BACS transfer times, I am impressed!!

esbo

chris1 wrote: »

How did you manage to do that? Mine says the payment still needs several days to clear...

Well I was only joking when I said that, but I assume I could have done do if I wished to do so, the money is shown as transfered.

I suppose the acid test is whether the correct interest is earned for immediate transfers.

meinnit

chris1 wrote: »

Apart from Tesco mentioned in the first post, are there any other savings accounts with a decent rate which can make faster payments?

Egg accept faster payments but cant send them.

esbo

arsenalboy wrote: »

We have all probably read how banks are speeding up bacs transfer times.

I read last week that this is being phased in gradually and would be starting off with very small amounts.

I recently opened a Tesco account to get the £60 of vouchers and this morning I thought I would transfer some back to my Lloyds tsb current account.

I have online access for both and went into Tesco and transferred 4k. I then went into my Lloyds account just to check a few things and was absolutely stunned because it was already there:j . I am talking less than 2 minutes here, absolutely incredible!!

A word of caution, not all banks/building socities are subscribed to the new system immediately, I guess I was lucky. This adds a new dimension to switching between banks if it is this quick!!

Hmmmm but what you really needed to do was go Lloyds bank with your cashcard or whatever and withdraw the £60, trouble is you don't know which £60 you
withdrew unless tthere is no other money in the account and it will not let
you go overdrawn.

I can certaintly remember wages from a former employer being shown as being in my account but not really being there when I tried to withdraw it because it had not
cleared.

Paul_Herring

esbo wrote: »

I suppose the acid test is whether the correct interest is earned for immediate transfers.

The cynic in me wonders how this will actually be tested/confirmed. I'll have enough problems calculating whether my transfered ISA interest will be calculated accurately since <icelandic bank> postponed a transfer for 3 weeks due to address irregularities.