Transferring money from RBS to RCi bank.

VivWatkins

I have a Royal Bank of Scotland current account with too much money in; I have taken Martin's advice and opened a RCi Bank savings account.  After lots of letters about a 'new linked account' (which I have authenticated) and my 'new freedom savings account' I tried to move money from my RBS account to my RCi savings account. My RBS on-line banking transfer asks me to 'pay someone new' and then asks for 'exact name registered with this account.' which I put in.  It then asks for sort code, account number, type of account with RCi, which I put in.  But it keeps telling me that there is not a match.  I have tried putting the Reference number in case that is what they need but that doesn't work!

 I have tried phoning but can't get through; I sent an email to RCi explaining my problem and got an email which says 'You can now pay into your account from your linked account (the one you nominated at account opening). Does this mean I have to put the money from RBS into their linked account and then move it to my savings account.

All I want is a simple savings account, all this stuff with linked accounts is sending me demented!  I have never has problems with on-line banking before. 

Albermarle

Does this mean I have to put the money from RBS into their linked account and then move it to my savings account.

All ( as far as I know) of these type of savings accounts require you to register a bank account with them . Then you can only pay money in using that account and more importantly money can only be paid out to that account . It is a security feature to stop hackers maybe diverting your money to their account . I think that is why they do it anyway. Most people make their current account their linked account .

hgt

It sounds like RBS are trying to match a name to the Sort code and account number you have provided..... Which will never work for RCI as they use a HSBC holding account for all deposits. 

I've not banked with RBS / Natwest for a long time so not sure what their screens look like, might be worth seeing if they have a 'Pay a company' option (so that they don't try to verify the name). With RCI bank it's the reference number that's the important bit. 

RCI are very good and have great customer service, but the issue the OP is having is at the RBS side of things, so would suggest giving RBS a call if you struggle. Just make sure they remember to include your RCI reference number or else RCI will bounce your money back. 

TCA

In RBS Digital Banking I think you need to set up RCI as a payee first before you can make a payment to them. And for that you'll likely need the card reader.

A further quirk is that although your RCI account is a personal savings account, you might need to select "business" instead of "personal", when adding it as a payee.

And I'm pretty sure you have to put payee as RCI Bank UK, as opposed to your own name.

VivWatkins

Thank you all for your advice.  I will try your suggestions.  

colsten

Are you not able to ignore the warning that there isn't a match? Banks are all gradually implementing this name/sort code/acct number match* but they should all allow you to override their advice that there isn't a  match. If RBS don't allow you you, it might be time to switch to a different bank that hasn't taken leave of their senses. For example, Lloyds/BOS/Halifax all allow you to ignore their warnings of mismatches. 

* because consumers have managed to convince the FCA that banks must make those checks.......