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Faster Payment Business Banking Account recommendations...

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    Faster Payment Business Banking Account recommendations...

    Hi All,

    I have been with Cater Allen for just over a month now.

    Their customer service is great (UK based) - I have only spoken to them once but they were very helpful and courteous in getting my issue resolved.

    The only issue I have is, I really like faster payments !. I want to be able to send from that account and for the money to appear in my personal account (Lloyds) within a few hours. With Cater Allen, every transaction seems to take 24hours.

    Can anyone kindly advise of a bank that does support faster payments for business accounts? Reading the forums, I believe HSBC do this?

    As Lloyds is what I use for personal banking and I know they offer faster payments, is it safe to presume their business banking offers it to ?

    So , Lloyds Vs HSBC - Any thoughts please ?

    I dont mind paying an odd fiver a month.

    thanks

    #2
    I have been using HSBC for 2 years now, their payment transfer system is VERY quick. My personal account is with Barclays.

    Comment


      #3
      I know HSBC do, but the following page lists the members of the scheme and limits etc. there's also a sort code checker - plug it in and see if they are supposed to...

      Faster Payments - Which banks can send Faster Payments and what is my bank's value limit

      Comment


        #4
        Originally posted by Intention View Post
        Hi All,

        I have been with Cater Allen for just over a month now.

        Their customer service is great (UK based) - I have only spoken to them once but they were very helpful and courteous in getting my issue resolved.

        The only issue I have is, I really like faster payments !. I want to be able to send from that account and for the money to appear in my personal account (Lloyds) within a few hours. With Cater Allen, every transaction seems to take 24hours.

        Can anyone kindly advise of a bank that does support faster payments for business accounts? Reading the forums, I believe HSBC do this?

        As Lloyds is what I use for personal banking and I know they offer faster payments, is it safe to presume their business banking offers it to ?

        So , Lloyds Vs HSBC - Any thoughts please ?

        I dont mind paying an odd fiver a month.

        thanks
        11 banks and 1 building society came together to build a real time payment system, which resulted in faster payments system. They all agreed on the draft of it in principle, and every organization was left to implement the system according to the specs. The only building society is Nationwide Building Society. The 11 banks are major banks like Barclays, Llyods TSB, RBS, HSBC, Natwest etc. So as long as you are with these banks, you can use faster payments. Their realistic turn around time is supposed to be 15 seconds, end to end, but god knows how many payments are done that quickly. Suffice to say, they are pretty quick.
        I am Brad. I do more than the needful and drive the market rates up by not bobbing my head.

        Comment


          #5
          Thanks All, some good info there.

          As I personally bank with Lloyds, I wonder if it would be easier / quicker just to create a Business account with them ?

          If not, then I may just go with HSBC to keep everything "separate"

          Comment


            #6
            My business banking is with NatWest, and personal with Halifax - faster payments run fine between these two.
            As mentioned above, most banks do operate on faster payments, so it will all come down to what bank offers the best 'features' and least costs, to my mind
            latest-and-greatest solution (TM) kevpuk 2013

            Comment


              #7
              I bank Business and personal with HSBC. The faster payments are nearly instantaneous

              Comment


                #8
                Santander Business Banking - sent a payment through to my Barclays personal account last week and by the time I had immediately logged into Barclays olb, the funds had arrived. That's what I call fast !
                ______________________
                Don't get mad...get even...

                Comment


                  #9
                  I have accounts with a couple of other building societies and they do faster payments.

                  However it goes through another bank's system i.e. HSBC.

                  Oddly unlike Carter Allan the money appears within about 2 hours.

                  I suspect the issue is how CA have integrated their system with their processing bank's i.e. badly.
                  "You’re just a bad memory who doesn’t know when to go away" JR

                  Comment


                    #10
                    Originally posted by Intention View Post
                    Hi All,

                    I have been with Cater Allen for just over a month now.

                    Their customer service is great (UK based) - I have only spoken to them once but they were very helpful and courteous in getting my issue resolved.

                    The only issue I have is, I really like faster payments !. I want to be able to send from that account and for the money to appear in my personal account (Lloyds) within a few hours. With Cater Allen, every transaction seems to take 24hours.
                    I've been using them for years (from back when they were Flemings).

                    The reason the outbound transactions take so long is because they are an Agency Bank. Put simply this means they have to rely on another bank to process/clear their outbound transactions (in their case I believe this is RBS).

                    So when you schedule an outgoing payment, Cater Allen will say it has to be requested before 4pm on a given day for it to take effect. What they really mean is that 4pm is the cutoff for when they send details to RBS to process on their behalf. I guess RBS then process the transactions to take place the next day.

                    Is it a pain? Yes. Although if there's an occasion when you need the transfer the same day there's always the option of CHAPS, but this is chargeable.

                    The account isn't perfect but I don't incur any monthly charges for it and their deferred debit card is very useful for company expenses. The downside of the card is that organisations like HMRC treat it as a credit card and surcharge any online payments made using it

                    Comment

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