Sainsburys 6% Internet Saver

bristolleedsfan

Dagobert wrote: »

You don't need SOs to feed your regular savers. Any regular saver that accepts payment by SO will accept "manual" BACS payments.

thats not actually true, some building societies have unique account nos ( i mean the societies account no) eg yorkshire BS, others like loughborough BS have same account number for all so whilst a standing order can be set up for both, manual BACS payments cant be set up for the latter ( eg loughborough BS) :cool:

Dagobert

bristolleedsfan wrote: »

Dagobert wrote:

You don't need SOs to feed your regular savers. Any regular saver that accepts payment by SO will accept "manual" BACS payments.

thats not actually true, some building societies have unique account nos ( i mean the societies account no) eg yorkshire BS, others like loughborough BS have same account number for all so whilst a standing order can be set up for both, manual BACS payments cant be set up for the latter ( eg loughborough BS) :cool:

This is incorrect. A Standing Order is nothing but a repeated BACS payment.

Loughborough BS accounts, like many other building society accounts, are paid via their collection account. The customer'sbuilding society account number needs to be specified in the reference field of the BACS payment.

The account number for the Yorkshire regular saver is not unique either as it is just the first 8 digits of your 10-digit building society account number.

I have 25 regular savers and I pay all of them "manually" by BACS (except those that require a Direct Debit) and they all mature successfully.

bristolleedsfan

Dagobert wrote: »

This is incorrect. A Standing Order is nothing but a repeated BACS payment.

Loughborough BS accounts, like many other building society accounts, are paid via their collection account. The customer'sbuilding society account number needs to be specified in the reference field of the BACS payment.

The account number for the Yorkshire regular saver is not unique either as it is just the first 8 digits of your 10-digit building society account number.

I have 25 regular savers and I pay all of them "manually" by BACS (except those that require a Direct Debit) and they all mature successfully.

when i post i always make sure of my facts loughborough BS state that they CANNOT accept manual BACS payments + i tried to set 1 up with my principality e-saver, wouldnt set up whereas yorkshire BS account would set up

the reason y yorkshires own account no is first 8 digits of the savers account no is because it creates a unique account no for the society,millions of account nos can be created out of the first 8 digits, how may account nos could be created from the last 2 digits :rolleyes:

societies like loughborough BS have one account no for all ( not linked to digits of a savers account number)

Dagobert

bristolleedsfan wrote: »

when i post i always make sure of my facts

You obviously didn't in this case.

bristolleedsfan wrote: »

loughborough BS state that they CANNOT accept manual BACS payments

Most of the building societies say so (for instance Abbey). That doesn't mean it's true. They cannot tell the difference because a Standing Order is a BACS payment and hence all payments were accepted.

bristolleedsfan wrote: »

i tried to set 1 up with my principality e-saver, wouldnt set up whereas yorkshire BS account would set up

The Principality eSaver is a bit weird as it rejects certain accounts, presumably because it checks sort code + account number against their database. This also happened to me when I tried to pay my Nationwide credit card. The Principality advisor told me that it was to do with their software set-up. However, this does not mean that the Nationwide credit card cannot be paid by BACS.

I have been paying the Loughborough regular saver manually (from Bank of Scotland current account, Egg savings account and Norwich & Peterborough current account). As long as the roll number is specified in the reference field the payment will be automatically directed from the collection account to the right savings account.

bristolleedsfan

Dagobert wrote: »

You obviously didn't in this case.

.

if loughborough BS state in its reg saver + product guide that it "cannot" accept single BACS payments and then i try myself from principality e-saver and it wont even set up then i have to believe both what i read and also what my experience tells me.
principality e-saver is so new advisors dont know anymore than their experience tells them, they have e-saver, their only experience with it is operating it via their current accounts, was principality that made the comment about some building society account nos being unique whereas others have one account no for all hence the comparison given between yorkshite/loughborough account nos.

i mentioned it to loughborough by email and loughborough confirmed they are unable to accept single payments by BACS

Dagobert

bristolleedsfan wrote: »

if loughborough BS state on its web page that it "cannot" accept single BACS payments ...

Provide the link.

The Loughborough New Regular Saver Plus T&Cs state:

Payments can be made by

1. Cash or cheque at your local branch.
2. Standing Order.
3. Postal remittance.
4. Internal transfers from other accounts with the Society.

They obviously don't care how the monthly installment is paid and as a Standing Order is transferred via the BACS system (see below), they would not be able to distinguish a repeat SO from a one-off BACS payment anyway.

bristolleedsfan wrote: »

i mentioned it to loughborough by email and loughborough confirmed they are unable to accept single payments by BACS

They are obviously bull-!!!!!! you. I sent all payments by one-off BACS payments from varying sources and ALL HAVE BEEN ACCEPTED by the Loughborough BS (I just checked with them).

bristolleedsfan wrote: »

i try myself from principality e-saver and it wont even set up then i have to believe both what i read and also what my experience tells me.

