Ever wondered why it still takes 3 days for money to get transferred from one bank to another, even when you do it online?
Yep, me too. Probably one reason is that the banks make around £30m per year from the interest gained whilst the money is moved.
Well, that’s going to change, as a new £300m system should be in place by next May (although it was supposed to be here in November) which will speed up the process for transfers made online or over the phone to happen the same day.
I know I’ve been caught out a few times in the past when needing to move money quickly from account to account, only to be forced to wait for 3 or more days – hopefully these developments in the banking industry will help us all manage our finances a little bit better.