Furness Building Society - lag in credit of savings

simonsmithsays

Anyone else noticed the lag on their Double Access Saver 1?

My initial credit was made from a Nationwide current account on the 6th (Wed) and credited on the 8th (Friday). I.e. a non weekend credit.

A further credit left the same C/A on Friday 22nd and was credited today (Monday).  I.e. over a weekend credit.

Whilst it may be the best instant access, in terms of rate, I have, the lag means that other options which are credited much sooner are probably a better option for multiple deposits.

Has anyone timed the amount of time withdrawals take?

surreysaver

Perhaps they need a higher setting...

SnowMan

https://www.furnessbs.co.uk/media/cxcpqjnp/general-savings-conditions.pdf

see page 5

simonsmithsays

SnowMan said:

https://www.furnessbs.co.uk/media/cxcpqjnp/general-savings-conditions.pdf

see page 5

Appreciate that - so what I'm seeing doesn't tie up with that...

SnowMan

I paid £1 in by electronic transfer initiated on a Saturday. It appeared in the account on the Tuesday. I was expecting it to have credited on the Monday.

eskbanker

Since payments into (and out of) Furness have to be routed via their nominated clearing bank (RBS), this inherently introduces delays, so the table quoted above refers to when payments are received by Furness rather than when they left the sender's bank, and this won't be the instantaneous transfer that's the norm for direct participants in the faster payments scheme.

Anyone wanting quick transfers to and from savings accounts needs to use a provider who's a direct participant in faster payments:

https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/payment-system-participant-list/

simonsmithsays

eskbanker said:

Since payments into (and out of) Furness have to be routed via their nominated clearing bank (RBS), this inherently introduces delays, so the table quoted above refers to when payments are received by Furness rather than when they left the sender's bank, and this won't be the instantaneous transfer that's the norm for direct participants in the faster payments scheme.

Anyone wanting quick transfers to and from savings accounts needs to use a provider who's a direct participant in faster payments:

https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/payment-system-participant-list/

Thanks for this - makes sense.

I wonder if the incredibly helpful people who run the 'Top Instant Access' thread and the 'True EA' lists have this consideration?

eskbanker

simonsmithsays said:

eskbanker said:

Since payments into (and out of) Furness have to be routed via their nominated clearing bank (RBS), this inherently introduces delays, so the table quoted above refers to when payments are received by Furness rather than when they left the sender's bank, and this won't be the instantaneous transfer that's the norm for direct participants in the faster payments scheme.

Anyone wanting quick transfers to and from savings accounts needs to use a provider who's a direct participant in faster payments:

https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/payment-system-participant-list/

Thanks for this - makes sense.

I wonder if the incredibly helpful people who run the 'Top Instant Access' thread and the 'True EA' lists have this consideration?

There are often mentions of speed of transfers in various threads but it's unlikely to be practical to incorporate it into the summary info presented on the forum or the main site, especially when the other end of the transaction also affects it.  When all is said and done, easy/instant access doesn't refer to the speed of transfers but to the lack of notice required.

simonsmithsays

eskbanker said:

simonsmithsays said:

eskbanker said:

Since payments into (and out of) Furness have to be routed via their nominated clearing bank (RBS), this inherently introduces delays, so the table quoted above refers to when payments are received by Furness rather than when they left the sender's bank, and this won't be the instantaneous transfer that's the norm for direct participants in the faster payments scheme.

Anyone wanting quick transfers to and from savings accounts needs to use a provider who's a direct participant in faster payments:

https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/payment-system-participant-list/

Thanks for this - makes sense.

I wonder if the incredibly helpful people who run the 'Top Instant Access' thread and the 'True EA' lists have this consideration?

There are often mentions of speed of transfers in various threads but it's unlikely to be practical to incorporate it into the summary info presented on the forum or the main site, especially when the other end of the transaction also affects it.  When all is said and done, easy/instant access doesn't refer to the speed of transfers but to the lack of notice required.

Absolutely understand your gist but I'm sure a lot of us have instant access accounts which really are true in that we can access move and then use the proceeds instantly (or at least within minutes).

Same way as deposits into them.

Maybe just needs an asterisk for these accounts to expect a lag if you're not using the feeder accounts you've highlighted.

I'll tag these generous people into here and they can either have a think and either ignore or incorporate as they see fit

simonsmithsays

simonsmithsays said:

eskbanker said:

simonsmithsays said:

eskbanker said:

Since payments into (and out of) Furness have to be routed via their nominated clearing bank (RBS), this inherently introduces delays, so the table quoted above refers to when payments are received by Furness rather than when they left the sender's bank, and this won't be the instantaneous transfer that's the norm for direct participants in the faster payments scheme.

Anyone wanting quick transfers to and from savings accounts needs to use a provider who's a direct participant in faster payments:

https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/payment-system-participant-list/

Thanks for this - makes sense.

I wonder if the incredibly helpful people who run the 'Top Instant Access' thread and the 'True EA' lists have this consideration?

There are often mentions of speed of transfers in various threads but it's unlikely to be practical to incorporate it into the summary info presented on the forum or the main site, especially when the other end of the transaction also affects it.  When all is said and done, easy/instant access doesn't refer to the speed of transfers but to the lack of notice required.

Absolutely understand your gist but I'm sure a lot of us have instant access accounts which really are true in that we can access move and then use the proceeds instantly (or at least within minutes).

Same way as deposits into them.

Maybe just needs an asterisk for these accounts to expect a lag if you're not using the feeder accounts you've highlighted.

I'll tag these generous people into here and they can either have a think and either ignore or incorporate as they see fit

@soulsaver
@ircE

eskbanker

simonsmithsays said:
Maybe just needs an asterisk for these accounts to expect a lag if you're not using the feeder accounts you've highlighted.

Perhaps you misunderstood - I'm saying that transactions to/from accounts with providers, such as Furness, who aren't direct FP participants, won't be instantaneous regardless of where feeder accounts are.  The point was that savings providers who are direct FP participants will also involve a delay if the feeder accounts aren't, i.e. the only way to avoid a lag is if you save with a provider who's a direct FP participant and feed from a mainstream bank account who's also 'in the club'....