List of savings accounts with true Faster Payments

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  • colsten
    colsten Posts: 17,597
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    I have been transferring money to and from Tesco savings accounts for several years, and several times weekly. Whilst I am a very happy Tesco savings account holder, I should mention that no money ever arrives instantly either end as it does with other transfers. There is always a delay, usually anything between 5 minutes and half an hour.

    For outgoing payments from Tesco savings accounts, there is an issue you should be aware of. For some weird reason, payments from savings accounts initiated the app don't always work. I have given up trying to get a resolution from Tesco as they seem to be clueless about the root cause for this issue, and incapable of providing a fix. My bypass is to either use online banking, which always works for transactions the app can't handle. If I only have access to the app, I transfer the money to my Tesco current account and make the payment from there, which also always works.
  • No_Name
    No_Name Posts: 137 Forumite
    Tesco Bank savings account FP is usually ok for me, but I moved money out yesterday evening.


    Had me worried as took well over two and a half hours to credit my nominated account.
  • gunjin
    gunjin Posts: 63
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    colsten wrote: »
    I have been transferring money to and from Tesco savings accounts for several years, and several times weekly. Whilst I am a very happy Tesco savings account holder, I should mention that no money ever arrives instantly either end as it does with other transfers. There is always a delay, usually anything between 5 minutes and half an hour.

    5 - 30 mins is still much better than the vast majority of savings accounts so I'm happy to keep them in the top tier!
  • gunjin
    gunjin Posts: 63
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    No_Name wrote: »
    Tesco Bank savings account FP is usually ok for me, but I moved money out yesterday evening.
    Had me worried as took well over two and a half hours to credit my nominated account.

    That sounds like an outlier based on everyone else's feedback. Also 2.5 hours is still better than almost everyone else!
  • isasmurf
    isasmurf Posts: 1,999
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    gunjin wrote: »
    [*]Paragon: 1-2-day non-FP withdrawal & batch-based (2x/day) deposit via FP
    [*]Post Office: 1-2 (or more) -day non-FP withdrawal & FP-based deposit
    How do you think they make next business day transfers if they don't use Faster Payments?
  • System
    System Posts: 178,077
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    Santander is very fast. Done transfers to HSBC, Natwest, Halifax and others and they've received it within minutes. Similar story on receiving payments.
  • System
    System Posts: 178,077
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    isasmurf wrote: »
    How do you think they make next business day transfers if they don't use Faster Payments?

    CHAPS if its made after 3pm would appear next day.
    BACS depending on how your bank works may appear next day but not be cleared for 3.
  • pafpcg
    pafpcg Posts: 878
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    This list of "savings accounts" raises a few issues:

    1. Don't try to rank the organisations - it's far too subjective. Other readers will have different priorities.

    2. As I wrote in my covering note to the list of FT transfers I sent you, my list ignores the bulk of my current "savings accounts" because most of my funds are in interest-bearing current accounts all of which, except for Tesco Bank, can boast intantaneous FP transfers in and out (so no need for me to record the time of request and arrrival). Nationwide FlexDirect at 5% interest on up to £2,500 with instant FP would surely top almost any list? With 1.5% and instant FP available on many accounts from Lloyds Banking Group, CYBG, Santander, NatWest, not to mention TSB's current 5%, etc, there are many more organisations to add to the list.

    3. As isasmurf points out, all these transactions use FP as the inter-bank transfer process. The differences between the organisations lie in how they each trigger the transfer. For example, many of the building societies will action a request for a withdrawal on the next working day, some will trigger the FP transfer in the early hours, some might delay the transfer until the afternoon (much of this might be a consequence of the clearing bank used by the building society).

    4. A further differentiator would also be when the sending organisation debits a withdrawal from the balance of the account. For example, YorkshireBS, LeedsBS, WestBromBS & PostOffice will debit the account on the day the withdrawal request but not sending the funds until the following working day, effectively losing a day's interest. In contrast, CoventryBS does not debit the withdrawal from the sending account until the day of the transfer.

    5. Nit-picks in your current list:
    - in my experience, deposits to CoventryBS, YorkshireBS & LeedsBS sent by FP have always been credited on the day of sending (not 1-2 days).
    - in my experience, withdrawals from CoventryBS, YorkshireBS & LeedsBS have always been received within one working day (not 1-2 days).

    Of course, there will always be the outliers (often caused by security checks) - it's only when you have a large data-set that the numbers can be regarded as reliable. I'm curious what value this list might have? I use my list so I can estimate when I need bother to go to check for the receipt of funds, eg there's no point in looking for funds from CoventryBS before midday! For someone looking for a home for a rapidly-accessible "emergency" fund, use a clearing bank or a directly-connected member of the faster-payments participants: www.fasterpayments.org.uk/directly-connected-participants
  • uptdale
    uptdale Posts: 152
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    [*]Paragon: 1-2-day non-FP withdrawal & batch-based (2x/day) deposit via FP
    Originally posted by gunjin
    How do you think they make next business day transfers if they don't use Faster Payments?
    I rang Paragon when the cash from a matured fixed rate account with them had not arrived in my linked account when I expected. The lady I spoke to said said that they did not use FP. On the maturity date she said they transfer the balance to a holding account (in Paragon's name), and on the next business day they make a manual transfer (don't know what that means but that's what she called it) to my linked account. It did arrive the next business day.

    That might be annoying if a long weekend intervened, because you get no interest while it is in the holding account. Their communications could also be clearer - they sent me an email to say "Your Fixed Rate account has now ended and we have carried out your withdrawal request as per your instructions." - prompting me to look for it in the linked account, when in fact they had only done half the job. Other non-clearing banks and building societies seem to handle this better. The Coventry BS debits the account the next business day (or any future business day you request), and it appears in the receiving bank account the same day it leaves the Coventry account.
  • 18cc
    18cc Posts: 2,120 Forumite
    Yes Paragon use HSBC and presumably that is where your cash is lying whilst it waits to be manually transferred.
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