Regular savers requiring deposits from one account only

nottsphil

Manchester BS

Newcastle BS

Teachers BS

nottsphil

I've had deposits returned from two providers who (rather oddly) insist on all subscriptions coming from the same account. Now that I've been accepted by Teachers BS, the number of these oddities I have is growing. I thought this might be a useful thread for those whose memory isn't quite what it was, so I invite people to name those providers with this restriction and I will update the list on the opening post accordingly.

mon3ysav3r

Also: Manchester BS (A brand of Newcastle BS)

flaneurs_lobster

Does First Direct's RS count?

QQQQQQQQ_Y

https://forums.moneysavingexpert.com/discussion/comment/82020147#Comment_82020147

I think there are one of several reasons why they're likely to be doing this:-
1. The electronic ID checks were done against a specific account and they won't accept payments from other accounts - even if you try to change them.
2. Their in-house software doesn't permit payments from multiple accounts - probably cheaper to have one account only - but possibly related to 1. above.

3. The third-party software doesn't permit payments from multiple accounts. Several of the smaller societies are clearly using the same application with a branding/skinning exercise, and quite possibly this is a shared hosting environment, and this software (again) permits only one account. Again possibly related to 1. above

kermchem

Note that Newcastle BS offer an outsourcing service for some other financial institutions , not just Manchester BS which they own. These might have the same software issues.

bristolleedsfan

https://forums.moneysavingexpert.com/discussion/comment/82020294#Comment_82020294

1. "The electronic ID checks were done against a specific account and they won't accept payments from other accounts - even if you try to change them"

I have never come across a nominated account that cannot be changed. certainly Manchester/Newcastle BS send a code to postal address which has to be entered within logged into account for nominated account to be changed.

allegro120

https://forums.moneysavingexpert.com/discussion/6670803/regular-savers-requiring-deposits-from-one-account-only

I funded one of my Loughborough RS from 3 different accounts.

nottsphil

https://forums.moneysavingexpert.com/discussion/comment/82020351#Comment_82020351

Thanks! That prompted me to go back and see why mine was returned, and I now realise it was because it was either a 13th payment or one which took the balance over £12000 (probably both reasons). It was just a coincidence that I needed to change the donor account for that particular payment.

allegro120

https://forums.moneysavingexpert.com/discussion/comment/82020528#Comment_82020528

I know Manchester accepts deposits from nominated account only, but I think Newcastle doesn't have the same rule. I'm not sure about Teachers, I only have ISA transfer experience with them. Deposits from nominated account only is quite rare for RS products.

QQQQQQQQ_Y

https://forums.moneysavingexpert.com/discussion/comment/82020340#Comment_82020340

Both of our statements can be true at the same time.

I've experienced the rejection of payments as they did not come from a nominated account, and those who will only accept changes to nominated accounts via post - it's an added layer of security but not foolproof - as well as other accounts where online amendment of the nominated account and payment from that account were accepted immediately.

You pays your money and takes your choice.