can be up to next working day 5 pm. I know payments can be sometimes held for longer for checks. But curious what the general timings are.

My balance at Oxbury is still the same (as before doing the withdrawal). i.e. £19. I did a payment for £9. So once the payment is processed balance should go down to £10. I think the payment has still not been processed by oxbury.

Doing these tests before I move £1000 to qualify for the 4.94% interest.

Requested withdrawal of £1k at 8am. email from Oxbury at 3:02pm and instantly in my bank account. Looks like 3pm might be the time they start transferring the money.

dreaMer001

slinger2 said:

dreaMer001 said:

Bigwheels1111 said:

This is an issue with a few savings platforms.
I believe it’s because they use a different bank to process deposits and transfers.
Say Barclays.
Ive misses the 13.00pm deadline and waiting a weekend.
Now I avoid these savings accounts as the time frame does not suit my needs.

I love Chip at the moment as their easy access ISA tracks the base rate -0.15%
I’m getting 5.1%.
Deposits and withdrawals are instant, doing either takes a minute or less, Day night, weekends or bank holidays.
Because it uses open banking and clear bank.

I've already deposited around 25k in Chip. Deposits and Withdrawals all going swimmingly.

Also using the Chase Saver account to save around 10k. That pays 4.1%. Lower than Chip but I don't wanna put all my eggs in one basket.

Moving money in and out of Chase saver is also simple. Maybe not as slick as Chip but close enough. The oxbury bank easy access saver is meant to replace the Chase Saver account due to oxbury bank paying higher interest.

By the way, are you getting 5.10% from Chip due to referring a friend? usual rate 4.84% + 0.26% for friend referral = 5.10%.

Doesn't the Chip ISA still pay 5.10%?

Sorry. I missed the easy access ISA bit. Doh! I've gone ahead and now opened one so now getting 5.1% with that.

slinger2 said:

dreaMer001 said:

What has been your experience with withdrawal timings from oxbury Personal Easy Access Account to linked current account?

I did a test a few days ago. unfortunately, I made the withdrawal just after the cut-off time of 1 pm on weekday. It was done at 1:23 pm on 13.05.2024. The money arrived at my nationwide current account the next day (14.05.2024) at 3:01 pm. I know this because oxbury sends an email saying withdrawal has been processed. I checked the nationwide account soon as I saw the email at 3:01 pm and the money had arrived. 

Just now I did another test withdrawal (3:56 am on 15.05.2024). Message on screen saying 'withdrawal successful' and 'this will reach your account by the end of the next working day - you will receive a confirmation email'.

Seems like a faster payment? Usually within 2 hours but can be up to next working day 5 pm. I know payments can be sometimes held for longer for checks. But curious what the general timings are.

My balance at Oxbury is still the same (as before doing the withdrawal). i.e. £19. I did a payment for £9. So once the payment is processed balance should go down to £10. I think the payment has still not been processed by oxbury.

Doing these tests before I move £1000 to qualify for the 4.94% interest.

Requested withdrawal of £1k at 8am. email from Oxbury at 3:02pm and instantly in my bank account. Looks like 3pm might be the time they start transferring the money.

Received email from oxbury bank at 3:03 pm saying:

"We can confirm that we have processed your request to move money from your account."

Checked my nationwide current account and the money had arrived. So you're correct 3 pm must be the time when they start processing the transfers.

Lettuce2

I requested a withdrawal just before 5am today Tuesday 01st October 2024.
The monies was not deposited into my  son's linked account until 15.09 Tuesday 1st October.

Please be aware that if you needed to cover an overdraft with your  current account before say 2pm. This deposit won't be received on time.

slinger2

Lettuce2 said:

I requested a withdrawal just before 5am today Tuesday 01st October 2024.
The monies was not deposited into my  son's linked account until 15.09 Tuesday 1st October.

Please be aware that if you needed to cover an overdraft with your  current account before say 2pm. This deposit won't be received on time.

This is just what you'd expect based on their terms.

"You will be able to ... make a withdrawal to your Linked Account ... provided your instruction is received before 1.00pm on a Working Day and passes our payment validation requirements."

"You will receive your money into your Linked Account by the end of the Working Day your instruction was processed."

allegro120

slinger2 said:

Lettuce2 said:

I requested a withdrawal just before 5am today Tuesday 01st October 2024.
The monies was not deposited into my  son's linked account until 15.09 Tuesday 1st October.

Please be aware that if you needed to cover an overdraft with your  current account before say 2pm. This deposit won't be received on time.

This is just what you'd expect based on their terms.

"You will be able to ... make a withdrawal to your Linked Account ... provided your instruction is received before 1.00pm on a Working Day and passes our payment validation requirements."

"You will receive your money into your Linked Account by the end of the Working Day your instruction was processed."

I've never had EA account with Oxbury, but from experience with notice accounts all scheduled withdrawals arrive on the date in early hours in the morning including weekends.  I wonder if there is a facility to schedule withdrawals from EA?