Saffron BS - Small Saver Q

Swoosh84

Bridlington1 said:

Swoosh84 said:

Morning All,

Thank you for all your responses on the account, I have managed to get this all setup and the account is ready to deposit.

Quick question on the deposit account, never used them before but I was expecting my Saffron account to be much like any other regular savings account. But it appears they are asking me to deposit money into a Barclay's account? Do Saffron operate differently and use Barclay's infastructure/accounts?

Just a little nervous about making payments to a Barclay's account that I can't actually verify with my own bank as they don't give any account name!

Thanks,
J

It's quite common for building societies to use bigger banks. Skipton, SRBS, Monmouthshire BS, Mansfield BS etc all use the same sort of system, funds will go into the building society's account that they have with the clearing bank and then be allocated to your account depending on the payment reference (so make sure you check the payment reference carefully)

Also don't worry if your payment doesn't show up instantly, this is normal but the funds should arrive by the end of the day if you send them now.

Amazing - Thank you!

Malchester

Yes, most building societies and many newer banks use this system where Barclays, Nat West, Lloyds etc act as their clearing bank. They will have the same sort code and account number for their accounts so the reference number is very important as that is what identifies your individual account. I have Saffron Small Saver as well as other accounts and have found them to be good