The Faster Payments Cut Off Times List

Bridlington1

subjecttocontract said:

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

For me I take the view that if I've a lot of accounts that need funding it can be helpful to stagger them a bit, if it's a weekend and I know the cut off time is, say, 5pm on working days then there isn't much point funding it till Monday so I'll sort it out then.

In 2023 IIRC I managed to get flu around the turn of the month and ended up being effectively forced to stagger my RS deposits, about 40 or so accounts IIRC over the course of several hours as it was physically painful to even look at a screen so couldn't fund more than a few at a time, in fact I even took a few days break from this forum at the time. A list like this might've been useful then so I knew which ones to prioritise. 

surreysaver

clairec666 said:

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.

Exactly! 41p on it's own maybe I'd just kick myself, but over the course of a year it would be interesting to know how much extra I've earnt myself by being aware of such things and how many extra 41ps I've had 

surreysaver

subjecttocontract said:

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

More about knowing the cut off time on a Friday - time it wrong, you've lost three days interest.
Moving money on a weekend itself I'll put it into an account which I know pays interest on deposits made on non-working days, then safely move the money to my preferred account on the next working day.

I've also started to time opening accounts to avoid them maturing on non-working days to avoid this, but this isn't always possible if accounts have a set maturity date, or if a too-good-to-be-true account turns up that I don't want to delay opening 

roose0

clairec666 said:

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.

41p worth 8 packs of Christmas veg, which is a lot! 

s71hj

So given that I fund all my standing orders and direct debits from a Santander current account but keep the money to do so with Cahoot right until the last minute to maximise interest am I correct that if I withdraw from Cahoot after 8pm to fund the payments going out the next day I'll get interest paid by Cahoot including for that day? 

allegro120

s71hj said:

So given that I fund all my standing orders and direct debits from a Santander current account but keep the money to do so with Cahoot right until the last minute to maximise interest am I correct that if I withdraw from Cahoot after 8pm to fund the payments going out the next day I'll get interest paid by Cahoot including for that day? 

"The purpose of this thread is to provide a regularly updated list of the cut off times for faster payments made into the savings accounts".

I don't think you'll earn interest on funds withdrawn between 8pm and midnight.

s71hj

allegro120 said:

s71hj said:

So given that I fund all my standing orders and direct debits from a Santander current account but keep the money to do so with Cahoot right until the last minute to maximise interest am I correct that if I withdraw from Cahoot after 8pm to fund the payments going out the next day I'll get interest paid by Cahoot including for that day? 

"The purpose of this thread is to provide a regularly updated list of the cut off times for faster payments made into the savings accounts".

I don't think you'll earn interest on funds withdrawn between 8pm and midnight.

OK, but presumably there is a time when interest is paid based on the balance at that time and it can then be withdrawn without forfeiting that days interest? Even if it's midnight. For the reasons I've explained it would be useful to know. 

friolento

s71hj said:

So given that I fund all my standing orders and direct debits from a Santander current account but keep the money to do so with Cahoot right until the last minute to maximise interest am I correct that if I withdraw from Cahoot after 8pm to fund the payments going out the next day I'll get interest paid by Cahoot including for that day? 

If you withdraw after 8:15ish, you do get the money instantly (subject to the usual checks) and the value of the transaction is dated the next day. This probably means you still  get Cahoot interest on the day for the withdrawn sums. 

nottsphil

allegro120 said:

s71hj said:

So given that I fund all my standing orders and direct debits from a Santander current account but keep the money to do so with Cahoot right until the last minute to maximise interest am I correct that if I withdraw from Cahoot after 8pm to fund the payments going out the next day I'll get interest paid by Cahoot including for that day? 

"The purpose of this thread is to provide a regularly updated list of the cut off times for faster payments made into the savings accounts".

I don't think you'll earn interest on funds withdrawn between 8pm and midnight.

Why not? Money paid INTO it after the cut-off won't. 
BTW the cut-off for Santander is or certainly used to be 8:20 p.m. I know this because years ago I tested it for accuracy when I had a 123 account .

friolento

nottsphil said:

allegro120 said:

s71hj said:

So given that I fund all my standing orders and direct debits from a Santander current account but keep the money to do so with Cahoot right until the last minute to maximise interest am I correct that if I withdraw from Cahoot after 8pm to fund the payments going out the next day I'll get interest paid by Cahoot including for that day? 

"The purpose of this thread is to provide a regularly updated list of the cut off times for faster payments made into the savings accounts".

I don't think you'll earn interest on funds withdrawn between 8pm and midnight.

Why not? Money paid INTO it after the cut-off won't. 
BTW the cut-off for Santander is or certainly used to be 8:20 p.m. I know this because years ago I tested it for accuracy when I had a 123 account .

Because the value date assigned to all deposits and withdrawals made after 8:15 pm is the next day.

Santander cut-off according to their communication is 8:15 pm