The Top Regular Savers Discussion Thread

DodgerPot

https://forums.moneysavingexpert.com/discussion/comment/81883553#Comment_81883553

As does Cahoot

A numbered list of payees

masonic

"First Direct and HSBC are also good ones so long as you don't have multiple regular savers with the same sort code and account number (otherwise it changes the reference number on all instances of the account to the most recent reference)."

That doesn't happen with First Direct in my experience. I have multiple Principality, Monmouth, Skipton etc and I have an entry for each reference. What it does do is override the nickname you assign so you have to call all of your Principality payees one thing (not Iss4, Iss5 etc) so need to distinguish them by reference. With Skipton, you get no choice because they've included it in their list of large businesses, so you can only set it up from there and it restricts the name to "Skipton Building Society".

Bridlington1

https://forums.moneysavingexpert.com/discussion/comment/81883553#Comment_81883553

Though my point was more that if you've got multiple Principality accounts you can't make the reference number whatever you like so I tend to fund these from Nationwide or Co-op. For other regular savers then yes, they're good ones to use and can identify accounts more easily from the reference.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/81883535#Comment_81883535

Definitely a thumbs up for Nationwide, but Co-op I've previously had problems when I've made multiple payments in a short space of time, and they've been held up for fraud checks.

I stick with Nationwide for my Principality/Monmouthshire/Skipton accounts, Natwest for everything else, and have never had any problems.

chris_the_bee

https://forums.moneysavingexpert.com/discussion/comment/81883574#Comment_81883574

I have 10 different Principality RS accounts, so I pay the total into my Principality Easy Access account, wait an hour or so for it to arrive and then carry out an internal transfer to each of the RS accounts from the dropdown list. No reference numbers required.

SH88SH88

https://forums.moneysavingexpert.com/discussion/comment/81883568#Comment_81883568

FD also does something weird with Skipton. It seems to ignore the nickname you've chosen and override it to 'SKIPTON BUILD SOC' (yes, in annoying block caps too! ). Not sure why, but I suspect it's because the Skipton collection account is present in the FD list of 'new large businesses in the UK' which you can use when setting up a new payee in the 'Move Money' facility.

jifmoose

As a software person, the inability to apply a simple human-readable label to our payees seems nuts - it's just a string. Rather than fooling around with chatbots or trying to replace websites accessible through a standard browser with badly-made and intrusive apps, really I'd prefer it if they got the basics working.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81883604#Comment_81883604

If you set up via the app it won't even let you use that sort code and account number. At the end it annoyingly tells you to start again using the 'new large business' option.

Hattie627

https://forums.moneysavingexpert.com/discussion/comment/81883553#Comment_81883553

I'm currently feeding 54 RS's by monthly SO from a Santander current account. When setting up an SO, I record the SO mandate number and ensure that this is entered in my own record table of RS's as part of the information for each RS. When setting up the SO, I also work out the date of the last payment and I have a column for this in my RS table. It's a simple task (to be done routinely within a day or so after all the monthly SO payments have gone out on the 1st or 2nd or 3rd) to check the table and see what SO's (those that have just had their last payment made) need to be cancelled. Normally there might be 3 or 4, perhaps a few more, to be cancelled each month. Some are automatically cancelled after the last payment has been made (if originally set up with a last payment date entered in the Santander system), in which case I just need to check that the mandate number has indeed disappeared from the SO list; if the original SO was set up without a final payment date, I need to identify the mandate number and manually cancel it, very easy to do. If ending a regular saver early, as well as entering the closing interest on my interest table, I need to cancel the SO manually. Just part of the "early closure" routine. As long as mandate numbers have been entered into my RS table when each SO has been set up, it's easy to identify the SO to be cancelled. My system has been working like this since 2016 and no problems (so far!).

shirley999

I am a little puzzled by what I'm reading about standing orders setup from First Direct, which is the bank I make my standing order payments from. I have multiple Principality standing orders set up with the different references required, and chose my nicknames for each. Also, similar for my multiple Suffolk accounts. Where it falls down for me, and this is likely the same with other banks, I can't skip a month; the only thing I can change from one payment to the next is the amount.