Another Monthly Saver (Ipswich Target Saver 8% )

rangers_fc

Another new monthly saver on the block. Has anybody any expeirience with this building society, I applied for a account last week and it has been straight forward for ID purposes, The only downside I can see is they dont offer online banking. Can any other MSEs explain the Standing order etlquette for me for this account, should I use my account number and sort code or the standard account number 00004000 and sort code when setting up my standing order
Im sure 1 of the regular monthly savers can help me with this question
Thanks
Graham

mary

I've just received my new passbook from them today. Set up my SO from my Lloyds current account online today.

Sort Code is 23 44 48 This was on a compliments slip they sent
Account No 00004000 This was on the same compliments slip
My personal account no: 123456789 (this is the 9 digit number in your passbook) - on some bank info this is labelled as Reference no.

You have to quote all three sets of numbers.
One to get to Ipswich
One to get to the Savings Section of Ipswich, I presume
One to get to your personal account number and not someone else's

rangers_fc

Hi Mary I might of known you would be onto this Monthly Saver like a flash. You are becoming our resident expert so for the SO I put down the sort code followed by the 000 number as account and my account number as a reference is that correct

mary

Yes exactly. Copied and pasted from my own Lloyds SO I did today

Sort code: 23-44-48

Account number: 00004000

Reference: 123456789 (nine digits)

I've found the Regular Savers all tend to follow the same format.

Innys

Errrm - you guys DO know that the interest rate they pay is variable?

Granted interest rates are likely to go up rather than down in the near future, but I'd wait to see how they respond to the BOE's decision last week before I consider taking up their regular saver.

mary

yes, I know. 1% up or down I can live with, it's still far better than leaving it with a measly current account.

exel1966

I applied via post on Tuesday 08th August using first class mail and today 10th August I already have in my possesion an account book showing my first deposit. Now that's what I call an exceptionally fast service.

And can confirm you DO NOT have to have an Ipswich postcode to apply for this account as was possibly suggested elsewhere.

Well done to the IBS.

More Details Here :- http://www.ibs.co.uk/downloads/TargetSaver.pdf

steady__eddie

I had a drive to one of their branches a month or so back and the extremely helpful staff filled in my Standing Order form for me. I tend to put all the right numbers in the little boxes but not neccesarily in the right order. Did the same on a salary form once, it took ages for the bank to get my cash back.

menaxus

I've just received my passbook for this account, and being a fairly newbie saver I was wondering what date I should set up my SO for. Their terms state that only one payment can be made per calendar month, but it's not clear to me whether that includes the initial deposit or not. If I set up the SO to go in tomorrow, would that be okay?

steady__eddie

I don't think that you can make a payment by S.O. this month 'cos only one payment can be made per month and you have already made that.
As far as the remaining monthly payments go, any date in the month will do but some institutions frown on dates from about the 25th onwards because it takes anything from 3 to 5 days from when the cash leaves your account to when it reaches where it's supposed to go to depending on weekends, Bank Holidays, snow on the line etc.
I would suggest that you deliver your S.O. form to your bankers fairly soon though if you want to make your second payment earlyish in August as it may take them a few days to set it up.

menaxus

Thanks steady eddie, I shall set up my SO to come out on the 1st of next month. I wasn't sure if they included the initial deposit as a payment, but re-reading the document, it seems likely.

OTOH, Lloyds TSB seem to be more flexible on this. I opened one of their Monthly Saver accounts today in branch (having had a current account with them for a while) and they set up a SO to come out tomorrow, plus the initial payment which I made today.