Paid Direct To Savings Account?

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Can benefits be paid directly into a savings account rather than a bank account?

Its a question we have been debating at work today, and I was curious.
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  • NYM
    NYM Posts: 4,066 Forumite
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    The Gov.uk site explains which accounts benefits can be paid into :)

    How to Have your Benefits paid....
  • cifpower
    cifpower Posts: 6,502 Forumite
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    If the account has a sort code and account number then yes
  • aduk85
    aduk85 Posts: 27 Forumite
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    thanks for your help, I thought so as a lot of savings account have sort codes and account numbers and allow for direct credits into them.
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  • patman99
    patman99 Posts: 8,532 Forumite
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    If your intention was to save up your benefits as you can live comfortably without them, then nothing stopping you transferring them from a normal account into any ISA, Child Trust Fund or similar accounts that you hold.

    Nothing stopping you from setting up an account with one of the peer-to-peer lenders such as Zopa and putting some of your benefits in there to lend out to grow your funds.
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  • anmarj
    anmarj Posts: 1,819 Forumite
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    What needs to be remembered though is that if money was paid into an account that had a limit pay in, then the payments would get returned. Maybe not so much from this year, but a lots of calls use to come in from February with people complaining that their money stopped, and turns out they has reached the maximum payin in their Isa accounts and the payments got bounced back.
  • Indie_Kid
    Indie_Kid Posts: 23,077 Forumite
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    anmarj wrote: »
    What needs to be remembered though is that if money was paid into an account that had a limit pay in, then the payments would get returned. Maybe not so much from this year, but a lots of calls use to come in from February with people complaining that their money stopped, and turns out they has reached the maximum payin in their Isa accounts and the payments got bounced back.

    Yes, I remember reading something about this years ago. The limit of ISAs was only a few grand at the time (I think it's nearer £15k now?) and it was recommended you didn't ask for your money to be paid into them.
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  • cifpower
    cifpower Posts: 6,502 Forumite
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    anmarj wrote: »
    What needs to be remembered though is that if money was paid into an account that had a limit pay in, then the payments would get returned. Maybe not so much from this year, but a lots of calls use to come in from February with people complaining that their money stopped, and turns out they has reached the maximum payin in their Isa accounts and the payments got bounced back.

    Explains why benefits are being cut really if people are just stashing what the taxpayer give them in an ISA
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