The Top Regular Savers Discussion Thread

Bridlington1

steven141 said:

Bridlington1 said:

allegro120 said:

s71hj said:

masonic said:

s71hj said:

masonic said:

friolento said:

Slinky said:

clairec666 said:

mon3ysav3r said:

Slinky said:

Sorry to ask, I'm a bit late to set up a new Monmouth account. I'm about to try to fund it, do I set it up as a Personal or Business account from my funding account please?

Good timing I just received a letter from them with this info, their instructions say:

Select Business account - even though you're paying into your account, you're paying it to MBS first

Account Name use "Monmouthshire Building Society"

Sort code 40 05 30 - will show as HSBC

Account Number 14576608

Payment Reference - your MBS savings account number

flaneurs_lobster said:

Slinky said:

Sorry to ask, I'm a bit late to set up a new Monmouth account. I'm about to try to fund it, do I set it up as a Personal or Business account from my funding account please?

Personal.   

Standing Orders and Electronic Transfer
 
To set up a standing order or make a single electronic payment to your savings account, you will need to provide the following details to your bank:

Account Name: Your full name (the account holder)

Sort Code: 40-05-30

Account Number: 14576608

Reference: XXXXXXXXXX (Please make sure there are no spaces or hyphens - use the Monmouthshire Building Society account number you want to credit).

Contradictory advice here - not just whether to use "Business" or "Personal", but also whether to us your own name or "Monmouthshire Building Society" as the account name.

I think I'll stick MBS in as the payee, I've got loads of others in my payees with my name on, so at least this will stand out a bit if it works!

I always use - with all providers - a unique "name" in the payee name field of transfers to my own accounts. Format: My initials - bank/BS initials - last 4 digits of account number.

Predictably, this leads to CoP failure, so where I am unsure about my payee details, I first get the CoP check done with my actual name, and once confirmed, I go back and change the account name to my preferred nomencalture.

It is disappointing that in this day and age there are still current account providers that do not have the capacity for you to give a separate nickname to payees in addition to the account name.

So are there only 2 bits that are relevant to making the money reach your account? I always assumed you had to do it all identical to instructions which is a pain when it comes to trying to identify what payments relate to

Sort code and account number are all that are needed for a direct transfer. For savings institutions that don't operate on that system, a reference is also required. Account name is only used for verification purposes (in the past this wasn't even checked and anything could be entered, but now the sending bank tends to treat a match as lower risk).

So account name is the one you can name in way that helps you identify what it is? I have probably 25 to 30 regular savers and am desperate to get into a system where it's easier to know what is what. 

I currently use FD, Chase and Cahoot for RS distribution.  FD allows nicknames, Chase allows changing the name after payee is set up, for Cahoot accounts I’ve made a list of mandate numbers so I know which is which.

I use a combination of FD, Cahoot, Co-op, NatWest Group, TSB, Santander, Nationwide.

Nationwide's a good one I've found as it'll let you set up multiple payees with the same sort code & account number with different references and give nicknames to each of the payees, so is useful if you've loads of regular savers with the same bank/building society (especially Principality in my experience). Using Nationwide has also had the added benefit of making me accidentally become eligible for fairer share payments. My only bugbear is that their statements don't show references.

FD allows nicknames but has a limitation in that if you set up multiple payees with the same sort code & account number but with different references it changes the reference of each of these payees to the most recently used (same with HSBC).

I've never used Chase so can't comment on it.

Nationwide recently updated the app at least to show references so it does now 

Thanks for the info, I don't use their app to be fair given that I've ended up using that many banks/building societies and other finance apps I just haven't enough room for them all on my phones.

s71hj said:

Bridlington1 said:

allegro120 said:

s71hj said:

masonic said:

s71hj said:

masonic said:

friolento said:

Slinky said:

clairec666 said:

mon3ysav3r said:

Slinky said:

Sorry to ask, I'm a bit late to set up a new Monmouth account. I'm about to try to fund it, do I set it up as a Personal or Business account from my funding account please?

Good timing I just received a letter from them with this info, their instructions say:

Select Business account - even though you're paying into your account, you're paying it to MBS first

Account Name use "Monmouthshire Building Society"

Sort code 40 05 30 - will show as HSBC

Account Number 14576608

Payment Reference - your MBS savings account number

flaneurs_lobster said:

Slinky said:

Sorry to ask, I'm a bit late to set up a new Monmouth account. I'm about to try to fund it, do I set it up as a Personal or Business account from my funding account please?

Personal.   

