principality bank

hair42day

hi i want to open a business savings 1year bond account with principality bank, they have given me an account number for me to pay the funds in, but the name on the account isnt mine, its theirs? when i questioned this they said its because they are not a clearing bank, they use barclays, then they send in a bond certificate in my business name,i am asking is this correct, as in the past i have had the named account my own from the beginning, not paid into the banks bank account first?

Dr_Cuckoo3

Principality Building Society

Sort code 201815, Account number 90653535, (Sponsor Bank Barclays Bank plc)

Enter sponsor bank account number, sort code and customer’s personal reference number

http://www.hmrc.gov.uk/manuals/tcmanual/TCM0314340.htm

cottager

Don't worry, this is correct for Principality. As a building society they're an "agency bank" without their own clearing facilities, so the funds need to be paid to the main Principality account, with your account/bond number as the payment reference (that's important) so it'll be credited correctly.

I haven't had any business accounts or bonds there but did have a regular saver with an SO going in every month, and that was how it was done. The Principality account number/sort code were as per Dr_Cuckoo's post above -- are they the same as you've been given?

hair42day

that puts my mine at rest, thanks.