Security 19 December 2022 at 10:41AM in Savings & investments 2 replies 191 views

stevorio

Is it wise to open fixed term deposit with NO confirmation payee system 

wmb194

stevorio said:

Is it wise to open fixed term deposit with NO confirmation payee system 

Sure, why not? It's just how things were in the days before COP. Just make sure you're dealing with a genuine institution, check and triple check the account number and reference, if applicable.

With those that use collection accounts with Barclays et al you can usually use COP at the institution level at least e.g., check the 'paying a business' box and enter the institution's name rather than your own.

dunstonh

stevorio said:

Is it wise to open fixed term deposit with NO confirmation payee system 

Cant see any reason why you wouldn't.  The confirmation of payee system hasn't been rolled out to every deposit taker yet.  So, limiting yourselves to the ones that are not yet able to use it, could see you get a poorer outcome with regards to interest rates.