The Top Easy Access Savings Discussion Area

flaneurs_lobster

My Skipton Bonus Saver was also credited yesterday but shows with an interest rate without bonus. The payment was made by debit card and my current account shows its status as "Pending". I'll check back Monday when hopefully all transactions will have finalised.

Bazzalona13295

flaneurs_lobster said:

My Skipton Bonus Saver was also credited yesterday but shows with an interest rate without bonus. The payment was made by debit card and my current account shows its status as "Pending". I'll check back Monday when hopefully all transactions will have finalised.

I've done the same but I'm sure (after this) I read that the bonus will be stated once the payment clears, could be 2 days. I thought debit card would be quicker than a faster payment so thats why I did it.

allegro120

Bridlington1 said:

friolento said:

Bridlington1 said:

Growingold said:

Hi I opened the new Skipton Bonus Saver on Saturday.  I tried to do a payment into it in  online banking but it could not verify the account details.  My question is as they say quite explicitly that any transfers or deposits initiated on a non working day are credited on the next working day which here would be Monday is that when my bank will recognise my new account details?

Have you remembered to put the payee name as "Skipton Building Society" and use "business account" as the payee type? 

It‘s not possible to get the account details verified by COP as your account number needs to be specified in the Reference. I always set mine up as Personal accounts, even for accounts like the Skipton ones. 

I made a Faster Payment to my new Skipton Bonus Saver yesterday around 11 am, and expected it to show on Monday. Much to my surprise, though, the money got credited yesterday. 

I was thinking more along the lines of the email I received with funding instructions doesn't explicitly tell you to use "Skipton Building Society" as the payee name, it just so in this case the CoP could've been failing because @Growingold may have been trying to make the payment with the payee name as their own name rather than "Skipton Building Society", which could've caused CoP to be unable to verify the account details.

However I've just tried setting up a payee to my Skipton account on Santander using my own name and it appears it is now checking the reference matches. I tried it first with the reference slightly incorrect and it came up with a message:

The account reference you entered is incorrect. Make sure you enter the correct reference for the account you're trying to pay

When I changed the reference to the correct one it verified the account belonged to me and gave me the option to make a payment to it.

I didn't proceed with the payment as I paid the maximum into it on Friday but it was an unexpected result to me. I may do some experimentation to see if some of the other banks also check the reference.

I just followed the instruction on the app.   It is very clear: 

Bridlington1

allegro120 said:

Bridlington1 said:

friolento said:

Bridlington1 said:

Growingold said:

Hi I opened the new Skipton Bonus Saver on Saturday.  I tried to do a payment into it in  online banking but it could not verify the account details.  My question is as they say quite explicitly that any transfers or deposits initiated on a non working day are credited on the next working day which here would be Monday is that when my bank will recognise my new account details?

Have you remembered to put the payee name as "Skipton Building Society" and use "business account" as the payee type? 

It‘s not possible to get the account details verified by COP as your account number needs to be specified in the Reference. I always set mine up as Personal accounts, even for accounts like the Skipton ones. 

I made a Faster Payment to my new Skipton Bonus Saver yesterday around 11 am, and expected it to show on Monday. Much to my surprise, though, the money got credited yesterday. 

I was thinking more along the lines of the email I received with funding instructions doesn't explicitly tell you to use "Skipton Building Society" as the payee name, it just so in this case the CoP could've been failing because @Growingold may have been trying to make the payment with the payee name as their own name rather than "Skipton Building Society", which could've caused CoP to be unable to verify the account details.

However I've just tried setting up a payee to my Skipton account on Santander using my own name and it appears it is now checking the reference matches. I tried it first with the reference slightly incorrect and it came up with a message:

The account reference you entered is incorrect. Make sure you enter the correct reference for the account you're trying to pay

When I changed the reference to the correct one it verified the account belonged to me and gave me the option to make a payment to it.

I didn't proceed with the payment as I paid the maximum into it on Friday but it was an unexpected result to me. I may do some experimentation to see if some of the other banks also check the reference.

I just followed the instruction on the app.   It is very clear: 

All the time I've banked with Skipton and I've never once bothered to check the payment instructions in the app, having instead used the instructions given to me in the account opening emails whenever I've made payments into my Skipton accounts. Since these never told me which name to use as the payee I have always just used "Skipton Building Society" as the payee name, set it up as a business account and the funds have always arrived without issues and it seems to have satisfied the CoP.

You are correct though the instructions in the app are very clear, thanks for pointing this out to me.

friolento

Bridlington1 said:

I was thinking more along the lines of the email I received with funding instructions doesn't explicitly tell you to use "Skipton Building Society" as the payee name, it just so in this case the CoP could've been failing because @Growingold may have been trying to make the payment with the payee name as their own name rather than "Skipton Building Society", which could've caused CoP to be unable to verify the account details.

