When Does My Money Go Into My UK Bank Account?
Money in the Bank: How to Get It Out!
We have all been there: the day before payday and not a penny in our pocket. We know our wages will come tomorrow, but if we could just get our hands on a couple of pounds right now, it would make our last hours of poverty so much easier.
Banks like money, and nine times out of ten they will hold out as long as they can before letting you get your hands on yours. As you know, your wages are paid into your account about a week before payday with instructions from your employer not to actually release the cash before the due date. So why can't banks for once allow us to withdraw a little beforehand? They do know that we are good for it, after all.
I live in the UK and recently changed banks for a better deal. I soon realised that I'd made a mistake. That's because at my old bank, my wages would appear in my account at the stroke of midnight; however, with my new account, I have to wait until 2:30 a.m. for my money to be made available. I decided to find out more about this difference, so this article is a result of my research.
Banks process their accounts at different times during the night, and depending on who you bank with, you can get ahold of your money sooner or later than others.
Scroll down to find out when your bank will make your money available to you.
When Does My Bank Pay Out?
What Time Does Your Money Go Into Your Bank Account?
Nat West, Barclay's, Clydesdale, Bank of Scotland, Bank of England, and Santander, to name but a few, are some of the biggest banks in the UK, but when do they update your account and release your funds for withdrawal?
Some banks are actually pretty good and allow you to withdraw your money before midnight by depositing money into your account around 11:30 p.m. Other banks will release your funds at midnight or just a few minutes afterwards. Some banks (like mine) make you wait until between 2:00 and 3:00 a.m., and others will not let you touch your money until at least 6:00 a.m. on payday.
For example, Clydesdale Bank in Scotland releases your funds at 11:30 p.m. the night before payday, while the Hong Kong and Shanghai Banking Corporation (HSBC) waits until 6:00 a.m. to release your money.
When UK Banks Make Deposits Available
11:30 p.m (the night before) to 12:30 a.m.
Bank of Scotland
11:30 p.m. (the night before) to 12:30 a.m.
12:00 am -2:00 am
Other UK Banks
Please let me know if I have not listed your bank and time and I will add it as soon as possible.
Weekend and Holiday Bank Deposits
- Normally, if your money is due to be released on a bank holiday, you will be able to gain access to it starting the Friday before.
- If your payday is a Saturday, most banks will release your funds on Friday or on Saturday morning.
- If your payday is a Sunday, most banks will release your funds early. Some will release them on the Friday before, whereas others will wait until Saturday.
- If your payday is a Monday, many banks will release your funds on Saturday.
When Will My PayPal Deposit Be Available?
If you are paid through PayPal, they now operate a faster payment service, which means you should have your money in your hands two hours or less after you transfer your PayPal funds to your bank account.
When Will My Benefit Payment Be Available?
Many different benefits are normally paid by direct deposit to your bank: Universal Credit, Personal Independence Payment, Disability Allowance, Basic State Pension, Child Benefit, and Jobseeker's Allowance, to name a few.
The banks' practices in letting you actually use this money seem to be the same as for paychecks, as shown above.
Most of these benefits are sent to your bank every four weeks, every two weeks, or weekly, so they will come in on the same day of the week every time, often a Monday or Tuesday, so you will quickly learn what exact day and time you can expect your bank to turn loose of your money.
If these weekday payments are scheduled to come in on a bank holiday, they are usually paid early: for example, payments due on a Monday that happens to be a bank holiday are usually paid the Friday before.
Universal Credit, which is gradually replacing many other types of benefit payments, is paid once a month, or twice a month in Northern Ireland and (optionally) in Scotland. The second monthly payment, if there is one, is 15 days after the first. So your Universal Credit payment date could fall on any day of the week, including a weekend or bank holiday, but the government promises that if your payment date is a weekend or bank holiday, they will pay you on the last working day before the weekend or holiday.
If you sent up a direct debit from your account to pay rent or other recurring expenses, you need to make sure the debit will go out of the account only after the Universal Credit money arrives in it. If you are already behind on your rent you may be able to get an advance payment of Universal Credit to help catch up.
When Do You Get Paid?
When Does Your Money Go Into Your Account?
Questions & Answers
What time will my money go into my account if I get paid on a Monday?
Sometimes you will get your money on a Friday night, and sometimes a Saturday depending on your bank. Some will make you wait until Monday.Helpful 51
What time will my money go into my account if I get paid on a Thursday?
It will go in at your normal time as stated in the chart above.Helpful 17
What day will my money go into my UK account if my pay day falls on a Saturday?
Most banks will pay on a Friday/ Saturday morning.Helpful 16
What time are balances from cheques made available on the day they are supposed to be able to be withdrawn?
At the same time as any other transaction mentioned in the chart.Helpful 15