Smart save savings

bren40

I’ve opened a smart save savings account 2year fixed. When I went to transfer money from bank account the name on the account is chetwood financial limited with a Smart ref no. My bank warns against moving money to savings account that doesn’t have my name on it. Is this normal/Safe has anyone else used smart save? The account and sort code came up and looks legit. I think they are linked to Barclays. Thought I’d ask on here before committing.

AndrewSteele888

Yeah thats the usual case though I suggest moving a small amount first

Pompeydave1967

AndrewSteele888 said:

Yeah thats the usual case though I suggest moving a small amount first

I think it’s £10k minimum , if in doubt open up a Atom 2 yr @ 4.45% £50 min.

allegro120

bren40 said:

I’ve opened a smart save savings account 2year fixed. When I went to transfer money from bank account the name on the account is chetwood financial limited with a Smart ref no. My bank warns against moving money to savings account that doesn’t have my name on it. Is this normal/Safe has anyone else used smart save? The account and sort code came up and looks legit. I think they are linked to Barclays. Thought I’d ask on here before committing.

Yes this is normal and safe.  I always send £1 first and see it arrives before depositing a desired sum just to make sure there's no error.  Most providers I came across accept this even if their blurb says otherwise.  2 year locked @4.46% is probably a good idea if you don't need liquidity.

Harryo

Bren - Why do you think Chetworth have links to Barclays?? They don't according to BofE List of Banking and Saving Brands. They do have FACS Protection though.

TiVo_Lad

This is perfectly normal business practice. They hold a client account with a clearing bank which is why you need to quote your SmartSave reference number so they can identify your particular payment and account for it properly. Lots of the smaller financial instiutions operate this way. I've got a fixed saver with them and it's all fine, so I wouldn't be concerned.

refluxer

Many of the bigger savings providers use clearing banks too - Ford Money also use Barclays, for example.

The key thing is to make sure you follow the paying-in instructions carefully. This usually involves putting the account number as the reference but sometimes you need to add extra bits like initials. As mentioned above, a small, initial £1 test deposit (when possible) is always a good idea - I do this every time.