However I've just tried setting up a payee to my Skipton account on Santander using my own name and it appears it is now checking the reference matches. I tried it first with the reference slightly incorrect and it came up with a message:

The account reference you entered is incorrect. Make sure you enter the correct reference for the account you're trying to pay

When I changed the reference to the correct one it verified the account belonged to me and gave me the option to make a payment to it.

I didn't proceed with the payment as I paid the maximum into it on Friday but it was an unexpected result to me. I may do some experimentation to see if some of the other banks also check the reference.

WOW this is amazing - Santander do indeed check the Reference now! I got a perfect match by using my name, the Skiption sort code and account number, my Reference number, and "Personal account". Thanks for making me aware of this functionality.

Similar works at Chase, using my own name, although adding a payee works differently there from Santander. Chase tell you that a Reference is required, and to proceed, you must select that it's a personal account.

Halifax (and therefore probably Lloyds and BoS) say "For this payment, we'll need the name of the account holder, not the bank or BS you are paying", and they require a Reference, which is then checked.

Natwest/RBS require a Reference, and then find a match if the correct Ref is used.When I use my own name, I get a match, when I use Skipton BS, it throws an error.

Starling also forces a Reference number to be entered, and find a match when I use my own name.

So It seems checking the Reference now happens at all banks, and provides a match when using the actual name on the account. At least with Skipton, but probably with others, too. This is a major improvement. Thanks again for pointing this out.

EDIT: It appears the Reference check is an integral feature of the CoP checks provided to all CoP participants by PAYUK. So it should work for all companies who require the Reference number to uniquely identify an account.

masonic

Let's hope the vetting of the PSPs able to use this functionality is absolutely watertight, because any compromise of an obscure PSP could allow a fraudster to get a COP match that would help them steal money from their victims.

AmityNeon

Secondary Reference Data for CoP has been implemented for at least a few months now. I think I first encountered it personally when setting up YBS's Loyalty Regular Saver as a payee last October.

friolento said:

I made a Faster Payment to my new Skipton Bonus Saver yesterday around 11 am, and expected it to show on Monday. Much to my surprise, though, the money got credited yesterday.

It doesn't start earning interest until the next working day though, even if it's shown as credited.

Skipton is part of the Faster Payments network which means payments from most UK banks will be applied to your account within 2 hours of the payment being sent, regardless of the day or time they have arrived.

For Faster Payments sent on a weekend, bank holiday or after the evening cut-off (typically 6:00 pm) we won’t receive the funds until the next working day. This means that, even though the money might show in your Skipton account, it will not start to earn interest until the next working day.

https://www.skipton.co.uk/savings/savings-hub/paying-in-and-withdrawing/paying-in

Cold_comfort

AmityNeon said:

Secondary Reference Data for CoP has been implemented for at least a few months now. I think I first encountered it personally when setting up YBS's Loyalty Regular Saver as a payee last October.

friolento said:

I made a Faster Payment to my new Skipton Bonus Saver yesterday around 11 am, and expected it to show on Monday. Much to my surprise, though, the money got credited yesterday.

It doesn't start earning interest until the next working day though, even if it's shown as credited.

Skipton is part of the Faster Payments network which means payments from most UK banks will be applied to your account within 2 hours of the payment being sent, regardless of the day or time they have arrived.

For Faster Payments sent on a weekend, bank holiday or after the evening cut-off (typically 6:00 pm) we won’t receive the funds until the next working day. This means that, even though the money might show in your Skipton account, it will not start to earn interest until the next working day.

https://www.skipton.co.uk/savings/savings-hub/paying-in-and-withdrawing/paying-in

Hmm. The website page you linked to contradicts Skipton's savings account terms and conditions 2023 (https://www.skipton.co.uk/-/media/skipton-co-uk/pdf/savings/Savings-Terms-and-Conditions.ashx). Page 9 states that electronic payments will start earning interest 'immediately' which is identical to the time the money is paid into the savings account. This is distinct from, for example, debit card payments for which the money is paid into the savings account and which will receive interest 'by the end of the 2nd business day after we receive it).

Kim_13

Growingold said:

Hi I opened the new Skipton Bonus Saver on Saturday.  I tried to do a payment into it in  online banking but it could not verify the account details.  My question is as they say quite explicitly that any transfers or deposits initiated on a non working day are credited on the next working day which here would be Monday is that when my bank will recognise my new account details?

I haven’t paid into the Skipton Bonus Saver via FP yet but I did deposit into another account with them from my Chase account. COP worked successfully and prompted that the account type needed a reference to get the money to the right place, so there’s no risk of forgetting and having the funds fall into a holding account. The Skipton account has been open a while so it might well be that it will take until Monday or Tuesday for COP to show a match.

mebu60

So It seems checking the Reference now happens at all banks, and provides a match when using the actual name on the account. At least with Skipton, but probably with others, too. This is a major improvement. Thanks again for pointing this out.

Not an improvement that I was looking for! Don't want all the payees to be listed as my name in Santander, always put them as the institution the funds are going to. Otherwise gets a bit tricky finding them again for subsequent payments.