Indeed, a payment to Loughborough's collection account will not set up from Principality's eSaver, which only proves that it is a problem with Principality's online interface as I have demonstrated that single BACS payments to the Loughborough can be set up and will arrive.

Principality's online software is still in its infancy. Even the error message it throws up when you try to set up a payment to the Loughborough BS account or any other collection account is flawed.



APACS, the UK Payments Association:

Standing Orders
...
The bank or building society will, on the day specified in the order, debit your account and transfer the money through the BACS system to the bank or building society account of the recipient.

bristolleedsfan

Dagobert wrote: »

Indeed, a payment to Loughborough's collection account will not set up from Principality's eSaver, which only proves that it is a problem with Principality's online interface as I have demonstrated that single BACS payments to the Loughborough can be set up and will arrive.

Principality's online software is still in its infancy. Even the error message it throws up when you try to set up a payment to the Loughborough BS account or any other collection account is flawed.

QUOTE]


from your posts all uve proved is that payments will reach loughborough BS via a one off BACS manual set up via CURRENT ACCOUNTS because we can all set up standing orders ourselves online and effectively set up one off payments or ongoing payments, start and stop them ,change dates as we please
yes loughborough states it accepts standing orders ( standing orders can only be set up from CURRENT ACCOUNTS, they cant be set up from e-saver accounts, so like loughborough say they cant accept one off BACS payments ( they dont need to state which accounts they cannot accept one off payments from as everyone knows which accounts they can set up standing orders from and which ones they cant

uve assumed that its principality software at fault my guess is that most the building society e-savers are operating under similar if not the same software as they all work under the same principal

all im said was that people shouldnt assume they can send payments by BACS to all accounts which is proved by principality eg, im certain people would have problems sending a payment (s) electronically from other e-savers to building societies such as loughborough who have one account no for all in comparison to others like yorkshire BS whos account no is unique to all ( u not so keen to answer about apparent fact first eight digits of savers yorkshire account no must be unique cos the last 2 digits couldnt be allocated to millions of people

a lot of people want to fund regular savers from NON CURRENT ACCOUNTS, theres little point having e-savers ( not linked to persons same building societys current account) if u cant move money to whichever building society someone wants to

so u got 25 regular savers, u arent exactly unique

IGK

Getting back to Sainsbury's I think this looks like a very nice account.
A bit like ING direct but with a much better rate and none of the nonsense.

jem16

They have been very quick to send out things to me so I'm impressed too.

Dagobert

Dagobert wrote:

You don't need SOs to feed your regular savers. Any regular saver that accepts payment by SO will accept "manual" BACS payments.

bristolleedsfan wrote: »

thats not actually true, some building societies have unique account nos ( i mean the societies account no) eg yorkshire BS, others like loughborough BS have same account number for all so whilst a standing order can be set up for both, manual BACS payments cant be set up for the latter

You don't seem to want to understand how BACS payments work.

BACS Direct Credits can be initiated from a current account and any savings account that allows you to do so. Building society accounts are very often credited via a head-office collection account held at another bank; in this case the building society roll number (not to be confused with a bank account number) must be entered in the BACS reference field for onward transfer.

Standing orders are simply repeat payment instructions transferred via the BACS system and therefore any account that accepts standing orders will accept BACS payments.

There are several internt savings account that allow to make BACS Direct Credits: Egg Savings Account, Halifax Web Saver, Cahoot Savings Account, and - at least in theory - Principality eSaver.

bristolleedsfan wrote: »

from your posts all uve proved is that payments will reach loughborough BS via a one off BACS manual set up via CURRENT ACCOUNTS

If you had read my post #28 more carefully, you would have noticed that I have indeed paid my Loughborough regular saver from my Egg Savings Account. I have credited dozens of regular savings accounts by one-off BACS Direct Credits from my Cahoot and Halifax savings accounts including all those that are operated via collection accounts.

bristolleedsfan wrote: »

which is proved by principality eg, certain people would have problems sending a payment (s) electronically from other e-savers to building societies such as loughborough who have one account no for all in comparison to others like yorkshire BS whos account no is unique to all (u not so keen to answer about apparent fact first eight digits of savers yorkshire account no must be unique cos the last 2 digits couldnt be allocated to millions of people

Yorkshire Building Society accounts are credited via a NatWest head-office collection account and, like like Loughborough's, they require the roll number in the BACS reference field in order to allocate the payment to the right building society account. The only difference is that they set up multiple collection accounts, which are either specifically allocated to one building society account or possibly 100. In any case this means that the Yorkshire's collection accounts will not be listed in the business accounts databases which many banks subscribe to for validity checks.

If you try to make a payment from Principality's eSaver to a Yorkshire Building Society savings account specifying the bank account as a third-party account, which it is (the account holder is the YBS, not you), and entering the roll number, the payment will be rejected just like the Loughborough's. This merely proves that the Principality has not got to grips with BACS transfers that require a reference or roll number.



I suggest next time you post you research your subject better and use the correct terminology for easier communication.