Faster Payments - These are electronic payments that can be made online, or over the phone, and can be made same day subject to payments cut-off time – so long as both banks are part of the Faster Payments Service. We automatically send payments through Faster Payments where possible.
CHAPS - This guarantees same-day payment – so long as the instructions are received before the payments cut-off time. There’s no limit to the amount of money you can send, although there is charge for using this service. Please see our tariff list for details on our charges.
BACS - This is an electronic system to make payments directly from one bank account to another. They’re mainly used for transactions like Direct Debits. The payments take 3 working days to clear, for example, money paid into your account on Monday will clear on Wednesday.
Although most electronic payments will arrive at the recipient bank on the same day, however this isn’t guaranteed as there may be delays if we need to speak to you about your payment.