Any outgoing Faster Payment Service (FPS), BACS or CHAPS transaction to an external account will count towards unlocking your boost. This includes those made as Direct Debits or standing order.
Bulk Payments (sent via FPS) will be counted as multiple individual bank transfers. For example, if you complete a Bulk Payment with 20 recipients, this will count as 20 separate bank transfers and instantly unlock your Bank Transfer Boost.
Card payments are not included.
Transfers made between a Savings Pot and a Business Rewards Account are not included.
What is the Faster Payment Service?
The Faster Payments Service* (FPS) provides (almost) instant free money transfers between two bank accounts, including standing orders.
It’s used for both online and mobile banking payments for regular everyday transfers.
What is BACS?
BACS* (Bankers’ Automated Clearing Services) Direct Debit allows a business to collect payments from customers on pre-agreed dates. It’s often used for settling bills. There’s usually a three working day settlement time.
What are CHAPS transfers?
Clearing House Automated Payment System, or CHAPS, allows you to send high-value or time-sensitive payments to recipients. They’re designed to securely transfer large sums for things like large corporate payments or large purchases, like property or other assets.
There’s usually same-day clearance for these payments, which are completely traceable. Although, any payments made after 5pm will not be sent until the next working day. They may also incur a charge.
*With Allica, Faster Payments and BACS payments are free, subject to a fair use policy of a maximum total of 100 outgoing payments monthly. If these fair use limits are exceeded, Allica reserves the right to charge 15p per outgoing payment above this.