What is Faster Payments?
Faster Payments is a way to transfer money by the next working day
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How does this affect the Egg products I have?
Here’s a run-down of how the Faster Payments system will affect each product:
Savings Faster payments received before 11.45pm on a business day will be credited to the account for interest calculation purposes on that day, otherwise they will be credited with effect from the next business day.
Mortgages Faster payments received before 11.45pm on a business day will be credited to the account for interest calculation purposes on that day, otherwise they will be credited with effect from the next business day.
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Can I send a Faster Payment from Egg?
Yes - a payment requested prior to 6pm will be paid into your account by the end of the following working day (assuming the receiving bank is FP compatible). Payments requested after 6pm will be processed within 2 working days (assuming the receiving bank is FP compatible).
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Will I have to pay anything for these Faster Payments?
No.
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Which banks are participating?
There are many banking providers participating in the Faster Payments scheme but it's best if, before deciding to send a Faster Payment, you check first with your banking provider to see if they have the facilities to do so. Alternatively you can check by typing your sort code into this website:
http://www.ukpayments.org.uk/sort_code_checker.
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