BM Savings - why payments in via Linked Acct, not direct payment?

silvermum

I've just opened a BM Savings Account (took a month to sort out, but that's another story, ho hum...)

Now I have all the details I've discovered that ALL the payments in seem to need to go via the 'Linked Account' and will take 3 days to show.

HOWEVER they have sent me the details of the account - sort code/ acct number and internet ref no. and I just wondered why I can't just make a direct payment from my online bank accounts (some of which are different to my 'Linked Account')

Has anyone done this? What's the deal with the whole 'linked account' thing?

Ifts

Yes you can pay in via faster payments (either from your 'Linked Account' or any other account that you hold that supports FP) but not by sending it straight to your BM Savings account number & sort code.

The money goes first to BM Savings holding account (Barclays Bank) then they will forward it to your BM Online Extra account - hence its important that you enter your BM Savings account number as the reference number otherwise they wont know who's account to credit the money to.

I received a letter today from BM Savings with the details that you need to pay in to the Online Extra savings account, the letter reads -

If sending funds via faster payment or BACS our bank details are as follows. If using this method please ensure you enter your BM Savings account number as the reference:

Account Name: BM Savings
Sort Code: 20-97-78
Account Number: 00968773
Reference: Your BM Savings account number


Forget waiting 3 days!

BM Savings probably ask you to have a linked account because its easier to operate the online saver - more so for withdrawals. Also helps them with verifying your identity.

edit: Just to confirm the above - I found this on their site:

I want to make a deposit. What are your bank details?

For payments through the Faster Payments Service:
Sort Code 20 97 78
Account Number 00968773

For telegraphic transfers:
Sort Code 20 97 78
Account Number 10968870

You must quote your personal account number as your reference.

http://www.bmsavings.co.uk/existing-savers/managing-your-account/general-account-management/?WT.ac=BMESMYAGAM3#bank-details