When you pay a cheque into your account, it first appears in your ‘account balance’ and starts to earn interest immediately. But it takes more time before you can withdraw the money from a cheque. When the cheque is available for withdrawal it appears in the ‘available balance’ for your account.
The ‘Cheque Central Clearing Cycle’ normally takes two business banking days*. However, because we’re not a clearing bank, after you've paid in a cheque we need three business banking days before the funds are available for withdrawal.
Below is an example of how the Cheque Clearing Cycle works.
If a cheque is deposited on a Tuesday it will be available for withdrawal on the following Thursday after 9pm.
Pay in cheque
(start earning interest)
Day 2 Day 3
Thursday after 9pm
*Business banking days are Monday to Friday, excluding public holidays.
When you pay a cheque into your account, we credit your account and then request the money from the bank or building society which issued the cheque. If a cheque is returned unpaid, you will no longer receive a copy of the cheque. Instead we advise that the cheque has been returned and to refer to the person who issued the cheque.
We don't issue cheque books. However, you can request a cheque from most of our accounts (please see the Specific Terms of your account) at a branch, by phone or by post. We deduct the amount of the cheque from your account balance on the day we process your instructions.
Cheques requested by phone or by post will normally be posted on the same day as we process your instruction. If we receive your instruction on a non-business banking day, the cheque will normally be posted on the next business banking day. As a security precaution, we'll only post cheques to the address we hold for you on our records.
33 seconds for savings enquiries
1 minute and 58 seconds for mortgage enquiries
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