Saga savings: Missing money transfer

mariapom

I recently opened a Saga Easy Access Savings account and transferred £500 online from my bank to my new account. It is now 5 days later and the account still shows a nil balance.  I've contacted Saga and they confirm no money has been credited to my account.  My bank confirms the payment has been made to Saga. Ive checked the sort code, account number and reference (my name) are all correct. I am very alarmed that this money has disappeared.  How can this happen and what do I do next?

GDB2222

I suspect that you have transferred to a general account for Saga. Once received, the money is transferred to your personal account by a manual process, and they are a bit short of staff at the moment to carry out that task. Speaking to the call centre is pointless as the staff there probably won’t have access to view the general account. I suggest being patient. 

One tip is to transfer a sum like £501.37, rather than £500. Then, if it goes astray it’s far easier to trace.

soulsaver

AFAIK SAGA is a linked bank ac policy. Is that who you used?

ETA https://www.sagasavings.co.uk/uk/en/savings?prd=os&chl=af&schl=kent&cid=site&plc=sa&sit=saga
 " You can pay money to and from your Saga Easy Access Savings Account from your linked account, "

GDB2222

Why is the reference the OP's name, rather than an account number? Surely, that’s going to require manual intervention?

Albermarle

Some of these smaller savings banks , use a big clearing bank for their paying in/out account . I presume this is checked manually for incoming payments and then the money allocated/moved  to the savings account.

So there is a sort code and account number for the clearing bank account but you need to include a reference to you/your savings account so it can be identified.

surreysaver

Thought Saga is the same as Marcus, in which case its just sort code and account number. You don't need a reference. You just sent the money from your linked bank account 

Thrugelmir

Probably still running on a skeleton staffing level. Fact of life at the moment. 

Wheres_My_Cashback

mariapom said:

I recently opened a Saga Easy Access Savings account and transferred £500 online from my bank to my new account. It is now 5 days later and the account still shows a nil balance.  I've contacted Saga and they confirm no money has been credited to my account.  My bank confirms the payment has been made to Saga. Ive checked the sort code, account number and reference (my name) are all correct. I am very alarmed that this money has disappeared.  How can this happen and what do I do next?

I got it, wondered where it came from.

GDB2222

Wheres_My_Cashback said:

mariapom said:

I recently opened a Saga Easy Access Savings account and transferred £500 online from my bank to my new account. It is now 5 days later and the account still shows a nil balance.  I've contacted Saga and they confirm no money has been credited to my account.  My bank confirms the payment has been made to Saga. Ive checked the sort code, account number and reference (my name) are all correct. I am very alarmed that this money has disappeared.  How can this happen and what do I do next?

I got it, wondered where it came from.

You are very bad, but I laughed.

Zanderman

GDB2222 said:

I suspect that you have transferred to a general account for Saga. Once received, the money is transferred to your personal account by a manual process, and they are a bit short of staff at the moment to carry out that task. Speaking to the call centre is pointless as the staff there probably won’t have access to view the general account. I suggest being patient. 

One tip is to transfer a sum like £501.37, rather than £500. Then, if it goes astray it’s far easier to trace.

This is correct for some savings accounts - but not, in my experience, for Saga/Marcus.
You get your own account number immediately - and you pay into that.  
The transfer usually appears the same day.

tldkid1

I saw that Saga and Marcus are Goldman Sachs.  Does that means that you are only FSCS covered for a total of £85000 in total across both accounts?