Faster Payments

We have introduced a new Faster Payments Service for all bank account customers.

During August, we started to send some standing orders and bill payments from your HBOS bank account through the new Faster Payments Service. As a result, payments may have arrived in the receiving account on the same day they left your account. You don't need to do anything to send your standing orders or bill payments faster; we do this automatically.

By the end of October, most payments will be sent by the Faster Payments Service. Where the receiving bank does not offer this service the payment could still take up to three bank working days.

During October you will be able to make Immediate Faster Payments from your HBOS bank account. Payments sent to accounts held with other banks (that also provide this service) should arrive within two hours, and many will arrive in just seconds. Where the receiving bank does not offer this service the payment could still take up to three bank working days.

Immediate Faster Payments will show on your statement as 'Faster Payment' plus the name of the recipient.

You will be able to make an Immediate Faster Payment 24 hours a day, 7 days a week simply by selecting today's date as the payment date.

There is no fee for this service.

Please Note. Some accounts may have special conditions. For example, special conditions could include:

• Accounts which only allow one credit per month
• Accounts which only allow credits up to a certain value per month

If you currently have an external standing order set up or a future-dated bill payment, to an account that has special conditions, you may wish to check that receiving payments earlier will not affect the account conditions.

Click for more information about the Faster Payments Service.