Natwest First Reserve and BACS payments

Ryan101

Hi,
I have opened a Natwest First Reserve account to enable me to have my Mystery Shopping money paid into so I can keep it separate from my main account.

These compaines all pay by Bank Transfer and I have now read that the First Reserve account does not allow Salary, BACS or Faster Payments.

Is this true as its not really a salary payment but they would send it BACS ?.

I dont want to risk losing the money or to have it sent back to them, so would be grateful to know if anyone else gets payments into this account successfully.

Thanks.

PNPSUKNET

Ive used it for paypay deposits before, although you cant set a dd up

Cobertizo

I don't believe that there are any issues in transferring to the account by BACS - I have done that myself in the past (transfers from Nationwide in 2009). Getting money out of the account is a bit more unhelpful - can't transfer out by BACS (online at least), or set up DDs.

It is designed as a savings account, but in my experience is more restrictive than many other savings account, and doesn't even have a very good interest rate. May be worth considering a current account instead (or a more flexible, better savings account) if you plan to use it for a while...

jen245

You can have bacs and fp paid in, I do all the time with mine, you just can't do payments out of the account, except with your debit/atm card

Ryan101

jen245 wrote: »

You can have bacs and fp paid in, I do all the time with mine, you just can't do payments out of the account, except with your debit/atm card

Thanks for that, I might be okay on the transfers out as I also have a e-savings account which allows transfers via the card reader, so I can always move the money to there and then transfer it out.

Thanks Again.

coolesticeking

They don't seem to allow wages into the account as such, so as long as it's not the same amount each month from the same company/person etc I can't see why that would be a problem.