What is Easy bank transfer?
Easy bank transfer is a faster and more convenient way of paying into your PensionBee pension from your bank account. Easy bank transfers have been made possible through Open Banking technology, which makes it easier to share your financial information between your bank and the financial services providers you authorise.
What are the benefits of Easy bank transfer?
The main benefit of using Easy bank transfer is that there’s no need to manually enter your bank details, saving you time whenever you want to set up a transfer or make a contribution to your pension.
It’s more convenient than other payment methods as you don’t have to dig around for your bank details, worry whether you’ve entered details like your bank’s sort code or reference number, correctly or recall them to mind.
Funds arrive instantly
With Easy bank transfer, your money will typically arrive in your PensionBee account instantly but could take longer in some cases. It’s important to note that once we’ve received your transfer it can take up to five days to invest your funds.
The fastest way to invest your money
As your money typically arrives in your account instantly we’re able to invest it sooner than other payment methods making it the fastest way to put your money to work.
You can rest assured your transaction will be dealt with securely. We securely direct you to your bank’s app where you authenticate your transaction.
“For too long consumers have put up with contributing to a pension being much more difficult than it should be, due to slow and outdated payment methods.” – Jonathan Lister Parsons, CTO of PensionBee
How can you use Easy bank transfer?
You can get started with Easy bank transfer by following the steps below.
1. Source of funds
Tell us where your funds are coming from; earnings, savings or another source.
2. Choose how much and when to contribute
You can choose to make a one-off contribution or set up a regular, monthly payment. If you’re eligible, we’ll also show you how much tax relief we’ll claim from HMRC on your behalf.
3. Select your bank
Find the name of your bank from our list of supported banks. If your bank isn’t available, you can still make a manual bank transfer to your PensionBee account, using the details we provide.
4. Approve the transaction
We’ll securely direct you to your bank’s app to approve your transaction before returning you to your PensionBee account to confirm the transaction has been completed.
Whilst we have multiple payment methods, Easy bank transfer does just what it says. It’s the quickest and most convenient way to contribute to your pension and provides the flexibility to make both one-off and regular contributions. You can watch our How to make an Easy bank transfer guide on YouTube.
Let us know what you think
We’ve been utilising the benefits and opportunities that Open Banking provides to deliver features that make using our product as easy as possible. We think you’ll love using our Easy bank transfer feature, but we’d love to hear from you if there are any ways we could improve how Easy bank transfer works, or enhance your PensionBee experience. If you have any feedback, suggestions or questions please get in touch, you can drop us an email at [email protected].
Additionally, if you’re a PensionBee customer and would like to help us shape the future of our products and services by participating in selected surveys or testing new features, then why not sign up to become a HoneyMaker?
As always with investments, your capital is at risk. The value of your investment can go down as well as up, and you may get back less than you invest. This information should not be regarded as financial advice.