Decent Savings account with BACS

xnetco

Hi,

Does anyone know of a decent savings account that allows you to transfer in via BACS? I don't like the whole direct debit concept! Just want to send my money to a sort code/account number.

Any help would be appreciated.

Tim

Mikeyorks

Er .... most allow transfer in via BACS.

If you have the Savings in a separate (as in - you can't just directly transfer across within the same provider) provider to the account you're funding from, and SO or Bill payment across - that goes via BACS.

xnetco

That's what I thought but the Bradford and Bingley is direct debit only which is very annoying.

Moggles_2

You can transfer money via BACS to savings accounts with Cahoot, ICICI, ING and Smile.

Please don't read anything into this list. They just happen to be the banks I have experience with.

Mikeyorks

xnetco wrote:

That's what I thought but the Bradford and Bingley is direct debit only which is very annoying.

Didn't know that. And it doesn't make much sense as DDs are administered by BACS. So, essentially utilise BACS links for making payment. Very odd?

Heinz

xnetco wrote:

That's what I thought but the Bradford and Bingley is direct debit only which is very annoying.

They may say that but are you sure it doesn't work?

As the 6-digit sort code and 8-digit A/C number are really all that is required for a BACS payment, why not risk sending £1.01 from an outside account by BACS?

ICICI insist on you setting up DD mandates on your current account when you open one of their HiSave accounts but I just made test BACS payments in - and they worked.

Moggles_2

Bradford and Bingley is direct debit only

I'm a Bradford & Bingley customer.

B & B says savers cannot transfer money into its e-savings account by BACS transfer, because it doesn't have an individual sort code.

Btw, B & B claims it can afford to pay a consistently higher interest rate on its e-savings account than ING, because this is a no frills account without the bells & whistles offered by ING!

Apreciar

Having recently transfered money into B&B I found that they use Barclays as a clearer and so they do not have a sort code of there own.

Mikeyorks

Sorry - still doesn't make sense. B&B only appear to make this reservation on their Esavings account. On the others there is no obvious bar to BACS payments. So it's nothing to do with not being a dedicated 'Clearer'.

On the Epayments account they do say you have to set up a DD on their system. But that means you initiate the DD from the B&B account .... which is then BACS'd to them from your external account !!

So they've obviously decided to do this as an Admin / control thing? As they happily BACS or CHAPS withdrawals back to you.

To the OP - find it a bit of an odd arrangement - but can't see why you're uncomfortable with it? The DD, in this case, is not the normal licence to raid your account - other than by yourself? You press the DD button, on your B&B account, to make a payment ..... instead of the SO or Bill payment button on your feeder account.

Only live a few miles from their new Bingley offices .. so will be tempted to pop in and ask 'why' next time I'm passing?

Kazza242

xnetco wrote:

Hi,

Does anyone know of a decent savings account that allows you to transfer in via BACS? I don't like the whole direct debit concept! Just want to send my money to a sort code/account number.

Any help would be appreciated.

Tim

Yorkshire Building Society have an Internet Saver that allows BACS transfers into the account. The account comes with a LINK card which can be used to withdraw up to £250 per day from over 30,000 cash machines around the UK.

You can choose the monthly or annual interest options. It currently pays 4.70% gross if you opt for annual interest while the monthly interest option pays 4.60%. Both rates are due to be increased before 31st August 2006 to 4.85% (annual interest option) and 4.75% (monthly interest option).

More info here.