Good High Rate Savings account that sends and receives fast payments

KeithEssex_2

meinnit wrote: »

I have sent from HSBC to RBS using faster payments system.

Agreed. I have sent from HSBC to Lloyds without any problems. HSBC is fully functional for immediate payments.

HSBC Standing Orders and Credit Cards are not there yet.

Milarky

chris1 wrote: »

So do we conclude that Tesco is the only one then? (i.e. the only high interest account to be able to SEND faster payments?)

Interestingly in the last day I've had an email from Coventry and a letter from Egg both making a virtue that they can now accept Faster Payments.Coventry doesn't mention 'sending' and Egg only says: "It is something, though, we're looking to set up in the future."

I think FP must be a 'sender pays' system - which would explain why they can say things like this. If it doesn't cost them anything to receive they can institute it. As 'non members' of FP (Egg's parent, Citi is a member, apparently) they aren't under any obligation to join and it's up to them if they pay the fee to send payments by this method and whether to charge their own customers...

Only full members (i.e. 'banks') presumably gain nothing from blocking the 'out' channels to their own customers and one would assume that they are obliged under the terms of any agreement with FPS (or APAC? or CHAPS?) to offer a fully symmetric service eventually (e.g by Jan 2009?)

So here's a puzzle for anyone interested - Does the Banking Code 'cover' Faster Payments (I bet it doesn't) and, if not, then under what public interest provisions must FPS be made available to all 'bank' customers eventually? Is this a 'free market' or is it regulated one - because, to me, it seems as though there were assurances/promises of some kind being made - sadly lacking in specifics - that this would done if the Govt would agree not to regulate it themselves (as was held over the banks in Sweden some years back, I understand)

Charges: Will ordinary bank customers start to get charged for sending under this currently 'free' experimental scheme once up and running? I doubt it because that will be unpopular. And anyway, FPS is meant to allow BACS to be withdrawn as a method payment for these same transactions. It is far simpler for banks to change other features to introduce charging indirectly (and avoid the fuss) - things they have reinvented many times before.

So assuming there are no direct charges from banks will the small players - the Coventry B/Socs of this world make it 'free' or simply unavailable and continue to benefit from 'float' when you try to remove your money?

(Interesting to see how this now develops...)

SparciaM

Well Tesco's say that they send and receive and they're paying 6.25% - so I'm going to test them out and see. If that's the case then I can use their account as my c/a (sort of) and just transfer back to FD when I need to pay a bill

chris1

SparciaM wrote: »

Well Tesco's say that they send and receive and they're paying 6.25% - so I'm going to test them out and see.

Could you post back when you've tested please?

KTF

Its beginning to get annoying that Nationwide doesnt send or receive fast payments. The sooner they sort this out the better.

I am off to open the Tesco account to try a few tests as that is a very handy account to feed regular savers.

nkem_2

SparciaM wrote: »

Does anyone know any good accounts that send and receive faster payments.

I have an ICICI account, but they only receive faster payments (supposedly) but not send them. I would like a good account 5%+ that you can send and receive using the faster payment scheme.

if i have any money in my account let me know

nkem_2

if i have any money in my account let me know:money:

KTF wrote: »

Its beginning to get annoying that Nationwide doesnt send or receive fast payments. The sooner they sort this out the better.

I am off to open the Tesco account to try a few tests as that is a very handy account to feed regular savers.

Dagobert

chris1 wrote: »

Could you post back when you've tested please?

already tried and tested, see #6.

Dagobert

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~Chameleon~

SparciaM wrote: »

Well Tesco's say that they send and receive and they're paying 6.25% - so I'm going to test them out and see. If that's the case then I can use their account as my c/a (sort of) and just transfer back to FD when I need to pay a bill

I'd be interested to know how you go on with this. I currently use my Egg Savings (6.30%) acc in a similar manner as it accepts FP in and any deposits show on the balance immediately, but it also allows BACS transfers out which I use to pay any bills not currently on DD. It's just a PITA allowing 3-4 days to transfer money back to current acc to cover DD's though :rolleyes:

(Although now Lloyds are paying 6% on current acc I'll leave DD money there anyway )