setting up standing orders to a building society savings account

anna42hmr

can any one help, i am just setting up a couple of standing orders (from my lloyds tsb current account) for savings accounts with alliance and leicester and skipton bs.

the two companies work where you pay them to a standard sort code and account number, and use your specific account number as the "reference" who do you put the payee as if its going to a generic account (ie do i put the payee as my name or the building society name??) normally if its to one of your own accounts specifically i put the account holder name, but not sure if thats right in this case

can anyone clarify??

Icesaver

anna42hmr wrote: »

can any one help, i am just setting up a couple of standing orders (from my lloyds tsb current account) for savings accounts with alliance and leicester and skipton bs.

the two companies work where you pay them to a standard sort code and account number, and use your specific account number as the "reference" who do you put the payee as if its going to a generic account (ie do i put the payee as my name or the building society name??) normally if its to one of your own accounts specifically i put the account holder name, but not sure if thats right in this case

can anyone clarify??

I always put my own name. I've accounts with YBS and Halifax that I transfer into from my current account. Had no problems with funds not arriving in my accounts

anna42hmr

thanks for the reply, i appreciate it

Icesaver

anna42hmr wrote: »

thanks for the reply, i appreciate it

That's OK I wonder if it really matters which you use though? The sort code and account number are the main things to get right I would imagine

Broadback

I also have 2 accounts that use the DD for transfers. Works fine, not to keen myself as it take a few days before it moves the money. However does anyone know when you move from Account A to Account B is the money paid interest in A until the day of the move, does B pay interest on that day as well? If so then that means you lose no interest, which would make it well worth while, as normally on transferring money you lose several days interest.