The Faster Payments Cut Off Times List

friolento

Nebulous2 said:

So - to try and get my head round the implications of this. Payday for me is today. The money consistently arrives in my Santander account at 9:30pm the day before, and is freely transferable at that point. So if I moved it to my Trading 212 ISA after 9:30 yesterday  - I'd have received a days interest for yesterday? 

Provided Zopa credit your money on the same day, yes, you would have.

subjecttocontract

I guess we are talking very small amounts of interest unless the transfer is a large sum.

surreysaver

subjecttocontract said:

I guess we are talking very small amounts of interest unless the transfer is a large sum.

Or moving the same sum twice or more times every day .

The only time I worry about cut off times is if I have a largeish sum, say £3k or so from a matured regular saver from an organisation that transfers late in the day, and I might want to make sure it earns interest overnight that particular day, and my current first choice for floating savings has an early cut off for receipts 

subjecttocontract

Don't understand your point. £3K @ 5% is 41p a day and hardly an amount worthy of any effort.

surreysaver

subjecttocontract said:

Don't understand your point. £3K @ 5% is 41p a day and hardly an amount worthy of any effort.

Then why are you on this forum if 41p is not worthy? Probably not worth your bother reading, let alone responding to, my comment!

Besides, if it was a Friday, could be £1.23.  Even more if a Bank Holiday weekend!

subjecttocontract

surreysaver said:

subjecttocontract said:

Don't understand your point. £3K @ 5% is 41p a day and hardly an amount worthy of any effort.

Then why are you on this forum if 41p is not worthy? Probably not worth your bother reading, let alone responding to, my comment!

Besides, if it was a Friday, could be £1.23.  Even more if a Bank Holiday weekend!

Because it's a discussion forum where different opinions are aired. It's perfectly acceptable to express an opinion that differs to yours.....the world would be a very boring place if we all had to agree the same.

clairec666

41p is worth it to me, but I can see why other people might not bother. Over time, all those small amounts mount up.

I'm not going to religiously plan my banking habits around these cut-off times, but I will definitely bear it in mind if I'm distributing my RS funds on a Friday afternoon. Particularly if the Monday is a bank holiday.

subjecttocontract

I suspect many people on this forum would already be aware of delays when distributing funds at weekends & bank holidays.

clairec666

subjecttocontract said:

I suspect many people on this forum would already be aware of delays when distributing funds at weekends & bank holidays.

True, but it's very useful to have this list to see which accounts are likely to be affected.

Bridlington1

subjecttocontract said:

Presumably
* 'no cut off' means there definitely is no cut off and
* 'no stated cut off' means there could be a cut off but we don't know what it is ?

``No cut off" is where there's definitely no cut off, ``no stated cut off" is where I'm pretty sure there is no cut off but it's not as explicit so I've erred on the side of caution and said they haven't said there's a cut off.

It wasn't the easiest list to compile to be honest, some of them said in their general Ts&Cs that the cut off times were in their FAQs but the FAQs made no reference to them for example.

friolento said:

roose0 said:

Incredibly useful list!

For Santander / Cahoot / Cater Allen, I think the cut-off time is between 8 to 9pm. Some eariler posts stated it's 8:15pm.

• https://forums.moneysavingexpert.com/discussion/comment/79614623/#Comment_79614623
• https://forums.moneysavingexpert.com/discussion/comment/80311502/#Comment_80311502
• https://forums.moneysavingexpert.com/discussion/comment/81141898/#Comment_81141898

I think you are right. Santander definitely state you have  until 20:15 the same working day to prevent overdraft charges. I have often made payments out of my Santander account around that time and they were executed instantly but did show with the next day’s date. I wouldn’t want to make my deposits too close to 20:15.

The General Ts&Cs state this so I've gone with 8pm for the time being: