Sainsburys Bank Internet Saver and BACS

kingblah

Hi! In order not to clog the Sainsburys thread I'll make a new one:
I'm a student about to go into university, and I have both a Natwest Student Account and a Sainsburys' Internet Saver. I want my student loan payments to enter the Sainsburys account, so that I can earn interest on it whilst I go into my interest-free overdraft, "topping" it up when necessary.
My problem is this. The student loans company apparently can only pay into accounts that accept "Direct Credit", which I assume is the same as a BACS payment. I don't know a great deal about BACS payments, but I would like to know if the Sainsburys Internet Saver account can accept them. It accepts Standing Orders, and Bank Transfers, but I have no idea if these are the same thing as a BACS payment, so could anyone please give me a bit of help?

Thanks !!

cledor

A BACS payment would need the sort code and account number to receive credits, these details are displayed on your Sainsbury's account screen and on the paying in book.

alared

Sainsburys bank does accept BACS payments which usually take three WORKING days.

So if you transfer money from Natwest on a Monday (before 3pm) it should arrive in your Sains account on Wednesday.

If you had been wise enough to open a Halifax account the transfer to Sains would have been done instantly.

Hope this helps.

kingblah

Thanks. The BACS payments are not from my natwest account, they are from the student loans company, just to let you know, so opening a Halifax account would have made no difference. Thanks for the help

YorkshireBoy

kingblah wrote: »

...opening a Halifax account would have made no difference.

The "topping up" payments you refer to are to be made from Sainsburys=>NatWest I assume?

If so, then having a Halifax account (instead of NatWest) would have been better because Sainsburys=>Halifax transfers happen overnight (and therefore could prevent a last minute overdrawn situation and associated fees) whereas Sainsburys=>NatWest transfers will take 3 days.

PBA

Remember that it's almost certainly a condition of your student account that your loan installments get paid in to it. Your safest bet would be to have the money paid in there and then just transfer it straight over to the savings (plus that gives you more flexibility to switch savings accounts if you get a better deal somewhere else).