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PloughmansLunch

35har1old said:

Copy/pasted info from non-TSB banks

Standing orders are all well and good but I prefer to transfer money in directly for the first payment as soon as they are set up. This pasted info doesn’t address that with TSB a SO is set up but the saver isn’t automatically set up as a payee in a logical ‘move money between my accounts’ way that all other savers seem to be, and you can only do so e.g. to top up if you set the saver up in the same manner as an external payee. Even HSBC & First Direct have the savers added as a payee despite being funded through a SO from the current account, presumably for ease of topping up if the SO doesn’t take the monthly maximum in one go.

Band7

PloughmansLunch said:

35har1old said:

Copy/pasted info from non-TSB banks

Standing orders are all well and good but I prefer to transfer money in directly for the first payment as soon as they are set up. This pasted info doesn’t address that with TSB a SO is set up but the saver isn’t automatically set up as a payee in a logical ‘move money between my accounts’ way that all other savers seem to be, and you can only do so e.g. to top up if you set the saver up in the same manner as an external payee. Even HSBC & First Direct have the savers added as a payee despite being funded through a SO from the current account, presumably for ease of topping up if the SO doesn’t take the monthly maximum in one go.

FD doesn't set up a payee for their RS, and you can't transfer money from your FD current to your FD RS, other than by the SO that FD set up for you. I don't know whether you'd be able to send a Faster Payment to the RS as I have always funded mine in full by SO.

HSBC also doesn't set up a payee for their RS but your RS appears as an internal account you can make a transfer to. Whether this actually works, I don't know, as mine are always funded in full by SO. 

Setting up a payee for the TSB RS takes but 30 seconds. I can't remember that they set up an SO for me - it might be an option that I declined because if I have a TSB RS (rarely), I feed it by SO from a non-TSB account. It could also be fed with manual Faster Payments.

PloughmansLunch

Band7 said:

PloughmansLunch said:

35har1old said:

Copy/pasted info from non-TSB banks

Standing orders are all well and good but I prefer to transfer money in directly for the first payment as soon as they are set up. This pasted info doesn’t address that with TSB a SO is set up but the saver isn’t automatically set up as a payee in a logical ‘move money between my accounts’ way that all other savers seem to be, and you can only do so e.g. to top up if you set the saver up in the same manner as an external payee. Even HSBC & First Direct have the savers added as a payee despite being funded through a SO from the current account, presumably for ease of topping up if the SO doesn’t take the monthly maximum in one go.

FD doesn't set up a payee for their RS, and you can't transfer money from your FD current to your FD RS, other than by the SO that FD set up for you. I don't know whether you'd be able to send a Faster Payment to the RS as I have always funded mine in full by SO.

HSBC also doesn't set up a payee for their RS but your RS appears as an internal account you can make a transfer to. Whether this actually works, I don't know, as mine are always funded in full by SO. 

Setting up a payee for the TSB RS takes but 30 seconds. I can't remember that they set up an SO for me - it might be an option that I declined because if I have a TSB RS (rarely), I feed it by SO from a non-TSB account. It could also be fed with manual Faster Payments.

You’re right - FD doesn’t either. I checked HSBC and it did so I made an assumption that they would have both the same set up. 

TSB isn’t really a problem as such, just was mildly annoying as you need to have the saver details to hand elsewhere or memorised (I used a screenshot) to add as a payee, then confirmation of payee failed as TSB also use my middle name, so had to go back a screen to check and all details get reset. 

adindas

PloughmansLunch said:

Band7 said:

PloughmansLunch said:

35har1old said:

Copy/pasted info from non-TSB banks

Standing orders are all well and good but I prefer to transfer money in directly for the first payment as soon as they are set up. This pasted info doesn’t address that with TSB a SO is set up but the saver isn’t automatically set up as a payee in a logical ‘move money between my accounts’ way that all other savers seem to be, and you can only do so e.g. to top up if you set the saver up in the same manner as an external payee. Even HSBC & First Direct have the savers added as a payee despite being funded through a SO from the current account, presumably for ease of topping up if the SO doesn’t take the monthly maximum in one go.

FD doesn't set up a payee for their RS, and you can't transfer money from your FD current to your FD RS, other than by the SO that FD set up for you. I don't know whether you'd be able to send a Faster Payment to the RS as I have always funded mine in full by SO.

HSBC also doesn't set up a payee for their RS but your RS appears as an internal account you can make a transfer to. Whether this actually works, I don't know, as mine are always funded in full by SO. 

Setting up a payee for the TSB RS takes but 30 seconds. I can't remember that they set up an SO for me - it might be an option that I declined because if I have a TSB RS (rarely), I feed it by SO from a non-TSB account. It could also be fed with manual Faster Payments.

You’re right - FD doesn’t either. I checked HSBC and it did so I made an assumption that they would have both the same set up. 

TSB isn’t really a problem as such, just was mildly annoying as you need to have the saver details to hand elsewhere or memorised (I used a screenshot) to add as a payee, then confirmation of payee failed as TSB also use my middle name, so had to go back a screen to check and all details get reset. 

Both FD and HSBC, or M&S in the past have the same set up. They will automatically setup the SOs for you and it will need to come from their accounts.

Hoopra

Band7 said:

PloughmansLunch said:

35har1old said:

Copy/pasted info from non-TSB banks

Standing orders are all well and good but I prefer to transfer money in directly for the first payment as soon as they are set up. This pasted info doesn’t address that with TSB a SO is set up but the saver isn’t automatically set up as a payee in a logical ‘move money between my accounts’ way that all other savers seem to be, and you can only do so e.g. to top up if you set the saver up in the same manner as an external payee. Even HSBC & First Direct have the savers added as a payee despite being funded through a SO from the current account, presumably for ease of topping up if the SO doesn’t take the monthly maximum in one go.

