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Wheres_My_Cashback

flaneurs_lobster said:

A sideline enquiry involving MonBS but probably relevant elsewhere.

I now have 3 MonBS regular savers. To fund them by Faster Payment each month I would ideally like to set up 3 payees with my normal feeder current account that differ only in the Reference (the BS account number).

RBS don't allow Payee/Account No/Sort Code dups. 
Chase don't hold the reference between payments but do allow dups.

I don't want to be entering/amending the reference each month 3 times, too much potential for typos and subsequent grief.

Anyone suggest a solution or another bank that allows this duplication (I have a few others).

Chase do If I'm understanding what you're saying. I have multiple payments out of chase to the same a/c number with a diff ref which keep the ref.

Nick_C

flaneurs_lobster said:

A sideline enquiry involving MonBS but probably relevant elsewhere.

I now have 3 MonBS regular savers. To fund them by Faster Payment each month I would ideally like to set up 3 payees with my normal feeder current account that differ only in the Reference (the BS account number).

RBS don't allow Payee/Account No/Sort Code dups. 
Chase don't hold the reference between payments but do allow dups.

I don't want to be entering/amending the reference each month 3 times, too much potential for typos and subsequent grief.

Anyone suggest a solution or another bank that allows this duplication (I have a few others).

Chase populate the reference if its a standing order.  Set it up as a SO and if necessary amend the SO when the 1st of the next month is not a banking day.

Bridlington1

flaneurs_lobster said:

A sideline enquiry involving MonBS but probably relevant elsewhere.

I now have 3 MonBS regular savers. To fund them by Faster Payment each month I would ideally like to set up 3 payees with my normal feeder current account that differ only in the Reference (the BS account number).

RBS don't allow Payee/Account No/Sort Code dups. 
Chase don't hold the reference between payments but do allow dups.

I don't want to be entering/amending the reference each month 3 times, too much potential for typos and subsequent grief.

Anyone suggest a solution or another bank that allows this duplication (I have a few others).

I fund each of my Monmouthshire BS regular savers from a different account to save having to check the account number reference each time. This morning I funded the Exclusive Regular Saver from a Santander student account, Regular Saver from Santander Edge, Coronation from First Direct and Xmas from Ulster.

I have a list of each of the payees on all of my accounts saved on a spreadsheet so I know which is which without having to find any passbooks. I do the same with Principality, Darlington and Mansfield too.

jim1999

I'm seriously thinking about stopping funding / cashing out the Coventry FHS Issue 1 - it feels crazy given that it's paying 5.6% but given that I'll be taxed 40% on the interest, I'd probably do better with the money in Premium Bonds, and it's now my worst paying account.

I suppose it's possible that it could increase dramatically, but so far they've all been very small increases.  I can't blame Coventry, as it's still quite a generous account compared to the rest of the market.

Anyone else stopped / debating stopping accounts >5.5%?

schiff

MonBS

I first gave them my signature in 2020. Again in 2021, again in 2022 and again this month in 2023. Why? What do they compare them with, how do they verify that they are what they purport to be? What do they do with them? And why for every single account? Shouldn’t once be enough? 

Hattie627

flaneurs_lobster said:

A sideline enquiry involving MonBS but probably relevant elsewhere.

I now have 3 MonBS regular savers. To fund them by Faster Payment each month I would ideally like to set up 3 payees with my normal feeder current account that differ only in the Reference (the BS account number).

RBS don't allow Payee/Account No/Sort Code dups. 
Chase don't hold the reference between payments but do allow dups.

I don't want to be entering/amending the reference each month 3 times, too much potential for typos and subsequent grief.

Anyone suggest a solution or another bank that allows this duplication (I have a few others).

I now fund four Monmouthshire Building Society Regular Savers by 4 X monthly SO's from my Santander Edge current account. All 4 SO's have same sort code and account number but different references. I didn't realise that some current accounts don't allow duplicate SO's with the same account number and sort code-very inconvenient.

flaneurs_lobster

jim1999 said:

I'm seriously thinking about stopping funding / cashing out the Coventry FHS Issue 1 - it feels crazy given that it's paying 5.6% but given that I'll be taxed 40% on the interest, I'd probably do better with the money in Premium Bonds, and it's now my worst paying account.

I suppose it's possible that it could increase dramatically, but so far they've all been very small increases.  I can't blame Coventry, as it's still quite a generous account compared to the rest of the market.

Anyone else stopped / debating stopping accounts >5.5%?

I've stopped funding (well, I added a quid) this month to the Coventry FHS (1), Halifax & BOS 5.5% RSs. Not so much tax as running out of saveable income with the addition of the new RSs. 

Do you happen to know if withdrawals from the FHS are penalty-free?

flaneurs_lobster

Hattie627 said:

flaneurs_lobster said:

A sideline enquiry involving MonBS but probably relevant elsewhere.

I now have 3 MonBS regular savers. To fund them by Faster Payment each month I would ideally like to set up 3 payees with my normal feeder current account that differ only in the Reference (the BS account number).

RBS don't allow Payee/Account No/Sort Code dups. 
Chase don't hold the reference between payments but do allow dups.

I don't want to be entering/amending the reference each month 3 times, too much potential for typos and subsequent grief.

Anyone suggest a solution or another bank that allows this duplication (I have a few others).

I now fund four Monmouthshire Building Society Regular Savers by 4 X monthly SO's from my Santander Edge current account. All 4 SO's have same sort code and account number but different references. I didn't realise that some current accounts don't allow duplicate SO's with the same account number and sort code-very inconvenient.

To be clear, I'm funding manually each month, not by SO. RBS (and others) may well allow SO account dups.

Bridlington1

flaneurs_lobster said:

jim1999 said:

I'm seriously thinking about stopping funding / cashing out the Coventry FHS Issue 1 - it feels crazy given that it's paying 5.6% but given that I'll be taxed 40% on the interest, I'd probably do better with the money in Premium Bonds, and it's now my worst paying account.

I suppose it's possible that it could increase dramatically, but so far they've all been very small increases.  I can't blame Coventry, as it's still quite a generous account compared to the rest of the market.

Anyone else stopped / debating stopping accounts >5.5%?

I've stopped funding (well, I added a quid) this month to the Coventry FHS (1), Halifax & BOS 5.5% RSs. Not so much tax as running out of saveable income with the addition of the new RSs. 

Do you happen to know if withdrawals from the FHS are penalty-free?

Withdrawals are penalty free for Issue 1. Issue 2 requires 60 days notice or a 60-day interest hit.

RosieRooBear

flaneurs_lobster said:

jim1999 said:

I'm seriously thinking about stopping funding / cashing out the Coventry FHS Issue 1 - it feels crazy given that it's paying 5.6% but given that I'll be taxed 40% on the interest, I'd probably do better with the money in Premium Bonds, and it's now my worst paying account.

I suppose it's possible that it could increase dramatically, but so far they've all been very small increases.  I can't blame Coventry, as it's still quite a generous account compared to the rest of the market.

Anyone else stopped / debating stopping accounts >5.5%?

I've stopped funding (well, I added a quid) this month to the Coventry FHS (1), Halifax & BOS 5.5% RSs. Not so much tax as running out of saveable income with the addition of the new RSs. 

Do you happen to know if withdrawals from the FHS are penalty-free?

I’m keeping mine at the moment, mainly because I’m a non-taxpayer and @flaneurs_lobster because the FHS1 is penalty free and easy access.