The Top Regular Savers Discussion Thread

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 3.95%

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"

Bridlington1

HRBS Interest Rate Reductions 29/8/25:

Hinckley and Rugby BS Regular Saver 30 Day Notice Account (Issue 2) from 4.35% to 4.1%
Regular Saver 30 Day Notice (NLA) from 4.25% to 4%

wmb194

gt94sss2 said:

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"

Well COP with Suffolk didn't work for me on a postal RS so Lloyds blocked my account and that's what the Lloyds fraud guy said when unblocking it but perhaps he was out of date. 

I've just checked it using Santander: the COP for the postal RS still doesn't work - "reference number doesn't exist" - but for my online RS it does. Same sort codes and account numbers but different references. Strange.

friolento

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!

Your theory is way too farfetched, and also wrong in many cases. For example, for the Darlington RS.

As an earlier poster has said, it makes no difference whether you use Personal or Business but for CoP to work, you must be using your name, not a company name. Some of us aren't too fuzzed about CoP matches, either, and use any old name in the name name field.All that matters for payments to arrive at the desired destination is a correct sort code and account number, plus a reference number if the receiving company has told you that you need to use a reference number.