The Top Easy Access Savings Discussion Area

I-LOV-MONEY

Finally got my security details from Santander (a week after registering).   I am now able to transfer money from my bank account.   However, when I went to fill in the details I put the payee name as Santander, but my bank said that it is wrong.   I can't get through to them on the phone - some awful 'hold' music!    What has everybody else put for the payee name?   As for my reference, I have used my real name (I-LOV-MONEY)!!!

So many problems in trying to set up an account (never happened before!).

Marmaduke123

I-LOV-MONEY said:

Finally got my security details from Santander (a week after registering).   I am now able to transfer money from my bank account.   However, when I went to fill in the details I put the payee name as Santander, but my bank said that it is wrong.   I can't get through to them on the phone - some awful 'hold' music!    What has everybody else put for the payee name?   As for my reference, I have used my real name (I-LOV-MONEY)!!!

So many problems in trying to set up an account (never happened before!).

You need to put your own Santander account name as the payee name, then the sort code and account number you have been given for the account. Your bank will recognise that and declare a match!

Malchester

I-LOV-MONEY said:

Finally got my security details from Santander (a week after registering).   I am now able to transfer money from my bank account.   However, when I went to fill in the details I put the payee name as Santander, but my bank said that it is wrong.   I can't get through to them on the phone - some awful 'hold' music!    What has everybody else put for the payee name?   As for my reference, I have used my real name (I-LOV-MONEY)!!!

So many problems in trying to set up an account (never happened before!).

Had trouble in last week with Santander over opening a 2 yr ISA, so much so that I have given up and cancelled the transfer. Letters re registering online banking gave wrong info and included security details that weren't required. They claimed I already had an open account with them when it was closed 12 years ago. Sent message but they answered a question I didn't ask. Went to Kent Reliance instead and all sorted in less than 5 minutes.

I-LOV-MONEY

Marmaduke123 said:

You need to put your own Santander account name as the payee name, then the sort code and account number you have been given for the account. Your bank will recognise that and declare a match!

Sorry, still confused!    When you say my Santander account name, do you mean my name,  John Smith.  That is the only name I have other than a personal id, a series of numbers.

kaMelo

I-LOV-MONEY said:

Finally got my security details from Santander (a week after registering).   I am now able to transfer money from my bank account.   However, when I went to fill in the details I put the payee name as Santander, but my bank said that it is wrong.   I can't get through to them on the phone - some awful 'hold' music!    What has everybody else put for the payee name?   As for my reference, I have used my real name (I-LOV-MONEY)!!!

So many problems in trying to set up an account (never happened before!)

 Your name, in whatever format you have given Santander,  will be the payee name.

ie.

John Smith

John  B Smith

Jonathan Smith

Jonathan Barry Smith etc.

sturgeon

Still received absolutely nothing from Santander in terms of login details after submitting ID in branch a week ago. I despise Santander but put that to one side to get the best available savings rate. Hope they’re quickly blown out the water with the next rate rise. 

oz0707

Yorkie006 said:

Sg28 said:

It does always suprise me how people with so much money can be so financially illiterate. 

People with a lot of money don't notice if they don't get a few hundred £ of interest (it's pocket change to them). People with little money count every penny.
That's the only explanation I can think of. I'm trying to get the most out of the money I have but with the % rates changing so often lately, it's hard to keep up. But I still change accounts every few months to the best one available at the time (I stick to easy access only as it's my 'emergency' fund).
I recently opened Cynergy acc. at 2.75%, still waiting for the log in details before I move the money there though.

Some people are better at making money than saving money. It's 2 different mindsets I reckon. You only have so much bandwidth so if someone is earning triple digits per year that's where their attention will be

RG2015

I-LOV-MONEY said:

Marmaduke123 said:

You need to put your own Santander account name as the payee name, then the sort code and account number you have been given for the account. Your bank will recognise that and declare a match!

Sorry, still confused!    When you say my Santander account name, do you mean my name,  John Smith.  That is the only name I have other than a personal id, a series of numbers.

Isn’t this just a Confirmation of Payee check (CoP), matching your actual name with your new Santander savings account sort code and account number?

mebu60

Thumbs_Up said:

callum9999 said:

Many people just leave their savings in their current account earning 0%. I think people on here often vastly overestimate the financial knowledge of the average person!

There will certainly be an outflow, but a large proportion won't be monitoring competing rates at all, let alone try chasing them.

Well, well, well, will wonders never cease. Got my brother at the very last few hours to go to open up the Santander 2.75% account. He had a current account with them, so took less then 5 minutes to open and transfer 85k.

So, from earning next to nothing, he now should get £2337 a year in interest. Next job is to get him to move 100k from Cahoot earning 0.1 % to a decent annual fixed bond from a different bank!

 

If he's just put £85k into Santander he definitely should move the £100k from Cahoot as I believe they share the same FSCS cover! 

wiseonesomeofthetime

I-LOV-MONEY said:

Finally got my security details from Santander (a week after registering).   I am now able to transfer money from my bank account.   However, when I went to fill in the details I put the payee name as Santander, but my bank said that it is wrong.   I can't get through to them on the phone - some awful 'hold' music!    What has everybody else put for the payee name?   As for my reference, I have used my real name (I-LOV-MONEY)!!!

So many problems in trying to set up an account (never happened before!).

You will get advice that "Santander" is wrong, but you can still proceed. 

As others have said, the payee, for CoP purposes will be YOUR NAME as given in the application. 

That said, the payee name I have successfully used in my transfers is SANTANDER ESAVER LTD ED to differentiate it from my other accounts in my payee "address book" as it also includes SANTANDER CURRENT.

Just do £1 test transfer and make sure sort code and account number are correct. Job done 😊