Regular Saver Thread **New and Restarted**

schiff

I'm trying to set up a standing order for the new account. I have a choice of banks but today Bank of Scotland it is; I'm winding down my balance there, and this is one way.

And I'm entangled once again in Bank of Scot's ridiculously complex way of doing it. I've set them up before at this bank, how I achieved it before is a mystery! You have to let them guess which payee you are looking for by entering the first few letters of the payee's name. I enter Monmouthshire Building society - too many letters. So I try some variations - Monmouth Bui - I'm offered Monmouth County Council. And others - all not recognised. So I find out on Google whose sort code it is, and it's HSBC. So I enter the sort code and account number for Monmouth but with the money heading to HSBC. It works! But then I get nervous. Will it get to where I want it to go?

glider3560

I've spotted the caveat with the Loughborough Building Society Save to Buy.

From https://www.theloughborough.co.uk/help-and-guides/savings-questions-answered

Our Savings accounts are only available to those in our local area (postcodes LE, NG, DE) or existing members.

karlie88

schiff wrote: »

I'm trying to set up a standing order for the new account. I have a choice of banks but today Bank of Scotland it is; I'm winding down my balance there, and this is one way.

And I'm entangled once again in Bank of Scot's ridiculously complex way of doing it. I've set them up before at this bank, how I achieved it before is a mystery! You have to let them guess which payee you are looking for by entering the first few letters of the payee's name. I enter Monmouthshire Building society - too many letters. So I try some variations - Monmouth Bui - I'm offered Monmouth County Council. And others - all not recognised. So I find out on Google whose sort code it is, and it's HSBC. So I enter the sort code and account number for Monmouth but with the money heading to HSBC. It works! But then I get nervous. Will it get to where I want it to go?

When logged in and on main home page of account(s), click 'more actions' on the account you want to set up the SO, then click on 'DDs and SOs' and then 'set up a SO'.

Select 'add a new recipient' and then the purple 'pay a person' tab. (I think this is where you're going wrong; you're trying to pay a bill).

Enter your name, the sort code and account number and under reference put your Mon BS account number. The rest is self-explanatory.

david78

schiff wrote: »

I'm trying to set up a standing order for the new account. I have a choice of banks but today Bank of Scotland it is; I'm winding down my balance there, and this is one way.

And I'm entangled once again in Bank of Scot's ridiculously complex way of doing it. I've set them up before at this bank, how I achieved it before is a mystery! You have to let them guess which payee you are looking for by entering the first few letters of the payee's name. I enter Monmouthshire Building society - too many letters. So I try some variations - Monmouth Bui - I'm offered Monmouth County Council. And others - all not recognised. So I find out on Google whose sort code it is, and it's HSBC. So I enter the sort code and account number for Monmouth but with the money heading to HSBC. It works! But then I get nervous. Will it get to where I want it to go?

The payee should be You. So enter your name.
The sort code and account number are given in the terms and conditions PDF. (sort code is 400530, account is of form 14?76?08, look up for ? digits).
You need to give the 10 character account number from the passbook as the reference but remove the hyphens. See terms and conditions.


Doesn't Bank of Scotland let you type in the information manually, rather than searching its database?

Ah I see Karlie88 has posted too. And solved the BoS payee question.

Stompa

david78 wrote: »

The payee should be You. So enter your name.

I suspect payee name gets ignored anyway, but since they say "Account name: Monmouthshire Building Society", I used 'Monmouthshire BS' (as I'm only allowed 16 characters).

david78

Stompa wrote: »

I suspect payee name gets ignored anyway, but since they say "Account name: Monmouthshire Building Society", I used 'Monmouthshire BS' (as I'm only allowed 16 characters).

Yes it is currently ignored. But there are plans for the payee to be checked with the receiving bank in future to help prevent push-payment fraud. But this may not come into force until next year. If it happens this year payments with the wrong name will have to be amended or might be waived for existing SOs.


https://www.bbc.co.uk/news/business-47231337

20SmthngSver

Stompa wrote: »

I suspect payee name gets ignored anyway, but since they say "Account name: Monmouthshire Building Society", I used 'Monmouthshire BS' (as I'm only allowed 16 characters).

Or you can do 'Your name re: account number'

schiff

karlie88 wrote: »

When logged in and on main home page of account(s), click 'more actions' on the account you want to set up the SO, then click on 'DDs and SOs' and then 'set up a SO'.

Select 'add a new recipient' and then the purple 'pay a person' tab. (I think this is where you're going wrong; you're trying to pay a bill).

Enter your name, the sort code and account number and under reference put your Mon BS account number. The rest is self-explanatory.

Thank you, that worked perfectly :A

My mistake had been thinking that with the purple tab being in bold and looking as if it was what I had chosen, I could just go ahead and of course I continued along the wrong route. I didn't click on it

And TY to all who helped

johnmoney05

glider3560 wrote: »

I've spotted the caveat with the Loughborough Building Society Save to Buy.

From https://www.theloughborough.co.uk/help-and-guides/savings-questions-answered

Well, if you just check on the details of the "Save to Buy"


https://www.theloughborough.co.uk/savings/all/save-to-buy-1


Clearly says "Available to new members and existing savings members aged 18 years and over residing in the United Kingdom."

Rich2808

johnmoney05 wrote: »

Well, if you just check on the details of the "Save to Buy"


https://www.theloughborough.co.uk/savings/all/save-to-buy-1


Clearly says "Available to new members and existing savings members aged 18 years and over residing in the United Kingdom."

It really is intended as a loss leader to get local first time buyers etc to take out a mortgage with the Loughborough BS.

Their website is of course inconsistent as its a savings account - which can generally only be opened by locals. But not in seems in this case.

Of course if they start getting lots of applications from non locals who are older homeowners - it will soon become locals only!