The Top Regular Savers Discussion Thread

Ch1ll1Phlakes

jameseonline said:

Got a welcome email from Darlington today in my email inbox not spam, I try to register on their site, got a message saying they can't confirm my identity & to ring them quoting 101, apparently there was some issue with spacing of name or something on registration form on the account?, so after calling them up they sorted it out & I could register for online access, then I have to give them my email address again before I could login, then I did the nominated account setup, think I had to have a total of 3 text codes sent to me today, not a fan of having to keep getting codes sent to my phone tbh.

They even suggested I try registering with my name all in lower case, I didn't in the end, guessing their systems are really temperamental?.

I've setup Darlington as a saved payee with my nominated account and sent £250 today hopefully it will turn up soon.

Further points: I don't understand why the deposit function on the site seems to allow for £500 because the account only allows £250 a month 

Deposits may take 2 days to show?

Does it matter if we select personal or business these days when setting up payee?, all Darlington seem to do is give the account details, selected personal anyway.

Deposits may take two days to show but are credited to the day they are sent if before 5pm.

I selected personal and confirmation of payee worked and account credited.

Deposit function of £500 may be due to other accounts allowing up to £500 per month (or per day not had account with them) so it probably just that they're using the same system for more than one type of account. EDIT: Gonna guess it's the Home Saver account which uses the same deposit system as it allows £500 per month.

Slinky

jameseonline said:

Does it matter if we select personal or business these days when setting up payee?, all Darlington seem to do is give the account details, selected personal anyway.

Since the account seems to be with the same branch of HSBC as Monmouthshire (same sort code and only about 800 numbers difference between the two account numbers), I put Darlington Building Society in as the payee name, and selected it as a Business account. It worked with Monmouth, and has for Darlington also.

Slinky

PloughmansLunch said:

Slinky said:

PloughmansLunch said:

Slinky said:

Applied for the Darlington RS on Saturday as a new customer. Received a reference number but no other communication from them. Expected that I might hear something from them today, but nothing as yet. Anybody else still waiting?

I was waiting until I phoned them earlier - there was a batch of email approvals sent out on Saturday, which I didn't receive. I was told that the ref number is actually your RS account number (once the application is approved) and can be used to set up online access, fund the account etc, which I have done. I would double-check with a quick phone call first though to make sure it's open.

EDIT: For info I submitted my application late Friday afternoon

I've just sent £10 to them with my reference number. Either it'll get credited to my account, returned, or someone gets a tenner from me!

Why not go the whole hog and try to register for online access using the same ref number? It’s pretty quick to do so, and if your account has been opened I reckon it should let you in

Got the email this morning and sorted now. Money was in the account once I'd logged in.

WillPS

Slinky said:

jameseonline said:

Does it matter if we select personal or business these days when setting up payee?, all Darlington seem to do is give the account details, selected personal anyway.

Since the account seems to be with the same branch of HSBC as Monmouthshire (same sort code and only about 800 numbers difference between the two account numbers), I put Darlington Building Society in as the payee name, and selected it as a Business account. It worked with Monmouth, and has for Darlington also.

If your account provider agrees to send it, all they send is the account number, sort code and the reference you set (as well as your name and account details). Selecting business/personal and setting the correct payee name does not make a difference once the payment has been submitted.

jameseonline

WillPS said:

Slinky said:

jameseonline said:

Does it matter if we select personal or business these days when setting up payee?, all Darlington seem to do is give the account details, selected personal anyway.

Since the account seems to be with the same branch of HSBC as Monmouthshire (same sort code and only about 800 numbers difference between the two account numbers), I put Darlington Building Society in as the payee name, and selected it as a Business account. It worked with Monmouth, and has for Darlington also.

If your account provider agrees to send it, all they send is the account number, sort code and the reference you set (as well as your name and account details). Selecting business/personal and setting the correct payee name does not make a difference once the payment has been submitted.

I'm not sure wether it really matters these days (if ever), it's just I'm so used to selecting business/personal with others such as Principality & wondered what Darlingtons stance is as I've never been with them before 

Slinky

My take on it would be if it's an account which has a sort code and an 8 digit bank account, then it'll be an individual account in my name and would therefore be personal, which could be confirmed by a CoP if the account has been set up.  A sort code, 8 digit bank account and a further reference implies the account is a pooling account for everybodies money, differentiated by the reference number. Therefore the account name is the institution, and it's a business account.

Well that's my reasoning anyway!

wmb194

Slinky said:

My take on it would be if it's an account which has a sort code and an 8 digit bank account, then it'll be an individual account in my name and would therefore be personal, which could be confirmed by a CoP if the account has been set up.  A sort code, 8 digit bank account and a further reference implies the account is a pooling account for everybodies money, differentiated by the reference number. Therefore the account name is the institution, and it's a business account.

Well that's my reasoning anyway!

No, you set it up as a personal account in your name and COP will check that reference matches to your name.

The other day I was told this won't work with Suffolk Building society as its one of the few building societies that hasn't implemented COP.

masonic

Slinky said:

My take on it would be if it's an account which has a sort code and an 8 digit bank account, then it'll be an individual account in my name and would therefore be personal, which could be confirmed by a CoP if the account has been set up.  A sort code, 8 digit bank account and a further reference implies the account is a pooling account for everybodies money, differentiated by the reference number. Therefore the account name is the institution, and it's a business account.

Well that's my reasoning anyway!

Not any more. Since last year sort code + account number + reference identifies an individual's account and can be confirmed as in your name by CoP. In reality, the bank or building society pools everyone's money, regardless of account numbering system, and uses the money to finance lending.

Bridlington1

Bath BS Interest Rate Cuts 1/9/25

Bath BS 16-25 Regular Saver from 6.65% to 6.4%
Home Deposit Saver from 4.1% to 3.85%

gt94sss2

wmb194 said:

Slinky said:

My take on it would be if it's an account which has a sort code and an 8 digit bank account, then it'll be an individual account in my name and would therefore be personal, which could be confirmed by a CoP if the account has been set up.  A sort code, 8 digit bank account and a further reference implies the account is a pooling account for everybodies money, differentiated by the reference number. Therefore the account name is the institution, and it's a business account.

Well that's my reasoning anyway!

No, you set it up as a personal account in your name and COP will check that reference matches to your name.

The other day I was told this won't work with Suffolk Building society as its one of the few building societies that hasn't implemented COP.

It's a requirement for all building societies to support COP including Suffolk Building Society 

https://www.suffolkbuildingsociety.co.uk/help-and-support/ states 

Payee: Use your first and last name (please don’t use ‘Suffolk Building Society’); and

Reference: please use your unique Suffolk Building Society mortgage / savings account number where you wish the funds to be placed.

Under "How to pay into your savings account"