Standing Orders and Electronic Transfer
 
To set up a standing order or make a single electronic payment to your savings account, you will need to provide the following details to your bank:

Account Name: Your full name (the account holder)

Sort Code: 40-05-30

Account Number: 14576608

Reference: XXXXXXXXXX (Please make sure there are no spaces or hyphens - use the Monmouthshire Building Society account number you want to credit).

Contradictory advice here - not just whether to use "Business" or "Personal", but also whether to us your own name or "Monmouthshire Building Society" as the account name.

I think I'll stick MBS in as the payee, I've got loads of others in my payees with my name on, so at least this will stand out a bit if it works!

I always use - with all providers - a unique "name" in the payee name field of transfers to my own accounts. Format: My initials - bank/BS initials - last 4 digits of account number.

Predictably, this leads to CoP failure, so where I am unsure about my payee details, I first get the CoP check done with my actual name, and once confirmed, I go back and change the account name to my preferred nomencalture.

It is disappointing that in this day and age there are still current account providers that do not have the capacity for you to give a separate nickname to payees in addition to the account name.

So are there only 2 bits that are relevant to making the money reach your account? I always assumed you had to do it all identical to instructions which is a pain when it comes to trying to identify what payments relate to

Sort code and account number are all that are needed for a direct transfer. For savings institutions that don't operate on that system, a reference is also required. Account name is only used for verification purposes (in the past this wasn't even checked and anything could be entered, but now the sending bank tends to treat a match as lower risk).

So account name is the one you can name in way that helps you identify what it is? I have probably 25 to 30 regular savers and am desperate to get into a system where it's easier to know what is what. 

I currently use FD, Chase and Cahoot for RS distribution.  FD allows nicknames, Chase allows changing the name after payee is set up, for Cahoot accounts I’ve made a list of mandate numbers so I know which is which.

I use a combination of FD, Cahoot, Co-op, NatWest Group, TSB, Santander, Nationwide.

Nationwide's a good one I've found as it'll let you set up multiple payees with the same sort code & account number with different references and give nicknames to each of the payees, so is useful if you've loads of regular savers with the same bank/building society (especially Principality in my experience). Using Nationwide has also had the added benefit of making me accidentally become eligible for fairer share payments. My only bugbear is that their statements don't show references.

FD allows nicknames but has a limitation in that if you set up multiple payees with the same sort code & account number but with different references it changes the reference of each of these payees to the most recently used (same with HSBC).

I've never used Chase so can't comment on it.

Out of interest what is the gain by using so many different institutions. I'm sure there is a good reason! 

A few reasons, firstly a legacy of the fact that at one point I used to use Lloyds as my main nominated account for regular savers but they didn't have payee nicknames so in order to be able to tell which is which for the likes of Principality etc I started spreading them out over multiple banks/building societies.

It also acts as a safeguard against delays due to accounts getting frozen, IT issues etc. If one of the accounts I make all my regular saver deposits from gets frozen around the turn of the month, having the payees spread out means I'm not having to set up 50-60 payees again on another account.

I end up logging into NatWest, RBS, Nationwide, Co-op etc each month due to having regular savers with them and minimum pay-ins so it's not much more effort to pay into a couple of other regular savers from these banks/building societies whilst I'm at it.

s71hj

masonic said:

s71hj said:

masonic said:

s71hj said:

masonic said:

friolento said:

Slinky said:

clairec666 said:

mon3ysav3r said:

Slinky said:

Sorry to ask, I'm a bit late to set up a new Monmouth account. I'm about to try to fund it, do I set it up as a Personal or Business account from my funding account please?

Good timing I just received a letter from them with this info, their instructions say:

Select Business account - even though you're paying into your account, you're paying it to MBS first

Account Name use "Monmouthshire Building Society"

Sort code 40 05 30 - will show as HSBC

Account Number 14576608

Payment Reference - your MBS savings account number

flaneurs_lobster said:

Slinky said:

Sorry to ask, I'm a bit late to set up a new Monmouth account. I'm about to try to fund it, do I set it up as a Personal or Business account from my funding account please?

Personal.   

Standing Orders and Electronic Transfer
 
To set up a standing order or make a single electronic payment to your savings account, you will need to provide the following details to your bank:

Account Name: Your full name (the account holder)

Sort Code: 40-05-30

Account Number: 14576608

Reference: XXXXXXXXXX (Please make sure there are no spaces or hyphens - use the Monmouthshire Building Society account number you want to credit).

