Regular Savings Accounts: The Best Currently Available List!

PowerSavingMode

Bigwheels1111 said:

DJDools said:

MHBS 1 Year Regular Saver 

Opened, and received email confirmation, but followed the instructions of how to deposit and my bank is saying that "the payee account is not supported"... Did anyone else get this, and if so, how did you resolve it (if at all)?

We all got this, its very common.

I went with

My Name as shown in my account Mr X X XXXXXX

Sort code

Account Number

Ref,  11 digits, not including /1 at the end I think it was.

The money goes to barclays bank first then is put into your account from there.
Even after first payment, the standing order still does not like it.

oh buggah -- Mine is showing as "Account Name: 1 Year Regular Saver - [my name]" -- so that is exactly what I put! I put a test payment of £10 through, and it hasn't arrived yet. I was going to just put my name down, but their email instructions said to put it down exactly as shown, so my brain took that as a literal instruction!

gt94sss2

Bigwheels1111 said:

Hattie627 said:

Market Harborough BS

The name of the account is "Fixed Tern Regular Saver (30.11.2025)" (this is what I applied for) but it is showing as One Year Regular Saver on my online list. No reference to the interest rate in the account details either.  Is this okay?

I can't fund until tomorrow as CoP not recognising the details. 

 

It will not show up for CoP as money goes into a Barclay Bank account.

Quite a few of my regular savers have this issue.

Gatehouse bank are the same.

All banks and building societies have to support confirmation of payee by the end of October 2024 including those who have their own sort code and/or rely on customers quoting their account/roll number in the reference field.

Gatehouse and Market Harborough have both already implemented COP support 

Kim_13

I don’t expect a COP match from MHBS given the instruction to put my name as the payee name - which I will format as they have in their online portal. Where a payment reference is required to identify the account to be credited, surely you would only get a COP match if you stated Market Harborough Building Society and selected business? Where a provider gives you a sort code and an account number unique to you, that’s different.

WillPS

Kim_13 said:

I don’t expect a COP match from MHBS given the instruction to put my name as the payee name - which I will format as they have in their online portal. Where a payment reference is required to identify the account to be credited, surely you would only get a COP match if you stated Market Harborough Building Society and selected business? Where a provider gives you a sort code and an account number unique to you, that’s different.

No, it'll match using your reference. Selecting business and typing Market Harborough Building Society will not match. It just takes an overnight batch process to run.

This is all detailed on the email they send following successful application:

Name: Enter the name as it appears on your new account

...

Are you part of the Confirmation of Payee (CoP) scheme?
Yes we are, if your bank also uses Confirmation of Payee you will receive a message confirming whether you have entered your new account details correctly.

It may take up to one working day for the scheme to register your details. Please ensure you receive a positive result before sending any money.

ForumUser7

MHBS RS

Re the 2 accounts thing in the terms - presumably if I’m planning to fill one each month, there is no point in opening the other as it could never be funded? Unless I wanted to open 2, fund each with half each month, then have access to some of the funds rather than all by triggering closure through missed payments??

WillPS

ForumUser7 said:

MHBS RS

Re the 2 accounts thing in the terms - presumably if I’m planning to fill one each month, there is no point in opening the other as it could never be funded? Unless I wanted to open 2, fund each with half each month, then have access to some of the funds rather than all by triggering closure through missed payments??

You can only have one of each type of regular saver. They allow you to have a maximum of 2 regular savers but the other one currently available is clearly not worth bothering with.

35har1old

CricketLady said:

Thank you for the heads up on Market Harborough 6%, it was a really simple process to open the account even though I don't think I've ever been to Market Harborough.

Bit confused about the bit that says “if more than one monthly payment is missed during a calendar year the account will be transferred to the easy access account and interest rate at that time…” - three monthly payments WILL be missed, September 2025, October 2025 and November 2025 (if month 1/12 is September and £250 is paid in on next 11 consecutive months, as the account maturity date is set to November 30th 2025).  If we’re not allowed to exceed £3000 so how does this work?

I can ask nearer the time, but anyone on here had experience of this before?

Customer adviser today stated max £3000

35har1old

Kim_13 said:

Hattie627 said:

Market Harborough BS

The name of the account is "Fixed Tern Regular Saver (30.11.2025)" (this is what I applied for) but it is showing as One Year Regular Saver on my online list. No reference to the interest rate in the account details either.  Is this okay?

I can't fund until tomorrow as CoP not recognising the details. 

 

That’s what mine said when I logged in, but the account name was correctly listed on the email with the pay in details on so I wasn’t too worried. I might send them a secure message if it still says that once I’ve funded it. 

MHBS only have two regular savers available and the other is for existing members so anyone who has applied as a new customer could not have got the wrong account if MHBS follow their own terms.

Haven't managed to upload selfie

AmityNeon

Kim_13 said:

I don’t expect a COP match from MHBS given the instruction to put my name as the payee name - which I will format as they have in their online portal. Where a payment reference is required to identify the account to be credited, surely you would only get a COP match if you stated Market Harborough Building Society and selected business? Where a provider gives you a sort code and an account number unique to you, that’s different.

The CoP system has been updated so Secondary Reference Data can also be verified. E.g. You provide your personal name, as an individual, whilst providing Skipton's generic sort code and account number; you are then required to provide your unique reference which is verified as part of CoP.

CoP FAQ:

What is the reference that is asked for in some Confirmation of Payee checks, and when is it required?

For most accounts, all the information needed to complete a Confirmation of Payee check is a sort code, account number, and payee name. However, some accounts require a reference to be entered for the payment to be applied to the final account, for example, a 16-digit credit card number when paying a credit card bill, or a roll number for some building society accounts. This is called Secondary Reference Data (SRD).

For these accounts, when a payment services provider's (PSP) customer enters a sort code and account number for an applicable account, the Confirmation of Payee check will use the reference to ensure the account name is correct. If the details entered into the reference box are invalid or not recognised by the receiving payee Bank, the PSP’s customer will be informed and requested to check the details.

PSP’s customers attempting to pay these accounts will continue to see an error message regardless of if the correct SRD was entered.

What payee name should customers use when paying an account that requires reference data?

PSP’s customers need to ensure that they use the correct payee name and reference when setting up a new payment that requires a reference as part of the CoP check.

When a PSP’s customer is making a new payment to a building society account that requires a roll number, they should enter the account holder’s name in the payee field (not the name of the building society receiving the payment).

When a customer is making a new payment to a credit card or other payment account (e.g. from the major beneficiaries’ biller list), they should enter the account holder’s name in the payee field (not the name of the company receiving the payment).

BonettiRules

Just read the MarketHarbs email and it does say you need to wait 24 hours for Confirmation of Payee to work.  This may be because they aren't a HUGE bank with lots to spend on API's