BACS Payments

The_Fiddler_2

Do BACS payments need to paid into a current account, or can they be paid into savings accounts such as an e-saver? I'm thinking about payments from cashback sites.

[Deleted User]

Hi,

not sure, but I think you have to be able to set up a Direct Debit through your receiving/destination account.

Tried to get info here, but couldn't get link to work, may work for you.

LittleVoice

Yes, you can make BACS payments into a savings account - as long as the specific account accepts payments that way (most will). You need to check the terms of the account into which you want to make deposits.

If you are thinking about the Nationwide e-Saver then payments in and out have to be via a NW Flex account.

The_Fiddler_2

I have a NW Flex account and e-Saver which I store a little money in for every day stuff, but I was thinking of opening an account purely to dump cashback money into, so obviously a savings account would be better than a current account, but I was wondering what accounts if any I could use without having to go via a current account.

LittleVoice

How much do you get in cashback each month?

Skipton Building Society have a one-year Special Saver account (currently paying 7.55% gross) which accept BACS payments. That would only work for up to £250/month but any number of payments can be made into the Special Saver as long as the £250/month is not exceeded (and at least £10 every month).

The_Fiddler_2

LOL I've only just started so I won't have any payments for a month or two probably, but I'm planning ahead, because I know it can take some time to set these accounts up.

Will Skipton take BACS payments from different sources?

LittleVoice

The_Fiddler wrote: »

Will Skipton take BACS payments from different sources?

I don't see why not. You can send money from more than one of your own accounts so from other places should be OK too. If you want to be 100% sure, ask when you contact them to open an account.

Milarky

The_Fiddler wrote: »

Will Skipton take BACS payments from different sources?

The account accepts BACS payments - since a 'standing order' is one - and probably the most frequently used - option to pay money in each month. Yes, you can 'BACS' these payments yourself from anywhere, not just your 'main' current account, for example. (''A BACS payment is a BACS payment'' as it were.)

BTW Skipton's sort code is '20----' and posters have reported that transfers from a personal Barclays account are same day since they appear to be processed by Barclays internally. From May/June all bank-to-bank payments will become same day day in any case.

On the NW e savings account. I've never tried it, but it should be possible to send money directly rather than always going in through the NW Flexaccount. That's because the e saver has a sort code and eight digit account number.

[Has anyone tried sending a £1 to themselves to test this??]

Mikeyorks

Milarky wrote: »

From May/June all bank-to-bank payments will become same day day in any case.

True for SOs and certain bill payments ..... but not for DDs / DCs which will continue at the existing pace.

The_Fiddler_2

Milarky wrote: »

On the NW e savings account. I've never tried it, but it should be possible to send money directly rather than always going in through the NW Flexaccount. That's because the e saver has a sort code and eight digit account number.

My understanding is that you need to go via the flex account, although I haven't actually tried to move money directly to the account.