Contradictory advice here - not just whether to use "Business" or "Personal", but also whether to us your own name or "Monmouthshire Building Society" as the account name.

I think I'll stick MBS in as the payee, I've got loads of others in my payees with my name on, so at least this will stand out a bit if it works!

I always use - with all providers - a unique "name" in the payee name field of transfers to my own accounts. Format: My initials - bank/BS initials - last 4 digits of account number.

Predictably, this leads to CoP failure, so where I am unsure about my payee details, I first get the CoP check done with my actual name, and once confirmed, I go back and change the account name to my preferred nomencalture.

It is disappointing that in this day and age there are still current account providers that do not have the capacity for you to give a separate nickname to payees in addition to the account name.

So are there only 2 bits that are relevant to making the money reach your account? I always assumed you had to do it all identical to instructions which is a pain when it comes to trying to identify what payments relate to

Sort code and account number are all that are needed for a direct transfer. For savings institutions that don't operate on that system, a reference is also required. Account name is only used for verification purposes (in the past this wasn't even checked and anything could be entered, but now the sending bank tends to treat a match as lower risk).

So account name is the one you can name in way that helps you identify what it is? I have probably 25 to 30 regular savers and am desperate to get into a system where it's easier to know what is what. 

Or just use one of the banks that allows you to set a separate nickname and you can call a payee whatever you like without affecting the confirmation of payee system.

Santander is the one I use because the fairly decent interest rate matches with how I manage my monthly funds in terms of my limited time in my life to move money about manually. 

allegro120

s71hj said:

allegro120 said:

s71hj said:

masonic said:

s71hj said:

masonic said:

friolento said:

Slinky said:

clairec666 said:

mon3ysav3r said:

Slinky said:

Sorry to ask, I'm a bit late to set up a new Monmouth account. I'm about to try to fund it, do I set it up as a Personal or Business account from my funding account please?

Good timing I just received a letter from them with this info, their instructions say:

Select Business account - even though you're paying into your account, you're paying it to MBS first

Account Name use "Monmouthshire Building Society"

Sort code 40 05 30 - will show as HSBC

Account Number 14576608

Payment Reference - your MBS savings account number

flaneurs_lobster said:

Slinky said:

Sorry to ask, I'm a bit late to set up a new Monmouth account. I'm about to try to fund it, do I set it up as a Personal or Business account from my funding account please?

Personal.   

Standing Orders and Electronic Transfer
 
To set up a standing order or make a single electronic payment to your savings account, you will need to provide the following details to your bank:

Account Name: Your full name (the account holder)

Sort Code: 40-05-30

Account Number: 14576608

Reference: XXXXXXXXXX (Please make sure there are no spaces or hyphens - use the Monmouthshire Building Society account number you want to credit).

Contradictory advice here - not just whether to use "Business" or "Personal", but also whether to us your own name or "Monmouthshire Building Society" as the account name.

I think I'll stick MBS in as the payee, I've got loads of others in my payees with my name on, so at least this will stand out a bit if it works!

I always use - with all providers - a unique "name" in the payee name field of transfers to my own accounts. Format: My initials - bank/BS initials - last 4 digits of account number.

Predictably, this leads to CoP failure, so where I am unsure about my payee details, I first get the CoP check done with my actual name, and once confirmed, I go back and change the account name to my preferred nomencalture.

It is disappointing that in this day and age there are still current account providers that do not have the capacity for you to give a separate nickname to payees in addition to the account name.

So are there only 2 bits that are relevant to making the money reach your account? I always assumed you had to do it all identical to instructions which is a pain when it comes to trying to identify what payments relate to

Sort code and account number are all that are needed for a direct transfer. For savings institutions that don't operate on that system, a reference is also required. Account name is only used for verification purposes (in the past this wasn't even checked and anything could be entered, but now the sending bank tends to treat a match as lower risk).

So account name is the one you can name in way that helps you identify what it is? I have probably 25 to 30 regular savers and am desperate to get into a system where it's easier to know what is what. 

I currently use FD, Chase and Cahoot for RS distribution.  FD allows nicknames, Chase allows changing the name after payee is set up, for Cahoot accounts I’ve made a list of mandate numbers so I know which is which.

I do everything via santander edge up as I get a decentish interest rate as I'm not sufficiently super organised to move money about daily so keep a fair chunk of money in there in advance of all my multiple monthly RS s/os. The irritant however is that once set up on my phone where I do everything, you can only amend payments on proper computer online banking rather than the app. 

