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 and soon realised that I'd made a mistake 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, 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 a hold 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, Barlay'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, the Clydsedale 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.-12:30 a.m. (day before)
Bank of Scotland
11:30-12:30 a.m. (day before)
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
Most banks will release your funds early for withdrawal if your wages are due on a Sunday. Some will release them on the Friday before, whereas others will wait until Saturday to make the funds available.
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.
When Will My PayPal Deposit Be Available?
If you are paid through PayPal, they now operate a faster payment service which means that when you transfer your PayPal funds to your bank account, you can have your money in your hands within two hours.