SmartSave account 1 March at 11:49AM in Savings & investments 8 replies 352 views

MissPennyP

As recommended on the savings site, I have opened a Smartsave account 1 year fixed.  But before i transfer the money to this account, how do I know it is not a cloned account and is safe to do so?

Tum1370

HI, I am also wondering about this ?
If we use the LINK to SmartSave from either this website, or the MSE ipad app, Are the links safe to use ?
Is there anyway to check ?
Its so worrying when transferring money to these online banks etc

MissPennyP

Exactly, it is a lot of money to transfer to another account I have not heard of.  I can't afford to lose this money or be scammed.

Band7

Don't use links, go to the website directly. Smartsave is ok. 

You also have other options for 1-year accounts with similar rates - Al Rayan, Tandem, Allica, Close Brothers. All bonafide banks.

periwinkl

Sorry if this is a basic question, but with limited recent experience on savings accounts, why is it that the Payee name to transfer my savings deposit to is Chetwood Financial (with a reference presumably unique to me to be quoted), rather than in my name? There must be some sort of reasonable explanation, without which I'm not too comfortable transferring the money to an account that's not in my name. Thanks in advane

Band7

periwinkl said:

Sorry if this is a basic question, but with limited recent experience on savings accounts, why is it that the Payee name to transfer my savings deposit to is Chetwood Financial (with a reference presumably unique to me to be quoted), rather than in my name? There must be some sort of reasonable explanation, without which I'm not too comfortable transferring the money to an account that's not in my name. Thanks in advane

A lot of the smaller banks and many Building Societies operate like this. Nothing to worry about, as long as you use the exact details advised by your savings provider. In addition, most financial institutions have not yet implemented Confirmation of Payee, so your bank couldn't verify your savings account even if it did have a 'proper' sort code and account number.

With very few exceptions, they also allow you to make multiple deposits, so you could make a £1 test payment and transfer the rest to the same payee once your test payment has arrived. 

periwinkl

Thanks very much for the reassurance! Yes previously had a fixed savings account with a building society and the account was always in my name hence the question

bren40

MissPennyP said:

As recommended on the savings site, I have opened a Smartsave account 1 year fixed.  But before i transfer the money to this account, how do I know it is not a cloned account and is safe to do so?

I asked about this yesterday why the name in the account is chetwood financial and not my name. I had replies saying the same thing that it’s standard procedure for these online banks to do that. I’ll try moving a small amount first to see, but forum members have re-assured me it’s safe. Check out some reviews of smart save on trust pilot.

Band7

Don't be guided by Trustpilot when making financial decisions. Experienced and knowledgeable people are unlikely to post much on there. You are much better advised on the MSE Forum, where you can also enter a dialogue with the posters.