Charter Savings annual interest

savings37

I have a 2 year bond with Charter, maturity date of 11th July 2025 and interest payment set annually to external account.

No interest payment received as yet, has anybody any experience how many days annual interest takes to be paid? 

refluxer

I'm not sure if the timescales for automatic interest payments out of the account are the same as those for requesting a withdrawal but if they are, then it looks like you could expect to receive it by the end of the next working day, so presumably by the end of today at the latest. Did you set up a nominated account when you opened that account and get it approved by Charter ? That was a stumbling block for me with Charter in the past - I think I ended up having to post off a paper statement as proof for an account that other banks never seem to have an issue with verifying electronically.

Here are their withdrawal timescales from their general T&Cs - the interest section didn't mention timescales...

Timing for payments out of your Account

11.5 We normally take payments by Electronic Transfer from your Account on the Working Day that we receive your Payment Instruction, or by the Working Day after that if your Account is a Postal Account and we receive your Payment Instruction by post, provided it is received prior to the cut-off time.

The cut-off time for Electronic Transfers is 3pm on a Working Day. Any Payment Instruction received after this time may be actioned the following Working Day.

The payment will reach your Nominated Account no later than the end of the Working Day following the Working Day on which we receive your Payment Instruction, unless your Account is a Postal Account and we receive your Payment Instruction by post in which case the payment may not reach your Nominated Account until the end of the second Working Day following the Working Day on which we receive your Payment Instruction. For example, if we receive your instruction at 10am on a Tuesday, the payment will normally reach your Nominated Account by close of business on the Wednesday unless your Account is a Postal Account in which case the payment may not reach your Nominated Account until the end of Thursday.

jaypers

Have you logged into Charter and checked the a/c? It will be paid by BACS so you will see the outgoing payment which will then hit your external account 3 days later. For info, they do pay the interest up to the date it will be in your Bank a/c.

VKE

I had a Charter account that matured last Saturday and the funds didn't hit my linked account until Wednesday of this week; maturing over the weekend is a PITA but thankfully once the £'s hit the linked account I didn't get any issues moving onto new deals.

savings37

After logging in to the account, no new interest is shown yet. No payments into nominated account as yet.

Looks like it will be into next working week now then

jaypers

savings37 said:

After logging in to the account, no new interest is shown yet. No payments into nominated account as yet.

Looks like it will be into next working week now then

As per my earlier post, they use BACS so you don’t see it for 3 working days.