I used Santander for distributing funds few years ago when their EA saver paid the top rate. The app shows reference which is helpful but not for building societies that require specific unmemorable references.  I used Santander online banking for distribution, that worked well with the list of mandate numbers I’ve made (the same system that I am using now with Cahoot).

allegro120

Bridlington1 said:

allegro120 said:

s71hj said:

masonic said:

s71hj said:

masonic said:

friolento said:

Slinky said:

clairec666 said:

mon3ysav3r said:

Slinky said:

Sorry to ask, I'm a bit late to set up a new Monmouth account. I'm about to try to fund it, do I set it up as a Personal or Business account from my funding account please?

Good timing I just received a letter from them with this info, their instructions say:

Select Business account - even though you're paying into your account, you're paying it to MBS first

Account Name use "Monmouthshire Building Society"

Sort code 40 05 30 - will show as HSBC

Account Number 14576608

Payment Reference - your MBS savings account number

flaneurs_lobster said:

Slinky said:

Sorry to ask, I'm a bit late to set up a new Monmouth account. I'm about to try to fund it, do I set it up as a Personal or Business account from my funding account please?

Personal.   

Standing Orders and Electronic Transfer
 
To set up a standing order or make a single electronic payment to your savings account, you will need to provide the following details to your bank:

Account Name: Your full name (the account holder)

Sort Code: 40-05-30

Account Number: 14576608

Reference: XXXXXXXXXX (Please make sure there are no spaces or hyphens - use the Monmouthshire Building Society account number you want to credit).

Contradictory advice here - not just whether to use "Business" or "Personal", but also whether to us your own name or "Monmouthshire Building Society" as the account name.

I think I'll stick MBS in as the payee, I've got loads of others in my payees with my name on, so at least this will stand out a bit if it works!

I always use - with all providers - a unique "name" in the payee name field of transfers to my own accounts. Format: My initials - bank/BS initials - last 4 digits of account number.

Predictably, this leads to CoP failure, so where I am unsure about my payee details, I first get the CoP check done with my actual name, and once confirmed, I go back and change the account name to my preferred nomencalture.

It is disappointing that in this day and age there are still current account providers that do not have the capacity for you to give a separate nickname to payees in addition to the account name.

So are there only 2 bits that are relevant to making the money reach your account? I always assumed you had to do it all identical to instructions which is a pain when it comes to trying to identify what payments relate to

Sort code and account number are all that are needed for a direct transfer. For savings institutions that don't operate on that system, a reference is also required. Account name is only used for verification purposes (in the past this wasn't even checked and anything could be entered, but now the sending bank tends to treat a match as lower risk).

So account name is the one you can name in way that helps you identify what it is? I have probably 25 to 30 regular savers and am desperate to get into a system where it's easier to know what is what. 

I currently use FD, Chase and Cahoot for RS distribution.  FD allows nicknames, Chase allows changing the name after payee is set up, for Cahoot accounts I’ve made a list of mandate numbers so I know which is which.

I use a combination of FD, Cahoot, Co-op, NatWest Group, TSB, Santander, Nationwide.

Nationwide's a good one I've found as it'll let you set up multiple payees with the same sort code & account number with different references and give nicknames to each of the payees, so is useful if you've loads of regular savers with the same bank/building society (especially Principality in my experience). Using Nationwide has also had the added benefit of making me accidentally become eligible for fairer share payments. My only bugbear is that their statements don't show references.

FD allows nicknames but has a limitation in that if you set up multiple payees with the same sort code & account number but with different references it changes the reference of each of these payees to the most recently used (same with HSBC).

I've never used Chase so can't comment on it.

Yes, that’s the problem with FD. I ended up paying into these building societies from Cahoot and Chase.

s71hj

allegro120 said:

s71hj said:

allegro120 said:

s71hj said:

masonic said:

s71hj said:

masonic said:

friolento said:

Slinky said:

clairec666 said:

mon3ysav3r said:

Slinky said:

Sorry to ask, I'm a bit late to set up a new Monmouth account. I'm about to try to fund it, do I set it up as a Personal or Business account from my funding account please?

Good timing I just received a letter from them with this info, their instructions say:

Select Business account - even though you're paying into your account, you're paying it to MBS first

Account Name use "Monmouthshire Building Society"

Sort code 40 05 30 - will show as HSBC

Account Number 14576608

Payment Reference - your MBS savings account number

flaneurs_lobster said:

Slinky said:

Sorry to ask, I'm a bit late to set up a new Monmouth account. I'm about to try to fund it, do I set it up as a Personal or Business account from my funding account please?

Personal.   

