Regular Savings Accounts: The Best Currently Available List!

typistretired

That's the information I inputted.  The online chat with these banks are a waste of time too.  They go on about whether is personal or business

someone

I don't think it's a good idea for people to post on this thread account number and sort codes for various BS due to the possibility that someone unscrupulous may quote the wrong details (aka their own) in attempt to misdirect funds. Maybe better to direct people to how they can find the details on the providers website instead of quoting them.

colsten

refluxer said:

I've opened a number of different accounts in the last month or so and it's become clear that some banks and building societies aren't yet on-board with this new account checking procedure.

Some financial institutions may never participate in the Confirmation Of Payee scheme; particularly those who have a single deposit collection account, like many building societies have.

refluxer said:

 I would check your regular saver or general Furness savings account T&Cs to see exactly what information you have to use. They may even have a help page on their website with this information. If you ignore any warnings and get the details wrong, it might make it more difficult to recover incorrectly directed payments so you're wise to proceed with caution.

Furness is simple (and similar in concept to many other building societies)

typistretired said:

I I have sent a £1 as Colsten recommended on another forum. This new system is confusing Furness have confirmed I am inputting correct details. Problem is the account is not online so will have to email them to check the £1 has gone into the account

Oh, the joys of accounts without online access! Personally, I cba with them as I like to be able to at least see my account, and also be able to make my own withdrawals, or at least be able to give maturity instructions online. Anyway, I hope you'll get confirmation that you used the correct details.

Frogletina

schiff said:
 Most of my 'destinations' are not in the accepted form as I prefer my payees name to refer to the particular account (in order to have 7 Virgin payees not exactly the same, for example) by override. Making doubly sure of course that all the other details etc are copied exactly.

I'm having that problem too. I'm thinking that after I've sent one payment correctly I could amend the payee name to the account name. I've got 5 Virgin regular savers plus two ISAs and one current account with the linked saving account. 

I have 18 standing orders going out on the first of each month, 6 are new ones which just show my name on my account since the checking began.

typistretired

someone said:

I don't think it's a good idea for people to post on this thread account number and sort codes for various BS due to the possibility that someone unscrupulous may quote the wrong details (aka their own) in attempt to misdirect funds. Maybe better to direct people to how they can find the details on the providers website instead of quoting them.

The details quoted on here are the same showed on Furness website for all the world to see. 

colsten

Frogletina said:

schiff said:
 Most of my 'destinations' are not in the accepted form as I prefer my payees name to refer to the particular account (in order to have 7 Virgin payees not exactly the same, for example) by override. Making doubly sure of course that all the other details etc are copied exactly.

I'm having that problem too. I'm thinking that after I've sent one payment correctly I could amend the payee name to the account name. I've got 5 Virgin regular savers plus two ISAs and one current account with the linked saving account. 

I have 18 standing orders going out on the first of each month, 6 are new ones which just show my name on my account since the checking began.

Having several dozen accounts active at any one point in time, I would be totally lost if I used the actual account names, as they are essentially the same on every single account. I have always been using my own naming convention for my account names when making payments, and in my personal finance manager (AceMoney). For example:

1. my account name for account 12345678 with bank A is: BankA 5678
2. my account name for account 56781234 with bank A is: BankA 1234
3. my account name for account 12345678 with bank B is: BankB 5678

I have always found the last 4 digits of an account number to be unique within the same bank. This naming convention has served me well for well for almost 2 decades, and it is still working perfectly even with the recent introduction of Confirmation Of Payee, as I just ignore the mismatch warnings.

The only bank who ever queried my naming convention was Al Rayan but they fully understood my rationale for choosing those payee names when I explained it to them.

MaxZorin

Apologies if this has previously been mentioned but I’ve just noticed Ipswich Building Society have a new Regular Saver.  1.2% fixed until February 2022 but with restrictions (local postcodes).

https://www.ibs.co.uk/savings/regular-savings-accounts

Hexane

typistretired said:

I I have sent a £1 as Colsten recommended on another forum. This new system is confusing Furness have confirmed I am inputting correct details. Problem is the account is not online so will have to email them to check the £1 has gone into the account

The one time I needed to contact Furness - to check that my monthly payments were going into the account - I found telephoning them to be quick and easy. They don't have a complicated telephone verification/authentication procedure like larger financial organisations. In fact the lady who answered the phone was the same lady that had processed my account opening a few weeks before that.

typistretired

j.p said:

typistretired said:

someone said:

I don't think it's a good idea for people to post on this thread account number and sort codes for various BS due to the possibility that someone unscrupulous may quote the wrong details (aka their own) in attempt to misdirect funds. Maybe better to direct people to how they can find the details on the providers website instead of quoting them.

The details quoted on here are the same showed on Furness website for all the world to see. 

And @typistretired is going to be everybody's warrantor that, going forward, whenever any other member quotes any institution bank details on the forum they're going to be correct and not their own.  Thanks, @typistretired!

No! Sorry if I annoyed you but I find this new payee so frustrating especially as you need a letter from the Holy Ghost to access your own money these days . Code to your phone to log in - code to your phone to withdraw money.

typistretired

Hexane said:

I agree all building society staff are so much more friendly and give such personal service than the big 6.