Sainsburys 6% Internet Saver

bristolleedsfan

Dagobert wrote: »

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.

[iThere 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.



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.


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.[/QUOTE




uve not named one building society where u have successfully transfered electronically to a building society account such as loughborough :rolleyes:

like you said from "a savings account that allows u to do so" yet uve not named one building society e-saver account that has allowed you to "do so" :rolleyes:

u seem to be picking on principality BS e-saver software yet uve have not named one BUILDING SOCIETY whos e-savers account has behaved any differently :rolleyes:

this post topic is "sainsburys 6% account" its nothing to do with any of the accounts uve successfully transfered funds (from) and to a building society regular saver. Sainsburys account may well do this until someone confirms that theve successfully transfered funds to an account such as loughborough its not certain ( all i said was it shouldnt be assumed that this or that will work)

attempt to send payment electronically to loughborough from principality didnt fail it wouldnt even set up, whereas in same exercise attempt to send payment to yorkshire did set up ( was always going to fail cos of the requirement that before a payment could be sent a cheque would need to be gained from yorkshire as a verification requirement, as a lot of building society e-savers also have this requirement this would cause problems for them all as to gain a cheque from another building society to be used for verification purposes would count as a withdrawal fromn the regular savings account, so comes back to your point "b", "if the savings account allows you to do so" and my point that shouldnt be assumed that this or that will work

re the "terminology" comment u seem to have a lot of time to "manually" organise operation of 25 regular savers a month and post long posts on here, some of us have "lives to live" :rolleyes:

mary

bristolleedsfan wrote: »

attempt to send payment electronically to loughborough from principality didnt fail it wouldnt even set up, whereas in same exercise attempt to send payment to yorkshire did set up ( was always going to fail cos of the requirement that before a payment could be sent a cheque would need to be gained from yorkshire as a verification requirement, as a lot of building society e-savers also have this requirement this would cause problems for them all as to gain a cheque from another building society to be used for verification purposes would count as a withdrawal fromn the regular savings account, so comes back to your point "b", "if the savings account allows you to do so" and my point that shouldnt be assumed that this or that will work

re the "terminology" comment u seem to have a lot of time to "manually" organise operation of 25 regular savers a month and post long posts on here, some of us have "lives to live" :rolleyes:

It would be a lot clearer if you used a full stop now and again to make better sense of what you are writing, as the first paragraph quoted above doesn't have one at all!

Secondly if someone wants to manually transfer money to minimise days lost in transit for however many regular savers, it is not for us to sit in judgement as to whether they have a sad or happy life. We are here giving whatever assistance on financial issues, not our personal interpretation of what sort of social life someone does or does not have.

Jonbvn

Can we have our original thread back please?

[Deleted User]

Just opened one, will come in handy.

savingforoz

They are very good, quick and easy to open, good rate and flexible too. I like having my money in separate pots - one for home improvements, one for bills, one for odds & sods, so it's a great account as I can have one account for each area I've saving for. Beats the pants off their rival Tesco and their low interest rate.

airwalk

Only takes one day form Halifax to Sainsbury

ED

Dagobert wrote: »

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.

Impressive. In your experience, which of these building societies + banks pay interest from the same day as your BACS (done manually during working hours?), compared with how many delay paying interest until the next banking day - potentially causing nil interest on a Sat+Sun+Bank Holiday Mon?

Would more of your regular savers receive interest from the same day if the funds arrived via Standing Order (arriving around 1am)? I too have regular savers with many societies, so am keen for your response - thanks.

Presumably the same would apply for external transfers to + from this tasty Sainsbury's Bank savings account?

imho

Has anyone opened a Sainsburys account recently ? I cant be bothered with the ICIC paperwork they want . Does Sainsburys want the same paperwork ? ie passport/ driving licence verified .

Searcher2

I am just waiting for my application to be authorised. I filled in all my details online (Tuesday last week I think) and they wrote to me to say that they verified my Id electronically so I did not need to send in any id. I just had to sign a form and return it. I sent the signed form back on Thursday so was expecting the account to be authorised by today. If it is still not authorised tomorrow I am going to ring.

I have transferred £1 from Nationwide to Sainsburys as a test and that is ok. Seems as simple as it could be to me.

imho

Searcher2 Blimey that sounds much better than ICII and Alliance and Leicester , they both wanted all kinds of paper work .