The Top Regular Savers Discussion Thread

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.

orange-juice

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

yeah, this is one of the problems with Chase.

I've created a payee which is associated with all my regular savers that are due on the 1st. Unfortunately doesn't work for MonBS and Principality to name 2 off the top of my head, due to the reference issue that you mentioned.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81883634#Comment_81883634

I wasn't referring to standing orders - I don't use them. But if I set up a new payee called, say, "Princi RS Iss5" while already having others, each of them will have the nickname "Princi RS Iss5". So when adding a second (or third) payee with the same sort code and account number, but a different reference, I need to remember to call them something more generic and rely on the reference to distinguish between them.

bubieyehyeh

I label my payees with the backwards banks that don't offer a nickname feature, by tweaking the payee name to get a close name match.

I find one of two options work

label firstname surname

Firstname label surname

The version that seems to work seems to depend on the receipent bank/bs.

I've stopped using chase savings account due to the amount of times a new payee get blocked on first payment, after it passed cop when setup.

surreysaver

I just call my payees the name of the account, for example Darlington RS1. Quite often I need to abbreviate it as the name of the account doesn't fit in the space available.

My standing orders are from Bank of Scotland, which doesn't have a problem with multiple references with the same account number

allegro120

https://forums.moneysavingexpert.com/discussion/comment/81883475#Comment_81883475

First Direct has similar problem, it changes the nickname of previously set up payee if the account number is the same. This is very unhelpful if you have more than one account per institution, definitely no good for Principality🙂 I still use FD for a small number of RSs, but no multiples. Chase is very convenient for this, I still use it for some of my RSs, I deposit £1.5k for 1% cash back eligibility anyway, so it makes sense to distribute this to RSs instead of sending it back to EA. My primary distributor is Cahoot. It's probably one of the worst, it displays my name and mandate numbers, but it works for me. I've made a table (on paper) showing destinations for all Cahoot accounts and mandate numbers. Barclays was ok, but I stopped using this bank while ago (still using CA as one of my 10 YouGove bribe items😒. I used Santander (app) and Ulster for RS distribution, they were fine too. LBG aren't good especially app version. Can't remember how efficient TSB, Tesco, Nationwide and some others are. Chase is probably one of the most efficient platforms for feeding RSs (providing you have a few dozens of them and some are multiples like MonBS, ManBS, PBS etc.)🔧 . I used Chase extensively for this when they paid the top rate.

masonic

"Barclays was ok, but I stopped using this bank while ago (still using CA as one of my 10 YouGove bribe items😒."

Maybe Zahawi named it after his future colleague 🤔

Bridlington1

masonic Posts:28,997 Forumite  Today at 7:53PM "Barclays was ok, but I stopped using this bank while ago (still using CA as one of my 10 YouGove bribe items😒." Maybe Zahawi named it after his future colleague 🤔

Either that or he was taking the Michael.

happybagger

https://forums.moneysavingexpert.com/discussion/comment/81883579#Comment_81883579

Setting up S/O on Coop can be annoying. I've opened Coop up really just for the 7% RS but I'm using it to fund a number of RS. Problem is you can't set up a S/O for an amount more than you actually have in the account.

So atm I have nothing in it and nothing will go in until the 28th. To set up a new standing order for, say, 1st March, I'd need to transfer some over to coop so the balance is more than the S/O.

Bob2000

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

Thank you for that that information very useful.