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What’s the difference between Bacs, CHAPS and Faster Payments?

Faster Payments are electronic payments that can be made online, over the phone, in branch or through self-service kiosks in fewer than 2 hours – so long as both banks are part of the Faster Payments Service. There’s no charge if you’re a Personal or Premier customer; business customers may be charged depending on their account. 

Although most electronic payments sent through Faster Payments will arrive at the recipient bank on the same day, this isn’t guaranteed. For details of the service, visit the Payments Council website.

We automatically send payments through Faster Payments where possible. If the receiving bank doesn’t accept Faster Payments, we’ll send the funds via CHAPs.

Bacs is an electronic system to make payments directly from one bank account to another. They’re mainly used for Direct Debits and direct credits from organisations. The payments take 3 working days to clear, so money paid into your account on Monday will clear on Wednesday. 

CHAPS guarantees same-day payment so long as the instructions are received by 2pm on a working day. There’s no limit to the amount of money you can send, although there is a £25 charge for this service. 

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