Highest paying savings accounts with faster payments?

pcc_3

So what's the highest paying savings account that will support

a) receiving Faster Payments
b) sending and receiving Faster Payments

come 27 May?

KeithEssex_2

According to the Sort Code Checker Birmingham Midshires should be one of the first of the higher payers to RECEIVE. Not sure about sending.

nrsql

I noticed a couple of weeks ago that money was credited to Birmingham Midshires on the same day it left Natwest. Maybe this is why.

A pleasant surprise.

roddydogs

No-it didnt start till today 27th

nrsql

Well they said it would be implemented by today. As I've pointed out it looks like Birmingham Midshires didn't have to make any changes for receipts from Natwest,

I've made a test transfer the other way to see what happens.

Note it still says that transfers from Natwest still need two days notice so for the 27th the earliest it can be actioned is the 29th.
BM to NW doesn't have a notice period - I'll post what happens to it.

PauliPauli

http://www.apacs.org.uk/sortcodechecker/

and (from http://news.bbc.co.uk/1/hi/business/7411338.stm) .....

• 27 May - All HSBC transfers up to £20; all RBS NatWest payments; all Lloyds TSB payments for personal customers; all payments received by HBOS customers
• 27 May to 16 July - Barclays transfers will see a steady increase in maximum limits such as £5 on the first day, £100 by 5 June, £2,000 on 9 July and £10,000 by 16 July
• 3 June - HSBC transfers up to £10,000
• 6 June - Standing orders with RBS NatWest and Lloyds TSB
• July to September - Barclaycard joins faster payments
• August - Barclays standing orders
• August/September - HBOS standing orders
• November - HSBC credit cards join scheme
• "Later in the year" - Payments for Lloyds TSB business accounts
• First half of 2009 - HSBC standing orders

Pauli

jem16

nrsql wrote: »

I noticed a couple of weeks ago that money was credited to Birmingham Midshires on the same day it left Natwest. Maybe this is why.

A pleasant surprise.

Does BM use the same DD scheme to pull in funds as Icesave does?

Milarky

BM is part of HBOS. HBOS can receive but not yet send faster payments. Also it appears you link by direct debit from an external current account. Direct debits involve no 'float' - no loss of interest on payments in - regardless of which bank this is, but if they use BACS as a part of HBOS payments out should not yet be any quicker (time will tell)

aleph_0

jem16 wrote: »

Does BM use the same DD scheme to pull in funds as Icesave does?

You can pull funds using DD, but you have to ensure the money is in place the day before (I think, or at least with my bank), and plan it a few days ahead. Doing an instant transfer is much more convenient.

SuiDreams

PauliPauli wrote: »

http://www.apacs.org.uk/sortcodechecker/

and (from http://news.bbc.co.uk/1/hi/business/7411338.stm) .....

• First half of 2009 - HSBC standing orders

Pauli

In this case would it be better to cancel standing orders and set them up as one off payments instead?

KeithEssex_2

DavidAC wrote: »

Can single payments be made from NatWest to Birmingham Midshires using the faster system? I have just opened an esaver account and setup the first direct debit which will take a few days. I think the BM site said a standing order could be set up to pay money in but I did not find a reference to single payments.

I've just done it from HSBC - for £5