FD doesn't set up a payee for their RS, and you can't transfer money from your FD current to your FD RS, other than by the SO that FD set up for you. I don't know whether you'd be able to send a Faster Payment to the RS as I have always funded mine in full by SO.

HSBC also doesn't set up a payee for their RS but your RS appears as an internal account you can make a transfer to. Whether this actually works, I don't know, as mine are always funded in full by SO. 

Setting up a payee for the TSB RS takes but 30 seconds. I can't remember that they set up an SO for me - it might be an option that I declined because if I have a TSB RS (rarely), I feed it by SO from a non-TSB account. It could also be fed with manual Faster Payments.

One small problem with SOs is that payments due for the 1st of the month get delayed if a weekend and/or bank holiday is involved. The only obvious solution to this is to do a manual FP instead but that involves significant effort, particularly if you have multiple RS accounts to feed.

Generally I prefer to make initial deposits by FP because they can be done and are credited the same day as account opening. If you do it by SO, the earliest available date for the initial deposit is "tomorrow"

For TSB in particular, the account conditions clearly state that payment must be made by SO from a TSB current account. Whether they check/enforce this condition now or have done in the past is one thing, but there is always the chance they could start doing so at any point, however likely that might be.

I don't really see the point in taking the risk where there's no need to do so. My TSB current account usually has zero balance but I set up a SO from it to feed the RS on the 1st and have another incoming SO set up for the same day from a different bank to cover it. The in/out same day early morning processing at TSB seems to work without incident and even if they declined the payment outgoing to the RS due to lack of funds, the payment would get retried later the same day.

I spoke to TSB CS and they (unsurprisingly) confirmed that it was required to fund the RS via SO from a TSB current account. They did also say though, that the initial deposit was considered differently and could come from a different source, so the condition applies only to ongoing funding beyond the initial deposit. In fact, the application form has a question specifically about the source of (initial?) funding and allows the choice of a 3rd party account. I can't remember the exact wording of that question though, and whether it could potentially (apparently) conflict with the condition regarding funding via SO from a TSB current account.

Band7

There are 4 months in 2023 where the 1st doesn’t fall on a working day, so any SO for the 1st of a month will be delayed by most banks (sending and/or receiving one) . To go out of your way to ‘correct’ this with manual deposits seems overkill.  Besides, your HSBC and FD SO dates are rarely on a first. And even Faster Payments made on a weekend into an RS might only start getting interest from the next working day obwards. Getting exercised about it is really pointless, even for hardcore money savers like myself

Hoopra

Band7 said:

There are 4 months in 2023 where the 1st doesn’t fall on a working day, so any SO for the 1st of a month will be delayed by most banks (sending and/or receiving one) . To go out of your way to ‘correct’ this with manual deposits seems overkill.  Besides, your HSBC and FD SO dates are rarely on a first. And even Faster Payments made on a weekend into an RS might only start getting interest from the next working day obwards. Getting exercised about it is really pointless, even for hardcore money savers like myself

Completely true, and I wasn't necessarily advocating doing anything about it, simply pointing out the fact (I did refer to it as a "small" problem).

SanguineOnSaturn

When I set my Natwest one up I seem to remember seeing that  a SO needed to be set up from the current account but the regular saver could be topped up ftom another source. Since then I've paid £1 from Natwest current account and £149 from feeder with another bank.

adindas

Hoopra said:

I don't really see the point in taking the risk where there's no need to do so. My TSB current account usually has zero balance but I set up a SO from it to feed the RS on the 1st and have another incoming SO set up for the same day from a different bank to cover it. The in/out same day early morning processing at TSB seems to work without incident and even if they declined the payment outgoing to the RS due to lack of funds, the payment would get retried later the same day.

I spoke to TSB CS and they (unsurprisingly) confirmed that it was required to fund the RS via SO from a TSB current account. They did also say though, that the initial deposit was considered differently and could come from a different source, so the condition applies only to ongoing funding beyond the initial deposit. In fact, the application form has a question specifically about the source of (initial?) funding and allows the choice of a 3rd party account. I can't remember the exact wording of that question though, and whether it could potentially (apparently) conflict with the condition regarding funding via SO from a TSB current account.

TSB specifically mention the SO will need to come from TSB account

"You must set up a monthly standing order between £25 and up to £250 from a TSB current account. You can only make one payment each month into your account.

£3,000 is the maximum that can be paid into your Monthly Saver"

But as other people say, FPI as well as SOs from other AC are still working.

But what you are proposing (without a slack for a few days) is riskier, especially if they are not the same banking group. At some point, you  might get your account overdrawn and pay the fine and bad record on your credit file.

For people who intend to do that, to avoid an account overdrawn, it is probably good to request an overdraft facility as a precaution.

Band7

adindas said:

Hoopra said:

I don't really see the point in taking the risk where there's no need to do so. My TSB current account usually has zero balance but I set up a SO from it to feed the RS on the 1st and have another incoming SO set up for the same day from a different bank to cover it. The in/out same day early morning processing at TSB seems to work without incident and even if they declined the payment outgoing to the RS due to lack of funds, the payment would get retried later the same day.

I spoke to TSB CS and they (unsurprisingly) confirmed that it was required to fund the RS via SO from a TSB current account. They did also say though, that the initial deposit was considered differently and could come from a different source, so the condition applies only to ongoing funding beyond the initial deposit. In fact, the application form has a question specifically about the source of (initial?) funding and allows the choice of a 3rd party account. I can't remember the exact wording of that question though, and whether it could potentially (apparently) conflict with the condition regarding funding via SO from a TSB current account.

TSB specifically mention the SO will need to come from TSB account

"You must set up a monthly standing order between £25 and up to £250 from a TSB current account.”

 

TSB say lots of things……