Withdrawal schedules
Typically Faster Payments are sent immediately after they have been submitted, and received in the creditor's account shortly after that. Withdrawal schedules introduce a delay between payment submission and the payment being sent.
Withdrawal schedules for cut-off windows
Payments submitted during one of the end-of-day cut-off windows will be sent shortly after the window has closed.
The scheduled cut-off windows are:
- Every day between 23:40 and 00:05 GMT/BST
- Every Friday between 22:55 and 23:05 GMT/BST
Withdrawal schedules for savings accounts
| Withdrawal request time | Time payment is sent (GMT/BST) |
|---|---|
| Before 12:00 on a working day. | Between 17:00 and 18:00 the same day |
| After 12:00 on a working day. | Between 17:00 and 18:00 the next working day |
| On weekends and public holidays. | Between 17:00 and 18:00 the next working day |
The time a payment is received is dependent on the scheme and the receiving bank.
How do withdrawal schedules impact interest earned?
When a payment is scheduled, the payment amount does not get deducted from the account balance and no transaction is added to the account until after it's processed (at the scheduled-at time). For example, if you submit a payment worth £20 at 12:01, you will continue to earn interest on that £20 until the payment is sent at 17:00 on the next working day.
How do I know if my payment is subject to a withdrawal schedule?
Withdrawal schedules for cut-off windows apply to all Faster Payments.
Payments from bare trust and easy access savings accounts are also subject to withdrawal schedules for savings accounts. When you submit a payment from these accounts, the corresponding submission will have its submission-status set to scheduled and a scheduled-at field set to the earliest time that the payment can be sent.