Security

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

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  • edited 19 December 2022 at 10:48AM
    wmb194wmb194 Forumite
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    edited 19 December 2022 at 10:48AM
    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.
  • dunstonhdunstonh Forumite
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    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.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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