First Direct Regular Saver funding?

Yorkshire_Pud

surreysaver said:

Yorkshire_Pud said:

I usually set up a payment from my Santander easy access account a month in advance for the first of the next month. I don’t keep any funds in current accounts except to pay direct debits and standing orders that come out early ish in each month.

Thanks for clarifying there’s no workaround. TSB monthly saver is the same except the payment can be from an external current account but has to still be by standing order.

The TSB account can be from an external provider, and it can be a manual payment as well; it doesn't have to be by standing order.
It's also easy access, unlike the First Direct one.

I tried a manual payment a few times and it was rejected each time. It wasn’t until I created a standing order that it was accepted. Maybe I need to try it again.

masonic

Yorkshire_Pud said:

surreysaver said:

Yorkshire_Pud said:

I usually set up a payment from my Santander easy access account a month in advance for the first of the next month. I don’t keep any funds in current accounts except to pay direct debits and standing orders that come out early ish in each month.

Thanks for clarifying there’s no workaround. TSB monthly saver is the same except the payment can be from an external current account but has to still be by standing order.

The TSB account can be from an external provider, and it can be a manual payment as well; it doesn't have to be by standing order.
It's also easy access, unlike the First Direct one.

I tried a manual payment a few times and it was rejected each time. It wasn’t until I created a standing order that it was accepted. Maybe I need to try it again.

What you mean it was rejected, and which external bank were you sending from?

Yorkshire_Pud

masonic said:

Yorkshire_Pud said:

surreysaver said:

Yorkshire_Pud said:

I usually set up a payment from my Santander easy access account a month in advance for the first of the next month. I don’t keep any funds in current accounts except to pay direct debits and standing orders that come out early ish in each month.

Thanks for clarifying there’s no workaround. TSB monthly saver is the same except the payment can be from an external current account but has to still be by standing order.

The TSB account can be from an external provider, and it can be a manual payment as well; it doesn't have to be by standing order.
It's also easy access, unlike the First Direct one.

I tried a manual payment a few times and it was rejected each time. It wasn’t until I created a standing order that it was accepted. Maybe I need to try it again.

What you mean it was rejected, and which external bank were you sending from?

Lloyds bank. When setting up tsb monthly saver as a payee it was rejected by Lloyds as a payment but was accepted by Lloyds as a SO.

WillPS

Yorkshire_Pud said:

masonic said:

Yorkshire_Pud said:

surreysaver said:

Yorkshire_Pud said:

I usually set up a payment from my Santander easy access account a month in advance for the first of the next month. I don’t keep any funds in current accounts except to pay direct debits and standing orders that come out early ish in each month.

Thanks for clarifying there’s no workaround. TSB monthly saver is the same except the payment can be from an external current account but has to still be by standing order.

The TSB account can be from an external provider, and it can be a manual payment as well; it doesn't have to be by standing order.
It's also easy access, unlike the First Direct one.

I tried a manual payment a few times and it was rejected each time. It wasn’t until I created a standing order that it was accepted. Maybe I need to try it again.

What you mean it was rejected, and which external bank were you sending from?

Lloyds bank. When setting up tsb monthly saver as a payee it was rejected by Lloyds as a payment but was accepted by Lloyds as a SO.

I don't see how or why Lloyds Bank would police a condition on an account offered by an entirely separate institution.

400ixl

You create a scheduled transfer (standing order or other method depending on your bank) to ove the money to your FD current account so that it is there for when the transfer happens from the current account to the regular savers account.

I do exactly that and it has been 100% reliable.

Yorkshire_Pud

WillPS said:

Yorkshire_Pud said:

masonic said:

Yorkshire_Pud said:

surreysaver said:

Yorkshire_Pud said:

I usually set up a payment from my Santander easy access account a month in advance for the first of the next month. I don’t keep any funds in current accounts except to pay direct debits and standing orders that come out early ish in each month.

Thanks for clarifying there’s no workaround. TSB monthly saver is the same except the payment can be from an external current account but has to still be by standing order.

The TSB account can be from an external provider, and it can be a manual payment as well; it doesn't have to be by standing order.
It's also easy access, unlike the First Direct one.

I tried a manual payment a few times and it was rejected each time. It wasn’t until I created a standing order that it was accepted. Maybe I need to try it again.

What you mean it was rejected, and which external bank were you sending from?

Lloyds bank. When setting up tsb monthly saver as a payee it was rejected by Lloyds as a payment but was accepted by Lloyds as a SO.

I don't see how or why Lloyds Bank would police a condition on an account offered by an entirely separate institution.

Not Lloyds policing, it was not possible for Lloyds to recognise the tsb account details for a faster payment but did as a SO. Anyway think I will leave it here as that was just my experience on the day.

masonic

Sounds a bit like a new Confirmation of Payee quirk that is perhaps being exploited by TSB. But it still doesn't explain why account details could be checked by one payment journey and not another. I wonder how a single future dated payment would fare (given standing order is just a sequence of these).

WillPS

Standing orders are processed as faster payments nowadays aren't they? That being the case it cannot be that TSB are not allowing Faster Payments.

Are the sort codes for these TSB Regular Savers different from the ones for current accounts? I wonder if they are using a range which predates the Lloyds TSB separation, and was specifically for regular savers (and restriction is still baked in to the Lloyds Bank app as a result).

Yorkshire_Pud

I did phone tsb at the time and they said it was only possible to have the standing order set up on my tsb current account for funding but I knew better having read this forum! 

Others have made manual payments it appears so maybe a glitch for me on the day or because it’s Lloyds. I think tsb did say their system would recognise and reject a FP that wasn’t a SO but who knows!?

I tried to set up a SO from my Santander easy saver which supposedly offers a ‘make this payment a SO?’but actually doesn’t when I clicked for that! Only a one off payment.

Descrabled

Ms Descrabled and I both pay our TSB regular savers from Lloyds by faster payments on 1st of each month, even if non working day and they arrive and are credited immediately. We don't use our names but rather pay "TSB RS" as the payee. Has worked like this for some years, even though it always fails COP for first payment to each new RS.

We pay all our RS like this, e.g "YBS RS", "PBS2 RS", etc. as the payee. Works every time for all our RS.

We copy and paste the account details and references as required directly from the online account of each regular saver and then check the details before the first faster payment to ensure they are correct. Started like this before COP and never had a problem with any payment.

Mind I once had a gas bill payment stopped and referred to the fraud squad at Lloyds but really that's quite understandable.