The Faster Payments Cut Off Times List

nottsphil

friolento said:

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I don't think you'll earn interest on funds withdrawn between 8pm and midnight.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

You've quoted the exact reason why Allegro's view is incorrect! (at least from 8.20 to midnight).

nottsphil

I don't know where you have got 4.30pm for Mansfield from. They used to post incoming deposits at noon and 2pm, but extended the latter one to 3:00 p.m. a few months ago. Perhaps a CS thought you were asking about deposits paid in at branches, for that is the time they close. I have just rung them and the Loughborough and both confirm they are doing them early today, 2pm for MBS and 3pm for LBS. I suspect this will be the case for many societies who post deposits manually.

Bridlington1

nottsphil said:

I don't know where you have got 4.30pm for Mansfield from. They used to post incoming deposits at noon and 2pm, but extended the latter one to 3:00 p.m. a few months ago. Perhaps a CS thought you were asking about deposits paid in at branches, for that is the time they close. I have just rung them and the Loughborough and both confirm they are doing them early today, 2pm for MBS and 3pm for LBS. I suspect this will be the case for many societies who post deposits manually.

With regards to Mansfield I got it from their General Ts&Cs:



Where normal business hours are defined as:



From my reading of the terms the 2:30pm was with respect to making payments out of the account



There is also a 1pm cut off referenced that deposits need to be received by in order to be available to be withdrawn the same day, though I interpreted this to be different to the cut off for payments to begin earning interest the same day.

nottsphil

Thanks for posting those excerpts Brid. I'm going to put them in an email to the Mansfield along with a photo of a passbook I will get updated following a 4pm faster payment that I'll make next Friday. I just don't believe they backdate the interest for FPs that they manually post the following working day! 

BTW SRBS dropped the Railway bit a couple of years ago.

Bridlington1

nottsphil said:

Thanks for posting those excerpts Brid. I'm going to put them in an email to the Mansfield along with a photo of a passbook I will get updated following a 4pm faster payment that I'll make next Friday. I just don't believe they backdate the interest for FPs that they manually post the following working day! 

BTW SRBS dropped the Railway bit a couple of years ago.

I can only really go off Mansfield's General Ts&Cs, whenever I've made deposits into them I've typically done this early in the day on working days.

With regards to SRBS, apologies it's force of habit, it's a bit like I still refer to a Sainsbury's local near me as ``Jacksons" because that's what it was called over 10 years ago. In my defence it still seems to be registered under the name ``The Stafford Railway Building Society" with the FCA, with ``The Stafford Building Society" being a trading name:
https://register.fca.org.uk/s/firm?id=001b000000MfKxAAAV