How do I transfer funds into a Bradford & Bingley e-savings account?

The_Fiddler_2

Emm it says you can do it by cheque, it doesn't say you must do it by cheque

I'm still waiting for my login details, but my DD has been set up and waiting to be used

mary

My log in details have just arrived today, 2 days after the Direct Debate mandate did. I had rung to find out when it was arriving, as usually the ID blurb comes from first, at least it has with other accounts I have opened. You pay in money from B&B end, by pulling from your regular bank account. I had originally asked for the sort code in order to pay in by BACS, to which the young lady informed me they didn't have a sort code etc. for that account, which I didn't believe. Every financial institution has a sort code. It seemed to be a case of not giving it, so we couldn't use it. Anyway, I'm happy to pay in using the method they want anyway.

Beate

ukmike wrote: »

Errrr,because they won't let you set up a direct debit till they've had a cheque from you.I'll show you the email again:-

Sorry, not true. I set up an account with them recently, and just transferred the initial deposit by DD - a DD I set up by nominating a bank account during the online application process.

ukmike

Sorry, not true

It is true for me!Couldn't set up the direct debit online as they didn't recognise my doner bank-just a little tiny bank called LloydsTSB.

espresso

ukmike wrote: »

It is true for me!Couldn't set up the direct debit online as they didn't recognise my doner bank-just a little tiny bank called LloydsTSB.

Did you add the necessary leading zeros to your account number?

ukmike

Did you add the necessary leading zeros to your account number?

Yup,still not recognised.After phoning B&B,they said that they are having problems with SOME online applications not recognising the donor bank account.

jwuk

Operating the B&B e-saver account appears to be a little tricky - I think the Icesave e-saver may be the same. To operate the account you MUST set up a Direct Debit Mandate from your nominated current account. You can then instruct B&B to PULL money from this account into your B&B account or vice versa. What you cannot do is PUSH a BACS payment from your nominated account into your B&B acount. B&B do not accept such payments and do not provide you with the required sort code - (come back Northern Rock - all is forgiven!):eek:
Recognising that it takes 4 working days to process the transaction from your nominated current account into your B&B e-saver the best move is to credit your current account from your online saver on Monday and when you're sure the nominated account has sufficient funds, then set up the"Money in" transfer on your B&B e-saver before 11.00 am Monday. It should be processed Monday night and into your B&B e-saver on Thursday. It should start earning interest from Thursday - but not be available for withdrawal for an additional SIX DAYS - something to do with the DD process.
Take care with the amount of money you wish to pull into your B&B account at any one time - you might find that your nominated account has a limit - mine is £9999.
:beer:

cs95aam

Okay I have finally transferred my money. Barclays told me there was no limit on how much could be transferred by DD from B&B. I suspect there must be a huge limit but probably didnt apply to my amount.

I didn't need to send a cheque and just aswell I didnt because it would have just got delayed in the postal strike. :rolleyes:

That worked out well for me because it saved me the hassle and also in the sense that had I pushed the money from Barclays to B&B I would have only been allowed to do £5k/day over the phone. I just wish I knew earlier that pulling the money from B&B has no major limit. However another annoying thing about B&B is that they told me they don't CHAPS transfers for anything below £100k.

As for ICESAVE if you have a "one off" deposit you can do this by a transfer such as a CHAPS transfer from your current account to ICESAVE's holding account. You can also send a cheque. Apparently the holding account for ICESAVE is a Barclays account so normally Barclays would have charged me £20 for the same day transfer but that completed free of charge. Also I was told you still earn interest while the funds are in the holding account as it takes a few days to appear in your actual account.

mrcoxexcel

I placed a large sum with B&B in January in Esavings issue 6. They reduced the rate by around 1% (but did not tell me), closed the issue and then offered Esavings issue 7 with a good interest rate (2.5%). In my book this is cheating the customer. Entice the customer then quietly reduce the rates.