Help to Save Account name - help please

mrsmsebastian

Hi

Can someone help me setting-up a standing order for my Help to save account please.

I am with Nationwide Bank and trying to set-up a standing order for my Help to Save account. To set it up, it's asking wether it is Business account or Personal account. Can someone tell me which to use?

Then if it's Business account - the name Business name please

If it's Personal account - Ineed to know the First name of the payee as well as the last name.

then the rest is okay as I have the account number, sortcode and payment reference.

Your help will be greatly appreciated.

colsten

You can use any old name you like - for example "My HTS account". The only thing that matters for SOs are the sort code, the account number and the Reference. The Nationwide checking routine will throw an error but you can proceed regardless.

If you want to be doubly certain that your money arrives in your HTS account, make a one-off £1 payment. Once this has arrived as intended, you can then use the payee for your SO.

PRAISETHESUN

The savings account is in your name yes? If so, put your name in the account name section.

As above, whilst the name is checked but you can still override any error message the bank throws at you if you wish. Do a test transfer of £1 as @colsten suggests and if it arrives then set up your SO to the "existing payee" you set up that you know is correct.

colsten

PRAISETHESUN said:

The savings account is in your name yes? If so, put your name in the account name section.

It won't matter what name you put in there as the Confirmation of Payee checking will almost certainly not find it anyway. In any case, the name will never be used in directing the payment. Much better to use a description meaningful to you in the name field, so it's easy for you to identify which of your accounts the payee is for.

LHW99

I think what the OP is asking is about the choice in the Nationwide "New Payee" process where they give a choice of "personal" or "Business" for payee type.

What you need to choose here depends on how the institution receiving the payment is set up, because that then governs what following screens you are presented with.

If you look at the instructions for how to make a deposit into your HTB account it asks you to pay to an account at that bank, using your account number as the reference - then its easiest to choose "business" - for example Charter Savings Bank works this way.

If your payment instructions say you need to put your personal account number as the Account detasils (rather than as the reference), then use Personal.

It doesn't really matter but getting the right one means the following boxes are easier to work with.

As said, Nationwide may not recognise it anyway!

mrsmsebastian

LHW99 said:

I think what the OP is asking is about the choice in the Nationwide "New Payee" process where they give a choice of "personal" or "Business" for payee type.

What you need to choose here depends on how the institution receiving the payment is set up, because that then governs what following screens you are presented with.

If you look at the instructions for how to make a deposit into your HTB account it asks you to pay to an account at that bank, using your account number as the reference - then its easiest to choose "business" - for example Charter Savings Bank works this way.

If your payment instructions say you need to put your personal account number as the Account detasils (rather than as the reference), then use Personal.

It doesn't really matter but getting the right one means the following boxes are easier to work with.

As said, Nationwide may not recognise it anyway!

Thanks.
I tried to choose Business account but came back with an error so in the end I chose Personal account. I put payee name as HTS and only deposited £1 and went fine. 
So thanks all for the advise

LHW99

mrsmsebastian said:

LHW99 said:

I think what the OP is asking is about the choice in the Nationwide "New Payee" process where they give a choice of "personal" or "Business" for payee type.

What you need to choose here depends on how the institution receiving the payment is set up, because that then governs what following screens you are presented with.

If you look at the instructions for how to make a deposit into your HTB account it asks you to pay to an account at that bank, using your account number as the reference - then its easiest to choose "business" - for example Charter Savings Bank works this way.

If your payment instructions say you need to put your personal account number as the Account detasils (rather than as the reference), then use Personal.

It doesn't really matter but getting the right one means the following boxes are easier to work with.

As said, Nationwide may not recognise it anyway!

Thanks.
I tried to choose Business account but came back with an error so in the end I chose Personal account. I put payee name as HTS and only deposited £1 and went fine. 
So thanks all for the advise

Just watch if you then make a large deposit to the HTB from the Nationwide account very quickly afterwards - it will sometimes trigger their fraud watch / security protocols.

colsten

LHW99 said:

mrsmsebastian said:

LHW99 said:

I think what the OP is asking is about the choice in the Nationwide "New Payee" process where they give a choice of "personal" or "Business" for payee type.

What you need to choose here depends on how the institution receiving the payment is set up, because that then governs what following screens you are presented with.

If you look at the instructions for how to make a deposit into your HTB account it asks you to pay to an account at that bank, using your account number as the reference - then its easiest to choose "business" - for example Charter Savings Bank works this way.

If your payment instructions say you need to put your personal account number as the Account detasils (rather than as the reference), then use Personal.

It doesn't really matter but getting the right one means the following boxes are easier to work with.

As said, Nationwide may not recognise it anyway!

Thanks.
I tried to choose Business account but came back with an error so in the end I chose Personal account. I put payee name as HTS and only deposited £1 and went fine. 
So thanks all for the advise

Just watch if you then make a large deposit to the HTB from the Nationwide account very quickly afterwards - it will sometimes trigger their fraud watch / security protocols.

Even if it did, there's nothing to worry about. They will release the payment quickly as they can see that the payment is into a Government account. Fraudsters are unlikely to make such deposits. 

mrsmsebastian

LHW99 said:

I think what the OP is asking is about the choice in the Nationwide "New Payee" process where they give a choice of "personal" or "Business" for payee type.

What you need to choose here depends on how the institution receiving the payment is set up, because that then governs what following screens you are presented with.

If you look at the instructions for how to make a deposit into your HTB account it asks you to pay to an account at that bank, using your account number as the reference - then its easiest to choose "business" - for example Charter Savings Bank works this way.

If your payment instructions say you need to put your personal account number as the Account detasils (rather than as the reference), then use Personal.

It doesn't really matter but getting the right one means the following boxes are easier to work with.

As said, Nationwide may not recognise it anyway!

Thanks.
I tried to choose Business account but came back with an error so in the end I chose Personal account. I put payee name as HTS and only deposited £1 and went fine. 
So thanks all for the advise

Just watch if you then make a large deposit to the HTB from the Nationwide account very quickly afterwards - it will sometimes trigger their fraud watch / security protocols.

Even if it did, there's nothing to worry about. They will release the payment quickly as they can see that the payment is into a Government account. Fraudsters are unlikely to make such deposits. 

and besides you can't make large deposit on HTS account as the maximum is £50 per month.