Faster Payments!

By Luke OMahony

We've improved our payments process, meaning that if you fund your RateSetter account via a bank transfer, your funds will typically be credited within four hours.

Previously, we were able to credit RateSetter accounts twice a day (at 6am and 6pm) which sometimes meant that payments made by bank transfer would not be processed until the next day. The improved setup means that we’ll be able to credit accounts much more quickly – this should always be same working day as long as you get the transfer in before 7pm, and will usually be in a few hours.

Using a bank transfer is one of two ways you can top up your RateSetter account: the other way is to use a debit card. Debit card payments usually settle immediately, and the minimum deposit is £10. The first three payments made in this way are free. After that, any payments over £1,000 are free, but there is a £1.50 charge for any payment under £1,000 made in this way.

By contrast, payments made by bank transfer are always free, and there is no minimum payment.

All customer funds are held in a segregated bank account with Barclays until they are lent out. Any interest earned on money held in this account goes into the RateSetter Provision Fund.