Standing Orders and Electronic Transfer
 
To set up a standing order or make a single electronic payment to your savings account, you will need to provide the following details to your bank:

Account Name: Your full name (the account holder)

Sort Code: 40-05-30

Account Number: 14576608

Reference: XXXXXXXXXX (Please make sure there are no spaces or hyphens - use the Monmouthshire Building Society account number you want to credit).

Contradictory advice here - not just whether to use "Business" or "Personal", but also whether to us your own name or "Monmouthshire Building Society" as the account name.

I think I'll stick MBS in as the payee, I've got loads of others in my payees with my name on, so at least this will stand out a bit if it works!

I always use - with all providers - a unique "name" in the payee name field of transfers to my own accounts. Format: My initials - bank/BS initials - last 4 digits of account number.

Predictably, this leads to CoP failure, so where I am unsure about my payee details, I first get the CoP check done with my actual name, and once confirmed, I go back and change the account name to my preferred nomencalture.

It is disappointing that in this day and age there are still current account providers that do not have the capacity for you to give a separate nickname to payees in addition to the account name.

So are there only 2 bits that are relevant to making the money reach your account? I always assumed you had to do it all identical to instructions which is a pain when it comes to trying to identify what payments relate to

Sort code and account number are all that are needed for a direct transfer. For savings institutions that don't operate on that system, a reference is also required. Account name is only used for verification purposes (in the past this wasn't even checked and anything could be entered, but now the sending bank tends to treat a match as lower risk).

So account name is the one you can name in way that helps you identify what it is? I have probably 25 to 30 regular savers and am desperate to get into a system where it's easier to know what is what. 

I currently use FD, Chase and Cahoot for RS distribution.  FD allows nicknames, Chase allows changing the name after payee is set up, for Cahoot accounts I’ve made a list of mandate numbers so I know which is which.

I do everything via santander edge up as I get a decentish interest rate as I'm not sufficiently super organised to move money about daily so keep a fair chunk of money in there in advance of all my multiple monthly RS s/os. The irritant however is that once set up on my phone where I do everything, you can only amend payments on proper computer online banking rather than the app. 

I used Santander for distributing funds few years ago when their EA saver paid the top rate. The app shows reference which is helpful but not for building societies that require specific unmemorable references.  I used Santander online banking for distribution, that worked well with the list of mandate numbers I’ve made (the same system that I am using now with Cahoot).

Problem is I use standing orders which don't appear to have mandate numbers. 

Bridlington1

NatWest/RBS Interest Rate Reductions 28/8/25:

Digital Regular Saver:
Balances of £1-£5k  ~~~~ NO CHANGE~~~~ Remains at 5.5% AER (5.37% gross)
Balances of over £5k ~~~ Reduction from 1.15% to 1.06% AER

s71hj

Bridlington1 said:

NatWest/RBS Interest Rate Reductions 28/8/25:

Digital Regular Saver:
Balances of £1-£5k  ~~~~ NO CHANGE~~~~ Remains at 5.5% AER (5.37% gross)
Balances of over £5k ~~~ Reduction from 1.15% to 1.06% AER

Excellent. I tend to regard this as a loss leader product. Along wirh eg the Santander Edge current account interest rate I work on the assumption they'll make sure it keeps it's "edge" therefore, but it's a relief when this appears to be borne out. Especially given I thought the same about the Halifax Reward current accounts too!!! 

pecunianonolet

Virgin

Requested closure via online form of the regular saver (the form that was mentioned many pages ago), provided account details in the form for the regular saver. Followed up a day later via online chat just in case to make sure the reg saver is getting closed. 

Received an email "Sorry to see you go", checked my app and instead of the regular saver they closed my current account. Reg saver still not closed, still waiting for the interest to be transferred to the current account (that is now closed). 

Just raised a complaint. Totally unacceptable. 

Screenshots not allowed in the app, transcript only available by post on paper if chat has happened via app. Requested a postal copy now. 

SnowMan

Bridlington1 said:

FD allows nicknames but has a limitation in that if you set up multiple payees with the same sort code & account number but with different references it changes the reference of each of these payees to the most recently used (same with HSBC).

That's strange. I've got 3 payees set up on my first direct account to Principality with the same account number and sort code and with 3 different references equal to the respective account numbers. At what point did it change the reference for you?  

chris_the_bee

Aldermore summary of the changes.

Regular Saver Issue 1 - 3    Previous rate    Rate effective from 22 August 2025 Gross annual interest rate   AER 4.75%       4.50%