How to pay Derbyshire BS regular saver

Kazza242

Dagobert wrote:

The whole point of my original post was that you get the greatest gain when paying by cheque because you earn double interest for a few days because the Derbyshire pays interest from the day of receipt and the money doesn't come off your current account until a few days later..

Dagobert - My post was in response to Mary's question - hence I quoted her post. From the info she posted, it was clear that her monthly payments took longer to reach her Derbyshire accounts than it should. As I have both Cahoot and Derbyshire accounts myself, I posted the way that I make my monthly deposits.

I know that a Derbyshire customer can receive double interest if they opt to pay by cheque - but to be fair, that wasn't what Mary asked in her post.

Mary - If you live near a branch of the Derbyshire, then depositing a cheque over the counter is a good alternative method of making your payments. Although, it does depend on whether you have the time or not to do this - it is up to you. If you don't mind making your payments this way, then I think it is well worth doing.

If you don't want to deposit over the account, then I think making a direct payment from Cahoot to Derbyshire is much better than your current Lloyds--->Cahoot--->Derbyshire way of making payments.

Milarky wrote:

Indirect transfer: Egg 'Manoeuvre'

Monday: Cahoot[savings]--->Cahoot[c/a]:transfer [Leaves. Tuesday] --->
Monday: Egg Savings [Debit card, immediate], then ready to make 2 WD transfer:
Monday: Egg[BACS] --->Wednesday: Arrives at Derbyshire.

Milarky - Does Egg now allow customers to send payments to building societies that use more than 8 digit account numbers? Last time I tried to make a transfer from Egg to the Derbyshire it failed. I even entered 8 zeros as the account number and my 9 digit account number as the reference. All to no avail.

Dagobert

mary wrote:

By "posting a cheque", I guess you don't really mean mean posting a cheque the old fashioned "royal mail" style, as that's obviously variable, but "depositing" over the counter

Of course, I mean good old-fashioned snail-mail!
I am nowhere near a Derbyshire or any other bank's branch. I just print off a year's worth of address labels for the Derbyshire - that's even quicker than online banking on a dial-up connection.
Besides, it became a necessity because I used to transfer from Egg, who do not permit "00000000" as an account number, see thread Egg - transferring money out software bug.

mary wrote:

I have the Cahoot Savings 5.3% savings account and therefore no cheque book, to be able to post a cheque. ... But presumably in my case, it is still preferable to do a straight one-off payment each month to the Derbyshire from the Cahoot savings.

The less time the money spends being transferred the less interest you lose. In fact, when the interest difference is marginal there comes a point when you lose so much interest through transfer that it isn't worth it transferring the money at all.

mary

Thanks Deemy, Kazaa, Milarky and Dagobert

Will now reroute the money straight from Cahoot to Derbyshire directly, avoiding Lloyds as you can make a future dated payment from the Cahoot Savings account. Don't live anywhere near a Derbyshire office and don't want to depend on the postal system either. Thanks for all your input.

Dagobert

Kazza242 wrote:

Does Egg now allow customers to send payments to building societies that use more than 8 digit account numbers?

I have come across two building societies which provide a conversion to sort code + 8-digit a/c number.

Examples:

Norwich & Peterborough: drop leading zero
Alliance & Leicester: the 1st digit of the 9-digit a/c no. is dropped and becomes the last digit of the sort code

I would presume that other building societies provide similar conversions as Egg is not the only bank disallowing 9 digits.

Dagobert

Kazza242 wrote:

Does Egg now allow customers to send payments to building societies that use more than 8 digit account numbers?

I had pointed this problem out to Egg before and to-day I inquired whether they had changed the system in the meantime.

I got the following reply:

Unfortunately due to the way Egg's systems operate we are unable to recognise any account numbers compromising of eight zeros.

bilbo_2

does this still apple to derbyshire bs

if you pay in to regular saver by cheque do you get interest from day 1 ??