Can u open an account with a cheque made payable to yourself?

thebeak

Hello,
For opening a new savings account can you use a cheque which has been made payable to yourself? i.e. not a cheque you have written yourself. Or do you need open the account first, wait for it to be setup then go in as a customer with the cheque and pay it into your new account?

Also when you open an account with a cheque does it need the standard 4+ working days for it to clear? So you start earning interest after those 4 days?

Will you in effect get more interest paid opening an account with cash?

Thank you for reading!

bristolleedsfan

thebeak wrote: »

Hello,
For opening a new savings account can you use a cheque which has been made payable to yourself? i.e. not a cheque you have written yourself. Or do you need open the account first, wait for it to be setup then go in as a customer with the cheque and pay it into your new account?

Also when you open an account with a cheque does it need the standard 4+ working days for it to clear? So you start earning interest after those 4 days?

Will you in effect get more interest paid opening an account with cash?

Thank you for reading!

yes opening cheque can be made payable to yourself

interest on cheques is now paid from the second working day following receipt ( apart from KRBS who appear not to have implemented the 2.4.6 interest and cheque clearing rules yet. ( i have written to Mr Lazenby KRBS, COE regarding both this and also fact KRBS are not backdating interest on ISA )transfers in)

interest on cash deposits is paid from day of receipt or day following receipt depending on the organisation.

LittleVoice

If it is a third party cheque (that is not from your own account but another person's) which is what OP describes, then it may not be possible to use this to open an account.

Particularly when opening an account by post (or initiating things on the web before sending a cheque), in order to establish identity, the opening cheque often needs to be from your own account (though this may be as low as £1).

Further deposits can, of course, be made with third party cheques.

MrSafeGaz

I opened a new account the other day and got a bankers draft, payable to myself, from the account I was closing and the person who dealt with the account opening said he would clear it as cash since it was under £1000. I paid in some cash alongside that and everything went straight in.

bristolleedsfan

LittleVoice wrote: »

If it is a third party cheque (that is not from your own account but another person's) which is what OP describes, then it may not be possible to use this to open an account.

Particularly when opening an account by post (or initiating things on the web before sending a cheque), in order to establish identity, the opening cheque often needs to be from your own account (though this may be as low as £1).

Further deposits can, of course, be made with third party cheques.

although internet accounts usually have to be opened with a personal cheque ( xtra form of id on non face to face basis) ive opened building society accounts in person with third party cheque + face to face ID.

in fact monday i opened chelsea fixed rate bond with a Yorkshire BS cheque. ( third party cheque)

lets face it in person someone can open an account with 1.00 cash ( subject to opening balance requirement) and them 1 second later pay in a third party cheque.