Deposits made into your savings accounts all earn interest. How quickly they start depends on the type of payment you make into the account.
Payment types
Cash
Cash deposits earn interest from the day they are paid into your account.
Internal transfers
If you transfer your savings from one Skipton account to another, your savings will start to earn interest on the day of the transfer.
Cheque and debit card
Interest from cheque or debit card payments will start to accrue on the third working day after the deposit was made.
| Day cheque/ debit card paid into the SBS account |
Day interest accrues from |
| Monday |
Wednesday |
| Tuesday |
Thursday |
| Wednesday |
Friday |
| Thursday |
Monday |
| Friday |
Tuesday |
| Saturday |
Wednesday |
If you sent your cheque by post, interest will start to accrue on the third working day after the cheque's been processed and your money's been deposited.
Electronic payments (Faster Payments, BACs, and CHAPS)
Deposits made by electronic payment will accrue interest from the day we receive the payment. However, there could be a cut-off point for processing the payment if it’s a weekend or bank holiday. For example, a payment made after the cut-off point on a Friday (typically 6:00pm) will normally be processed on the following Monday but might show in your account over the weekend. However, the payment will be shown and available in the account sooner.