Premium bonds tomorrow, the two £1m winners were from Oxfordshire and Nottinghamshire so not me, again
And more rewardingly, today us mug punters who have retreated into cash deposits can check the interest we earned last month. I see I have some dividend payments last month too.
Cash is king (when you're as old and as risk averse as me!).
I'm done with all this investment malarky (apart from Cheltenham!!).
There's probably no need for immediate alarm if you just use it for transfers and short term travel abroad, however Revolut expects to receive a UK banking licence soon (to the incredulity of some obviously savvy FT readers) and that's worth treating with caution.
There's probably no need for immediate alarm if you just use it for transfers and short term travel abroad, however Revolut expects to receive a UK banking licence soon (to the incredulity of some obviously savvy FT readers) and that's worth treating with caution.
I heard a rumour near the tail end of last year there was going to be the book thrown at revolut over something. Pretty sure this is it.
FYI at the moment revolut offer banking through partners who *do* have banking licenses (so are already compliant). Getting a banking license would obviously put their destiny in their own hands, but above that I don’t think the consumer will see much change.
Is this premium bonds money? How many have people taken out? Also what’s this game where everyone shouts out numbers in the 7000s 😂
Yes @Foxycafc - it's regular contributors to this thread declaring their winnings this month - they are normally published on or around 2nd of the month. You can hold up to £50,000 in premium bonds - the more you have the more chance of a win...tax free. The 7000's you mention are people guessing at the value of the FTSE at a certain date...just for a bit of fun.
That whole thing about current accounts dragging their feet about paying interest when interest rates are on the rise tells you everything you need to know about retail banking.
On another slightly hypocritical note given what I think of investment bankers I've opened a few funds to try and make up for the shellacking my employers gave my own pension a few years ago and seeing as any other way of ensuring a pension fund with my means is restricted to bank robbery or something else massively fraudulent
I've got a few funds now with HL and I've done a small amount into two funds of my own in particular one is the c*nt list, this is a batch of companies that test on animals, willfully pollute, gave at best questionable health and safety records, are anti-union, rip off the end user or are into selling arms to places like Saudi Arabia, China, Iran at al. The other is purely ethical businesses who are into sustainable projects, water solutions, organic farming, sustainable growth.
Most of you who have forgotten more than I'm ever going to know about this sort of thing will probably guess where this is going. The c*nt list was massively out-performing the good list until the turn of the year when the sustainable and responsible stuff picked up and is now out-perfomring the c*nt list
I think there's an idea for a new index or ETF in there :-)
Nothing for me, or either daughter this month. However the jammy Mrs R7L got £550, 1x £500 and 2x £25
And making me feel better my father in law also drew a blank!
Unbelievable!
every cloud. Think that's now two months in about 4.5 years he's not won, so he's still winning the family league table. Although I think my wife could well be ahead on the financials by now as she's had a good run.
I often transfer funds to H-L by debit card. They need max one working day.
I think you'll find that HL is likely taking the risk there and crediting you with the money before it clears.
Really? That's untypically customer -friendly from H-L. Wise also allow you to pay by debit card for a transfer of funds to a foreign account, and that is promised at the same speed as by setting up a bank transfer. I usually get a Wise transfer in my Czech bank account in 2-3 working days
So I think you are saying NS&I speed ("up to eight banking days") is perfectly acceptable? Harrumph!
Actually I'm due a biz meet with a regional director of Visa soon so if the environment is right I'll ask him how long such transfers should take. I've always assumed that they are 24 hours or so.
I often transfer funds to H-L by debit card. They need max one working day.
I think you'll find that HL is likely taking the risk there and crediting you with the money before it clears.
Really? That's untypically customer -friendly from H-L. Wise also allow you to pay by debit card for a transfer of funds to a foreign account, and that is promised at the same speed as by setting up a bank transfer. I usually get a Wise transfer in my Czech bank account in 2-3 working days
So I think you are saying NS&I speed ("up to eight banking days") is perfectly acceptable? Harrumph!
Actually I'm due a biz meet with a regional director of Visa soon so if the environment is right I'll ask him how long such transfers should take. I've always assumed that they are 24 hours or so.
It depends a bit on the route taken. Retail payments is about as far from my comfort zone as you get as it is incredibly dull but I've picked up a bit along the way. The UK clearing system still works on 3 days and even then, technically a bank has another half day to bounce a cheque, so for cheques, 3.5d. The limitation is in the Bank of Englands' mis-named RTGS (Real Time Gross Settlement) system that sits in the middle of the clearing banks.
I think the 7-10 days service level is a hang over from Building Societies and other smaller providers collecting and processing cheques once a week and then going through the 3 day process. There's no excuse for it today.
There is a thing called Faster Payments, which technically clears almost immediately, in practice in 2 hours. I think it achieves that by by-passing the clearing service and then in the background, and in parallel, goes through the usual system and is just reconciled and backed out later if there's a problem with funds. There are serious limitations in RTGS and the Clearing Banks' ability to manage the balance sheet risk of the large flows intra-day. The BoE are working on a genuine real time system but it will take a while to implement.
Direct debits and standing orders more or less follow the 3 day process, but with lots of rules about when they should be paid and how they can be backed out. Credit card payments are another thing altogether with various, seemingly endless middlemen passing along the payment and taking little slices off it in fees. That's even more tedious and boring. Debit cards follow the same 'payment rails' as credit cards but without the same credit implications and therefore a different 'contract' between parties (e.g. one checks if you have sufficient credit before approving, the other checks if you have sufficient funds).
As I say, not really my field and could be wrong about FPS but I am having a beer with a retail banking guru this evening (more fun than that sounds), so I'll ask him.
Comments
I'm done with all this investment malarky (apart from Cheltenham!!).
Revolut’s auditor warns 2021 revenues ‘may be materially misstated’
There's probably no need for immediate alarm if you just use it for transfers and short term travel abroad, however Revolut expects to receive a UK banking licence soon (to the incredulity of some obviously savvy FT readers) and that's worth treating with caution.
But that was after £0 last month.
Happy with that
So I think you are saying NS&I speed ("up to eight banking days") is perfectly acceptable? Harrumph!
Actually I'm due a biz meet with a regional director of Visa soon so if the environment is right I'll ask him how long such transfers should take. I've always assumed that they are 24 hours or so.
I think the 7-10 days service level is a hang over from Building Societies and other smaller providers collecting and processing cheques once a week and then going through the 3 day process. There's no excuse for it today.
There is a thing called Faster Payments, which technically clears almost immediately, in practice in 2 hours. I think it achieves that by by-passing the clearing service and then in the background, and in parallel, goes through the usual system and is just reconciled and backed out later if there's a problem with funds. There are serious limitations in RTGS and the Clearing Banks' ability to manage the balance sheet risk of the large flows intra-day. The BoE are working on a genuine real time system but it will take a while to implement.
Direct debits and standing orders more or less follow the 3 day process, but with lots of rules about when they should be paid and how they can be backed out. Credit card payments are another thing altogether with various, seemingly endless middlemen passing along the payment and taking little slices off it in fees. That's even more tedious and boring. Debit cards follow the same 'payment rails' as credit cards but without the same credit implications and therefore a different 'contract' between parties (e.g. one checks if you have sufficient credit before approving, the other checks if you have sufficient funds).
As I say, not really my field and could be wrong about FPS but I am having a beer with a retail banking guru this evening (more fun than that sounds), so I'll ask him.