Slow vs Fast easy access savings

jaypers

It’s been discussed many times and there is even a table knocking around somewhere I think. You have to be a Faster Payments member for a SIP (Single Immediate Payment) and that’s why the big Banks all fall under this umbrella. Some savings institutions use certain Banks to do their processing which are generally batched and run at specific times of the day. Sometimes the savings institution itself have their own systems and it can take a while to do through the works.

Personally I like to have a combination of accounts with both types, not wanting to lose out on the best rates while keeping quick access to cash. 

Rudyson

SH88SH88 said:

Malchester said:

pshannon said:

Fast ones include Cahoot and United Trust bank.  Slow includes Snoop, Kent Reliance and Shawbrook, which can take several working days.  For example, a withdrawal form Shawbrook actioned on Friday morning can take till Monday afternoon to appear in your linked current account

Kent Reliance which you say are slow are, for easy access accounts one of the fastest. No sooner have you clicked send than you get a txt and the funds are there. There are genuine reasons why some are slower and you can always look on terms and conditions to find withdrawal speed

That may be true if an account is on the 'new' KR system , but on the old system they are still slug-like .

It's not just Kent Reliance, all financial transactions leave a trail

friolento

To the OP: this is the kind of information that gets regularly posted in the Top Easy Access thread

https://forums.moneysavingexpert.com/discussion/comment/81676233/#Comment_81676233