Barclays Monthly Saver - Opening deposit, S/Os and Faster Payments

firsttimestudent

Hiya,

I'm planning to open a Barclays Monthly Saver account next Monday. I do not currently hold any Barclays accounts.

I have a few questions:
a) Can I pay the opening deposit by cash upfront?

b) Does anyone know if the sort code of Barclays Monthly Saver will allow Faster Payments (standing orders)?

c) Can Barclays actually 'know' that you are using a S/O as opposed to a normal payment? I mean... I do have a Natwest current account. If I were to make a payment into Barclays, to leave my account the next day - will Barclays know the difference, has this been tried before?

Thanks for your help!

evenasus

firsttimestudent wrote: »

Hiya,

b) Does anyone know if the sort code of Barclays Monthly Saver will allow Faster Payments (standing orders)?

Try this faster payments checker.

http://www.apacs.org.uk/sortcodechecker/index.html

firsttimestudent

Hey Evenasus, thanks for your reply. Yes I know about the sort code checker, but I haven't got an account yet - so just want to know from people's experiences will they be able to use Faster Payments/Standing Orders!

evenasus

I'm planning to open a Barclays Monthly Saver account next Monday. I do not currently hold any Barclays accounts.

Doh!!! Sorry what an idiot I feel

Just tried Barclays current account sort code and it comes up with..

Faster Payments can be sent to this sort code.
I'm sure I read somewhere that Barclays also sends faster payments.

Hope this helps.

Milarky

firsttimestudent wrote: »

I have a few questions:
a) Can I pay the opening deposit by cash upfront?

Yes, but you have to apply in branch if you don't already hold a Barclays current account. So you would pay the cash 'over-the-counter'

b) Does anyone know if the sort code of Barclays Monthly Saver will allow Faster Payments (standing orders)?

Mine was opened with the same branch code as my current account. Therefore I would expect the code will be of the branch of Barclays you open yours in. This would count as a 'personal account' and so it would accept Faster Payments.

c) Can Barclays actually 'know' that you are using a S/O as opposed to a normal payment? I mean... I do have a Natwest current account. If I were to make a payment into Barclays, to leave my account the next day - will Barclays know the difference, has this been tried before?

It doesn't matter IMO. The 'standing order' is only known to Barclays where they have set it up from one of their accounts. Any account from the outside may indicate the 'Faster Payment' method but I don't see them policing this in any way. There is no general definition of 'Standing order' that would exclude an instant payment. I think Barclays would only be bothered if the cash was not deposited 'automatically' - by which I mean not via BACS or FPS. Since FPS supports standing orders single payment FPS should not raise a concern (if you do it early like I try to - before 7am)