Derbyshire BS 3.25% AER easy access account

steady__eddie

I thought that there was something familiar about tho 00000000 a/c number. Bath use it as well for their e-saver a/c.

Nick_o_las

Ok, looks like I've screwed up then - I didn't put a number in the reference field.

Does this mean my £10 will just sit in the Natwest holding account until I do something? Not sure who the best company to contact is though...might start with Natwest as that is who my current account is as well.

ChiefGrasscutter

Goodness knows.
If the Derbyshire know through the data supplied at your sign up stage what your bank account is and assuming your bank account is the same one that you used to send the payment from.....then they may be able to marry up the information and sort it out.
However this will take someone some time and to then they'll need to inform you by some means letter/call of your mistake...in the meantime you might have been doing other transfers in quite unaware of the problem.........
So
On balance I'd say its more than likely they have set up the system to automatically "bounce back" any incomming payments that do not have all the required data filled in.
This would get the attention of the account owner rather more quickly.
So I'd guess that your £10 will re-appear in your NatWest account in a few days. note this is my best guess - I do not know for certain what will happen.
I'd try ringing Derbyshire - they should know what would/should happen - they must see this thing regularly.

LGG_2

just opened this account. totally hassle free. sent off the application and cheque and had my welcome letter and user id etc within a matter of days. logging in works fine and my first transaction has gone through. normally my savings accounts are done via direct debit so its a bit different doing it via my bank account ie faster payments.

one question though. when i do a transaction it goes out of my bank account straight away but doesnt show in the savings account until the next. why doesnt it show up straight away as it says they should have it within a couple of hours of it leaving my bank account. is that the norm

*edit* just read a few pages back that the account doesnt update until the next day. question answered!

LGG_2

had a look on the Derbyshire site and cant anything. im wanting to transfer quite abit of money into the the account today but does anyone know if the account only updates if the next day is a working day. and then theres the bank holiday. so will it not update until tuesday. and is intrest calculated from the day of transfer or when your account is updated

ChiefGrasscutter

The updates are done the next working day - precise time varies but if you log in very very early the next morning it might not have been yet updated.
So for a transfer in on Friday, normally it would update sometime early in the morning on Monday. However as its a bank holiday this week I'd expect it would update on Tuesday early morning.

In answer to those who want to know why it doesn't do it there and then, it is as one other cryptic poster put it some posts/pages back - cos they are not a bank - they are a building Society who has to use a mainstream clearing bank to act as their bankers. So the mainstream clearing bank collects all the monies in a collection account (that's the 000000000 a/c) during the day and then overnight it does a reconcillation with the B.Soc whereby the monies are allocated to the correct account within the Derbyshire's computer system.
Due to this collection account system which needs the subsequent allocation to individual account done........some faster payment sending systems may report back to the user sending the money that they were unable to confirm the money has actually reached the end destination account or some words to that effect.

Of course in reality no money actually moves at all. At the end of the week say Lloyds customers have 'paid' Natwest customers some £25m and Natwest customers have 'paid' Lloyds £20m overall, a reconcillation at the Bankof England is done at the end of the week in the balances between the accounts held at the BofE by Lloyds and Natwest in this example by £5m.

I don't know the correct anwer as when most B.Soc's start giving out interest on sums deposited.

LGG_2

thanks alot

Due to this collection account system which needs the subsequent allocation to individual account done........some faster payment sending systems may report back to the user sending the money that they were unable to confirm the money has actually reached the end destination account or some words to that effect.

yes i get that with my Lloyds account

funkyhitman

How is interest calculated?

For automated credits deposited into the account
interest will be earned from the day after the day
of receipt.

Page 13 of http://www.thederbyshire.co.uk/uploadedFiles/Savings/Online_Savings/LF002a_Online_Savings_Brochure.pdf

SnowMan

The rate has increased to 3.25% AER (up 0.07% from 3.18%) see the Derbyshire website.

Rate applies also to variable netsaver (issue 1) accounts already opened as stated on their website

Rate effective from 28 September. Increased rate applies to new and existing NetSaver customers. Existing Derbyshire NetSaver (Issue 1) customers will benefit from the increased interest rate automatically.

10_66

SnowMan wrote: »

The rate has increased to 3.25% AER (up 0.07% from 3.18%) see the Derbyshire website...

Piggin' Hell. I've just moved money to The Nottingham 3.20% AER. I'd forgotten what a bl**dy nightmare moving money about variable rate accounts was, having had the Lloyds Vantage accounts (several between OH & I) with the rate of 4% for a couple of years, it's back to opening an account and then regretting it having seen something else instead!!