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Faster Payments is a new way of paying money from an external account to any of your Egg products either the same day (within two hours in some cases) or the very next working day.
It's sure to make moving your money to Egg a whole lot simpler and faster, so find out more and just click on one of the questions below:
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What is Faster Payments and how is it different?
Faster Payments is a new option for transferring money between accounts. In the past, the two most common methods of moving money around have been BACS and CHAPS. BACS payments are usually free and take at least three working days to clear from one account to another. CHAPS payments, on the other hand, clear the same day but are usually accompanied by a fee - sometimes up to £30.
Faster Payments is a way to transfer money either the same day or the next working day but without having to pay the kind of fee associated with CHAPS payments. They are treated on receipt as cleared funds. The exact level of any fees associated with Faster Payments will depend on each individual financial institution, at this stage no Faster Payments providers have announced their charging structure.
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How does this affect the Egg products I have?
The new Faster Payments system is good news for you and any Egg products you have. It means you'll be able to send money from an external bank account into an Egg account without having to wait three to four working days for it to clear - as you would do with a BACS payment. If you are sending money to a savings account you could gain up to four days interest on the money transferred
You will need to check with your bank account provider to see if they offer Faster Payment services.
It also means a greater degree of certainty about transferring money – you’ll be able to see if the payment has been successful either the same day or the next working day. Here’s a run-down of how the new Faster Payments system will affect each product:
Credit cards
Faster Payments are usually sent to us by your bank on the day that you make the request. This will depend on when your bank processes the payment.
Faster Payments received before 11:45pm on a business day will be credited to your account for interest calculation purposes with effect from that day. Otherwise, Faster Payments will be credited with effect from the next business day.
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.
Loans
Faster Payments received Monday to Friday before noon will be applied to your Egg Loan the same working day.
Faster Payments received after noon, or on a weekend or bank holiday will be applied to your Egg Loan the next working day.
Mortgages
Faster Payments received Monday to Friday before 3pm will be applied to your Egg Mortgage the next working day.
Faster Payments received after 3pm, or on a weekend or bank holiday will be
applied to your Egg Mortgage within two working days.
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Can I send a Faster Payment from Egg?
At the moment, no. While all the systems are in place for you to receive incoming Faster Payments, you can't send a Faster Payment from Egg as of yet. It is something, though, that we're looking at incorporating into our services in the future.
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Will I have to pay anything for these Faster Payments?
Before sending a Faster Payment you'll need to check with your external bank whether they have the facilities to send them and also whether or not you'll be charged for doing so. At Egg, we're not charging a penny for receipt of incoming Faster Payments - and you don't need to let us know in advance if one's due to be coming in.
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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.
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