IWeb/Scottish Widows cash withdrawals to bank - how long?

Aminatidi

Would anyone know how long these take please?

I've sold some funds in a GIA (realising CGT allowances for this tax year) and I was planning on using the proceeds to fund an ISA on a different platform but looking at the settlement date and some of the stuff I've read online I'm not convinced the sale will have cleared (settlement date shows as 31st) and the cash will be in the bank by Good Friday.

Worst case I can transfer the cash to my IWeb ISA to get it in an ISA wrapper.

Thanks in advance 👍🏼

wmb194

https://forums.moneysavingexpert.com/discussion/6661482/iweb-scottish-widows-cash-withdrawals-to-bank-how-long

You sold an OEIC today? Many are T+3 so Tuesday 31st for settlement makes sense. Withdrawals from iWeb/SW are by Bacs - T+2 - which would be 02/04 to your current account if it's available before the cut-off on Tuesday. You might be able to do it.

Is there a Chaps withdrawal option? If it's urgent it might be worth the inevitable fee.

masonic

It's a 3 w/day BACS clearing cycle in my experience, so if actioned on 31st, I'd expect you to see the funds in your bank on the 2nd 7th, so internal transfer to the SWSD ISA (I've no experience of doing that) would seem the better option. It is possible they've upgraded to Faster Payments since the rebrand. (edit: BACS is 3 w/day, but that's T+2 not T+3!!!)

wmb194

https://forums.moneysavingexpert.com/discussion/comment/81938816#Comment_81938816

If you give the instruction before the cut-off - sometime in the afternoon? - it'll be in your account two working days later e.g., last month I made a withdrawal just before midday on the 18th and it was in my current account first thing on the 20th.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81938827#Comment_81938827

Yes, I think I've added a day haven't I, will correct my post above…

refluxer

In case it's relevant, I have dividends set to be paid out automatically to my bank account from a Scottish Widows share dealing account and this takes 3 working days (it's actually very nearly 4… we're talking 11.59pm on day 3 !)

Eco_Miser

https://forums.moneysavingexpert.com/discussion/comment/81939499#Comment_81939499

Yes, I also have dividends set to be paid out automatically, and allow 4 working days between the dividend payment and it landing in my bank account - one for SW processing (seen in Income History) and 3 for the BACS process.

It sounds as though your bank is crediting your account one minute early, mine are there early morning on day 4 (day 3 of the BACS process) dated that day, though I've never looked at 11:59pm.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/81939499#Comment_81939499

In my experience this is because iWeb/SWSD sits on them on the day they've been credited. Assuming they're credited before the day's cutoff, if you watch your account closely and make the withdrawal manually you can achieve the usual T+2 Bacs timescales.

In 2026 this is extremely bad. These days plenty of brokers are capable of crediting dividends on the due date and making same day withdrawals by faster payments. Just today CMC Invest credited a dividend to my account at 7am* and it was in my current account a few minutes later. That an organisation backed by Lloyds isn't able to do this as well is embarrassing.

*It sent an alert to my phone. iWeb/SWSD is always as silent as God.

Aminatidi

Thanks so it sounds like the only hope is keep an eye on Tuesday and soon as the cash shows as available to withdraw withdraw it and it should land in my bank Thursday?

pochisoldi

https://forums.moneysavingexpert.com/discussion/comment/81939931#Comment_81939931

That tallies with my experience with dividend payments

From my experience with dividends

Dividend payment date (D+zero)

Money credited to GIA/ISA: next working day (triggers me to request payment)

Money credited to bank account two days later.

So for a dividend due to be paid on Monday it becomes:

Monday: Dividend due

Tuesday: Money appears and I request payment

Thursday: Money lands in my account

Haven't cashed out on any sales yet, but there's an outside chance that the money may appear on settlement day, and be available for transfer then. (With dividends I think it takes them 24hrs to allocate the dividends credited to the nominee account to individual investors)

PochiSoldi

masonic

It's been quite a long time since I've sold any non-exchange traded investments and withdrawn, but my recollection from yesteryear was that the money was available to withdraw at some point in the morning of settlement day.