List of savings accounts with true Faster Payments

Options
gunjin
gunjin Posts: 64 Forumite
Name Dropper First Anniversary Combo Breaker First Post
edited 15 July 2018 at 3:21PM in Savings & investments
It would be great to get a list of savings account providers which offer true Faster Payments as savings company websites often provide misleading info about what, to me, is a very important part of the service they provide customers.

Savings Account Providers (Bold = the Gold Standard of transfer policies)

  1. Major HS clearing banks and their subsidiaries (Lloyds, Barclays, Santander, NatWest, TSB etc.) including Ulster Bank: instant FP withdrawal & instant FP deposit
  2. Tesco Bank: near instant FP withdrawal & near instant FP deposit
  3. Bank of Cyprus: 2hr FP withdrawal & 2hr FP deposit
  4. Skipton Building Society: 2hr FP withdrawal & 2hr FP deposit
  5. Paragon: 1-2-day non-FP withdrawal & batch-based (2x/day) deposit via FP
  6. Post Office: 1-2 (or more) -day non-FP withdrawal & FP-based deposit
  7. Coventry Building Society: 0.5-2-day withdrawal & deposit
  8. Shawbrook Bank:?
  9. Birmingham Midshires: 1-2-day FP withdrawal & FP-based deposit
  10. Kent Reliance: 1-2-day FP withdrawal & FP-based deposit
  11. Leeds Building Society: 0.5-2-day withdrawal & deposit
  12. Yorkshire Building Society: 0.5-2-day withdrawal & deposit
Can anyone help fill in the blanks? Other savings companies?
Special thanks to pafpcg for bulk transfer data!
«1

Comments

  • Tom99
    Tom99 Posts: 5,371 Forumite
    First Post First Anniversary
    Options
    Coventry is pm on next business day.
  • youngretired
    youngretired Posts: 581 Forumite
    First Anniversary First Post Name Dropper
    Options
    Tesco Bank FP
    Post Office withdrawal next working day and deposit FP
    Birmingham Midshire withdrawal FP but not actioned until 3pm or next working day after 3pm and deposit FP
    Kent Reliance withdrawal FP but not actioned until 1.15pm or next working day after 1.15pm and deposits FP
  • gunjin
    gunjin Posts: 64 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    Options
    Thanks youngretired and Tom99. I'll keep updating the OP as and when more info arrives.
  • derrick
    derrick Posts: 7,424 Forumite
    Name Dropper First Post First Anniversary
    Options
    Bank of Cyprus has been within 2 hours for me so far in and out.




    .
    Don`t steal - the Government doesn`t like the competition


  • pafpcg
    pafpcg Posts: 886 Forumite
    First Anniversary Name Dropper First Post
    Options
    I have a spreadsheet of most of my transactions since Faster Payments were introduced in 2012 showing, for non-instantaneous transfers, when the transfer was requested, when the account was debited and when the funds were found to have arrived in the receiving account. It covers accounts with CoventryBS, YorkshireBS, SkiptonBS, LeedsBS, ING, WestBromBS, VirginMoney. The spreadsheet doesn't cover deposits made by standing orders or forward-dated transfers from banks which are actioned in the early hours; subjectively, my impression is that all arrive at CoventryBS, YorkshireBS, LeedsBS & VirginMoney within a few hours (but note that CoventryBS & YorkshireBS do display the deposit in the account on the same day; LeedsBS & VirginMoney don't show the credit until the following day).
    If you PM me, I can send you a copy.

    In addition I can report that the Post Office Online Savers seem to use FP near instantaneously but with caveats: I only use direct debits for deposits and for withdrawals, the account is debited later the same day but the funds are not sent by FP until the next working day; the direct debit credits are not visible in the account until the following day and aren't available withdrawal for three(?) days.
  • gunjin
    gunjin Posts: 64 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    Options
    pafpcg wrote: »
    In addition I can report that the Post Office Online Savers seem to use FP near instantaneously but with caveats: I only use direct debits for deposits and for withdrawals, the account is debited later the same day but the funds are not sent by FP until the next working day; the direct debit credits are not visible in the account until the following day and aren't available withdrawal for three(?) days.

    Thanks for this pafpcg. DMed you just now. Perhaps I am being dim, though, but how is next working day transfer near instantaneous FP? Are you referring to the receipt of deposits?
  • Sadoldbag
    Sadoldbag Posts: 2 Newbie
    Options
    Post office on line saver instant access is awful. Unreliable - one transfer in request made on 24th June didn!!!8217;t appear in the account until 5th July! One made two days later arrived within a couple of business days. Withdrew 5K on Thursday - it has left the PO account but not yet (Saturday am) arrived in my bank account so escrow is getting 5 days interest on it. I see forum posts going back years with similar complaints which I wish I!!!8217;d read before I opened the account. When I rang my bank to try and sort the chaos all this has caused they said: !!!8220;Ah, yes. We do have this problem with P.O. accounts...!!!8221;
  • Sadoldbag
    Sadoldbag Posts: 2 Newbie
    Options
    I apologise for the fact that this forum and my iPad browser appear to be incompatible in respect of apostrophes.
  • pafpcg
    pafpcg Posts: 886 Forumite
    First Anniversary Name Dropper First Post
    Options
    gunjin wrote: »
    Thanks for this pafpcg. DMed you just now.

    List PM'ed to you (in two parts because I can't see how to attach a file and the list is too big for a single message).
    gunjin wrote: »
    .... but how is next working day transfer near instantaneous FP? Are you referring to the receipt of deposits?
    Sorry, my wording is confusing, so to clarify here's what I meant:

    1. It's withdrawing funds from a Post Office Online Saver and sending the funds to accounts at either Bank of Scotland or Coop Bank. (I've never made a FP transfer TO a Post Office Saver account - I use only direct debits to make deposits - I'm sure you can guess what my Post Office accounts are being used for!)

    2. Following a request for a withdrawal, Post Office schedule the sending of the funds for the next working day (probably in the early hours of the morning). [Note: I think there is a cut-off time for making a next-day withdrawal (I'd guess sometime between 15:00 and 18:00) after which the withdrawal will be delayed for a further day. I'd never expect the withdrawn funds to arrive on a Saturday. For example, funds requested for withdrawal on a Thursday evening probably won't appear until Monday morning.]

    3. Because the funds have always been credited in the receiving account by the time I check the balance, I'm assuming (but can't be certain) that any delay in the FP must be minimal (which for me is as good as "near instantaneous" but I accept that using those words could be misleading).
  • gunjin
    gunjin Posts: 64 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    Options
    Thanks for the further explanation.

    The gold standard I refer to in my OP is 24/7 instant remittance and receipt of funds which can only be achieved by an efficient implementation of Faster Payments at both ends of the transfer. I use Santander for one side of the transaction and I know that their implementation is ultra efficient 99% of the time so any delays to transfers in and out of Santander can be attributable to the savings account's transfer policies. Ulster Bank (part of RBS) is also ultra efficient in its use of FP so transfers between Santander and UB are instantaneous at any time of the day and on any day of the week. Initiate a normal wire transfer (i.e. not direct debit) from one side and it will show in the other account within a few seconds.

    Unfortunately very few savings accounts can match this but I'd like to find out which ones do as I've not tried all the savings companies!
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.7K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.9K Spending & Discounts
  • 235.8K Work, Benefits & Business
  • 608.8K Mortgages, Homes & Bills
  • 173.3K Life & Family
  • 248.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards