Regular Savings Accounts Article Discussion

chaotic_j

YorkshireBoy wrote: »

I don't have the store variants, but for my online regular savers I don't remember completing the reference field?


But my guess is because you opened them on a non-bank working day you'll need to wait until perhaps Tuesday, ie after Monday night's processing has completed. Then again you may be OK Monday? Please feed back when you find out.

Hi YorkshireBoy,

What you have said regarding the non-bank working day would probably make sense, I will try paying in Monday/Tuesday and let you know how it goes - many thanks.

Motormad

What sort code and virgin account no.did you use

Westie983

chaotic_j wrote: »

Hello,

I opened two Virgin Money regular savers (store versions) yesterday, paid into each with the Virgin Money sort code and account number as per the information handed over after accounts were opened..

Quoted in the reference my account number - both payments have been returned the same day.. what am I doing wrong?

Thanks.

Store ones have the same sort code and account number and then out put your own account number in the reference field, which is 12 characters including the - and a letter in the middle.

The sort code is 086115 account number 00000515

http://uk.virginmoney.com/savings/find/regular_saver_issue_3/overview?fromets2=false

**Scroll to the midway section to see where it says FAQ's then click on How do I pay into this account.

Online ones have their own sort code and account numbers and can be viewed by logging into Virgin Money https://uk.virginmoney.com/virgin/service/sign-in/?product=savings&dd=0

Westie983

tg99

chaotic_j wrote: »

Hello,

I opened two Virgin Money regular savers (store versions) yesterday, paid into each with the Virgin Money sort code and account number as per the information handed over after accounts were opened..

Quoted in the reference my account number - both payments have been returned the same day.. what am I doing wrong?

Thanks.

When I made my first payment into my first Virgin regular saver (online not store version) last year, the £250 got returned the same day. Virgin looked into it and said it was an error at their end so I tried again the following day and was fine. Though only £200 as they paid the first £50 for the inconvenience caused.

chaotic_j

Hmm, checked this evening and I made both payments absolutely correctly.. to the generic sort code and account number with my full account number as the reference..

Both show on my online banking as sent 27/03/17 and returned the same day.. each with 'REF.RETN/00000001'.

Since I have both online accounts I sent a message about this after I'd posted here.. got a reply today quite sarcastically advising me the messages feature isn't for 'branch based accounts' and I should write to them, go into branch (its 35 miles away) or call them, but on this occasion they will reply!

Unfortunately the response is a load of old codswallop, telling me:

"We have no record of rejected Faster Payment Service (FPS) payments to your new accounts.

Faster Payments can take up to 2 hours to hit the recipient bank but will arrive no later than the end of the next business day.

This is an industry wide timescale and unfortunately Virgin Money will not be able to specify an exact timescale for any individual payment. Recipient banks may have internal processes in place for incoming payments and this could also impact how long the payment takes to show in the receiving account.

These payments may still be en-route to your accounts."

I told them the payments had been returned! Distinctly unimpressed..

Anyway I've made them again a few minutes ago and so far they've 'stuck'..

(Delving a bit deeper - REF.RETN/00000001 is a Faster Payments 'Reject/Reason' code which means - 00000001 The payment has been returned by the receiving bank due to an invalid sort code/account number combination. Please check that the recipient account details are correct and amend where necessary prior to trying again. If you continue to experience difficulties please contact the payee.)

Thus proving they are in la la land with their gracious reply.. heh also I think YorkshireBoy is correct in his previous assertion that due to being opened at a weekend the system needed to update before allowing you to credit the account(s)..

Regards,
chaotic_j

Jo_Blogs

Santander Regular e-Saver Issue 5 (fixed) is now available

http://www.santander.co.uk/uk/savings/regular-esaver

SallySunshine

I've been with Nationwide for donkeys years for all different types of savings.
Now We have a joint Flexaccount and a Loyallty Saver.
This is not our main current account

We've been offered their free Travel Insurance if we pay in £750 per month, that's no hardship as money is bounced around other accounts.

I was thinking about their Flexdirect 5% up to £2500 but would not be able to then have the free travel insurance.

So I looked at the Flexiclusive 5% £500 per month for 12months again provided £750 per month went into the Flexaccount.
IThere was no mention of forgoing travel insurance,
Also it doesn't mention not being able to feed this from any other of their accounts as I was hoping to use the pathetic rate Loyalty Account.
Read their terms and conditions until eyes bled, so hoping someone could give me some answers before I steel myself to ring them tomorrow.

Frogletina

SallySunshine wrote: »

I've been with Nationwide for donkeys years for all different types of savings.
Now We have a joint Flexaccount and a Loyallty Saver.
This is not our main current account

We've been offered their free Travel Insurance if we pay in £750 per month, that's no hardship as money is bounced around other accounts.

I was thinking about their Flexdirect 5% up to £2500 but would not be able to then have the free travel insurance.

So I looked at the Flexiclusive 5% £500 per month for 12months again provided £750 per month went into the Flexaccount.
IThere was no mention of forgoing travel insurance,
Also it doesn't mention not being able to feed this from any other of their accounts as I was hoping to use the pathetic rate Loyalty Account.
Read their terms and conditions until eyes bled, so hoping someone could give me some answers before I steel myself to ring them tomorrow.

I've got a flex account, a flex direct account, and loyalty and flex exclusive savings accounts.

I transfer £1000 in to my flex direct account each month out again, I transfer £750 a month into my flex account each month and transfer £500 to my flex exclusive account. The balance I sometimes transfer to my loyalty saver, or transfer it out again.

I get 0.75 on my loyalty account, it's one that I find useful now and again, although I don't have any spare money to use it at the moment.

frogletina

Vortigern

SallySunshine wrote: »

I've been with Nationwide for donkeys years for all different types of savings.
Now We have a joint Flexaccount and a Loyallty Saver.
This is not our main current account.

A possible solution for you:

Keep the joint Flexaccount and keep on feeding it with £750/month
- this preserves your entitlement to the free travel insurance
- and also qualifies you for the Flexclusive Regular Saver 5% £500/m

Each of you can then open a Flexclusive Regular Saver. The Regular Savers can be credited from any other account, Nationwide or not.

That part is simple. To enhance your returns you need to be a little more creative.

You could each open a sacrificial current account with another bank. You would probably need to create some direct debit on these accounts. Husband then uses NW's "refer a friend" to refer wife, who then switches her sacrificial account into a Nationwide Flexdirect in her name.

Wife then uses NW's "refer a friend" to refer husband, who then switches his sacrificial account into a Nationwide Flexdirect in his name.

Do it right and you'll get £400 in switching bonuses and a FlexDirect account each earning 5% on £2500 for 12 months.

The latter "creative" part is off topic for this thread, so if you've any queries, you can find the answers in the forum, or start a new thread.

SallySunshine

Thanks to both Frogeltina and Vortigen for clearing my muddle up. At the moment I bounce £500 out of a joint Santander to my flex account then out to my OH single Santander account to fulfil their terms, then the £500 back to our flexicount which then usually goes to our joint loyalty as a resting
However the loyalty account has too much in at the moment and needs to work harder, my usual travel insurance has jumped by over 60% as my O.H. has crossed over to the next age bracket, as I will next year.,Its still not bad but seems silly not to take advantage of the free Nationwide as 500 goes in anyway and the extra 250 would also go in and out, Thats usually £750 into loyalty so would only need another £250 for both Flexiclusive £500 per month
I'm annoyed with myself that spare cash from Santander has gone straight to my loyalty so I have only been actually putting in the needed £500 into Flexaccount, therefore I have to have another 2 months of adding at least £250 to qualify for travel insurance/Flexiclusive.
I already had travel insurance so didn't think I needed to double up, never thinking about the Flexiclusive offer.
I'm quite happy with my Santander accounts so won't be switching to Nationwide but will take advantage of their savings account.
My O.H. thinks its far too much hassle to faff about chopping and changing but I don't mind and it is me that does it anyway. His eyes glaze over when I try to tell him about how clever I am!