BANK RATE ANNOUNCEMENT
On 2 November 2017, the Bank of England announced that the Bank Base Rate would increase with immediate effective from 0.25% to 0.50%.
Payments will be credited to your account no later than 2 hours after receipt of the funds from our clearing bank and you will then have immediate access to those funds, subject to the terms and conditions of your account. This change only affects Faster Payments into your account, other payment types, for example CHAPS and Foreign Transfers, are not changing.
Electronic payments you make from your account to a bank account elsewhere will normally arrive the next day.
There is an overall transaction limit of £100,000 under the Faster Payments scheme. So, if you request an electronic transfer above this amount, it will be sent as more than one payment.
A limited number of bank accounts are not part of the Faster Payments scheme. To check whether the bank accounts you make electronic payments to are covered, use the Sort code checker.
If you have any questions about the Faster Payments service, just give our friendly team a call on 0345 850 4041. Lines are open 8am to 8pm Monday to Friday and 9am to 1pm Saturday.