Change of bank details and faster withdrawals without charge

By RateSetter Notices

All lenders will be able to benefit from "Faster Payments" without incurring any charge.



Up to now, you have had two options to withdraw your money: down the slow lane (which goes via the BACS service and can take 3 working days) or down the fast lane (via Faster Payments). Up to now, there has been a charge of £3 for using the fast lane to cover the bank charges incurred for Faster Payments.

We are now going to simplify the process by sending all withdrawals via the fast lane - free of charge.

This change will happen on 1st February, after which any withdrawal should clear into your bank account around 4pm the next working day.


For those of you who have the RateSetter Customer account details saved in your online banking, please can you update these details to the new RateSetter customer bank account as below and as shown on the RateSetter website:

  • 20-66-11 (same as before)

  • 23829553 (changed from 135***96)

Those of you who are saving regularly with RateSetter's "Regular Lender" account and therefore pay in each month by direct debit need not worry - the change will happen automatically as we detailed in our email of 9th January 2014.

If you have any further questions please do not hesitate to contact me or the team on 020 3142 6226.