Savings accounts which accept payments in from a Third Party (not via a 'nominated' account)?

silvermum

My adult son and I want to set up a savings account in his name (not joint) where I can pay in regular amounts directly, rather than them having to go via his bank account and require him to transfer them.
It seems so many savings accounts only accept payments in from the designated nominated account in the same name?

flaneurs_lobster

Who does your son bank with? Many banks have regular or easy access accounts which have their own account numbers and accept Faster Payments from any other bank account not just that of the account holder.

They may not offer the best interest rates, which is often the reason people accept the rather more restricted access with other institutions. 

silvermum

Yes, we've considered that - it's Santander - and he has a savings account with them, but we'd prefer a different account to keep this money separate! 

masonic

Chase is a good option. Their savings account doesn't require the use of a nominated account, and he can have more than one if he wishes. It is part of their current account, so he'd need to apply for that first.

Or Cahoot (which is part of Santander, but would be a separate profile and online banking site).

flaneurs_lobster

I'm sure there are others but the Yorkshire BS have an Easy Access saver paying 4.35% that allows payments in as you require.

https://www.ybs.co.uk/savings/product?id=YB681896W

allegro120

silvermum said:

My adult son and I want to set up a savings account in his name (not joint) where I can pay in regular amounts directly, rather than them having to go via his bank account and require him to transfer them.
It seems so many savings accounts only accept payments in from the designated nominated account in the same name?

In my observation, the majority of savings accounts accepting funds from any bank accounts and don't require the same name.  I regularly pay into some of my wife's regular savers and do it from a variety of my bank accounts. 

wiseonesomeofthetime

Agreed. It is normally the withdrawal nominted account that is tightly controlled.

There are a few where it is both ways though. Pretty sure Gatehouse, Tandem, and Zopa are three.

jaypers

Take a look at Principality. Some good Reg Savers and other options too and you can pay in from where you like…..no nominated a/c needed.

silvermum

Thanks for these replies! I don't necessarily want a Regular Saver as we want to pay in an initial lump sum. I'll look at some of those mentioned.

eskbanker

silvermum said:

Thanks for these replies! I don't necessarily want a Regular Saver as we want to pay in an initial lump sum. I'll look at some of those mentioned.

You did ask for an account into which you could save regularly, but there's presumably nothing to stop you using two accounts, one for a lump sum and another for the regular contributions?

silvermum

eskbanker said:

silvermum said:

Thanks for these replies! I don't necessarily want a Regular Saver as we want to pay in an initial lump sum. I'll look at some of those mentioned.

You did ask for an account into which you could save regularly, but there's presumably nothing to stop you using two accounts, one for a lump sum and another for the regular contributions?

Yes, I'm sorry, I wasn't clear. We have an initial lump sum to pay in, then want to have ability to pay in at regular intervals, but not necessarily the same amount each month, by direct debit for example - more ad hoc.