The new Faster Payments Service
You can now make payments in Sterling from your personal account to most non-Lloyds TSB accounts - including business accounts - in a matter of hours rather than days. Faster Payments has now started to be rolled out for one-off payments through our Telephone Banking and Internet Banking services.
Faster Payments is an industry-wide initiative that means when you send money from your current account, you’ll no longer have to wait three days for it to transfer between banks. Instead, most payments to and from your account will happen almost right away.
Most of the major high-street banks are using the new Faster Payments Service, with some of the smaller banks and building societies joining later in the year. The Faster Payments Service will run alongside existing payments systems and similar payment limits will apply.
The majority of payments processed by the Faster Payments Service will be accepted by the receiving bank almost immediately. In most cases the money will have cleared and will show on the recipient’s bank account within a couple of hours. However, as other banks process their payments differently we can’t guarantee when this money will be credited to the recipient’s account.
Some utility bills and credit card payments may still take a few days to reach your individual account, so it’s worth checking with each company concerned how quickly they will process your payment once they receive it.
How your payment times will change:
Type of payment | What happens with existing payment systems | What will happen with Faster Payments |
|---|---|---|
One-off payment (For example, if you want to pay someone and want the money to get there as quickly as possible.) | Instruction given to us on Saturday, payment made on Monday, arrives on Wednesday | Instruction given to us on Saturday, payment made and credited to receiving bank also on Saturday. Payments can be made throughout the day, every day, and are credited almost instantly, with most payments arriving in the recipient’s account within a couple of hours. |
Between now and early August, the following payments will also start to be speeded up and by Wednesday 6 August they will be sent and received on the same day.
Type of payment | What happens with existing payment systems | What will happen with Faster Payments |
|---|---|---|
Future dated payment (Say you want to pay someone but don’t want the money to leave your account until a certain date.) | Instruction given to us on Sunday for payment to be made on Wednesday, arrives Friday. (Payments are made on working days only.) | Instruction given to us on Sunday for payment to be made on Wednesday, arrives Wednesday. Paid and cleared on the same day. (Working days only.) |
Standing order (Regular monthly payment that has been set up to go through every month at the same date.) | Instruction given to us on Sunday, payment made on Monday and arrives on Wednesday. (Payments are made on working days only.) | Instruction given to us on Sunday, payment made and credited on Monday. Paid and cleared on the same day. (Working days only.) |
To take full advantage of Faster Payments, register and make your payments through our Internet and/or Telephone Banking services.
If you would like to know more about Faster Payments, then please see our frequently asked questions.
Further information on Business Banking.
