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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Aibu to think it may not be possible for other people pay into your savings account?

76 replies

busymyfoot · 09/12/2023 13:07

I'm trying to help my 19yo son find a savings account that his grandparents can intermittently gift money to. I know it is possible with LISA/JISA accounts, but those are not appropriate in this case. They could also pay into his current account, enabling him to transfer it where he wants, but they would prefer not to if possible.

Unfortunately, all of the savings accounts I have looked at so far will only allow deposits from a linked current account in the same name. Presumably this is an anti-money laundering measure.

If you have a savings account that allows other people to directly pay into it, please can you tell me which provider and account it is?

OP posts:
Heatherbell1978 · 09/12/2023 13:27

The linked account thing tends to be the newer 'neo' banks. Go with one of the bigger retail banks like NatWest or Lloyds and you'll be fine. Pass the sort code and account number on and anyone can set up a payment into that account.

Original poster
busymyfoot · 09/12/2023 13:49

It's not possible at Nationwide or Natwest. They both need linked "nominated" accounts.

OP posts:
Hellenika · 09/12/2023 13:51

Edited to remove my stupid question that was answered in the OP.

GrannyAchingsShepherdsHut · 09/12/2023 13:52

Does it have to be a savings account? I've never had enough money to actually save in a proper account, so I just use a current account. I pay money and cheques into DPs NatWest current account all the time with just the account number and sort code.

Hellenika · 09/12/2023 13:52

Sorry, I just saw it’s the grandparents being difficult. I’d just tell them they are being bonkers.

newtovanlife · 09/12/2023 13:53

How about premium bonds?

ReineMarieGamache · 09/12/2023 13:54

Um...my DDs both have Nationwide savings accounts which their grandparents occasionally pay into. So it is possible. But the interest rate isn't great.

jackstini · 09/12/2023 13:55

Tesco allow this for their savings accounts

Original poster
busymyfoot · 09/12/2023 13:56

newtovanlife · 09/12/2023 13:53

How about premium bonds?

They can only be gifted to children, not adults. My son is 19.

OP posts:
Original poster
busymyfoot · 09/12/2023 13:57

ReineMarieGamache · 09/12/2023 13:54

Um...my DDs both have Nationwide savings accounts which their grandparents occasionally pay into. So it is possible. But the interest rate isn't great.

Which type of account?

OP posts:
Galliano · 09/12/2023 13:59

I think the problem is that many institutions won’t let you open a savings account without being first a current account customer.
Both M&S bank and Tesco bank offer instant access savings and don’t have a current account product so try one of them.

GrannyAchingsShepherdsHut · 09/12/2023 13:59

Sorry, just realised I wasn't very clear what I meant - I mean would a seperate current account that he only uses as a savings account work?

XiCi · 09/12/2023 14:00

My dd has a Halifax saver account that both myself, uncle and grandparents pay into into regularly

Saisong · 09/12/2023 14:01

How reliable is your son? Would he transfer money to his savings from his current account reliably? If so I'd just give the grandparents his current account details and tell them it's a savings account.

HugoDarracott · 09/12/2023 14:02

Open an account with a new provider and the linked savings account. The grandparents aren't going to know from the sort code and number what account it is. Although what difference it makes I don't know.

Original poster
busymyfoot · 09/12/2023 14:06

XiCi · 09/12/2023 14:00

My dd has a Halifax saver account that both myself, uncle and grandparents pay into into regularly

What type of account? If it is a junior account my son will be too old for it.

OP posts:
Precipice · 09/12/2023 14:08

You can transfer directly into a Chase savings account, without 'linking' the account in any way (I don't know what that means when it's across different banks), but I've only done it with the same account holder name.

OP posts:
mogsrus · 09/12/2023 14:09

Go for Zopa & get good interest.high st bank interest is rubbish

SutWytTi · 09/12/2023 14:12

They could also pay into his current account, enabling him to transfer it where he wants, but they would prefer not to if possible. Hmm why? He can just spend it if he wants anyway.

Original poster
busymyfoot · 09/12/2023 14:13

GrannyAchingsShepherdsHut · 09/12/2023 13:59

Sorry, just realised I wasn't very clear what I meant - I mean would a seperate current account that he only uses as a savings account work?

Current accounts have very low interest rates.

Ideally we want a Notice Account because they generally allow unlimited deposits and reasonable variable rates that aren't only for a fixed term.

OP posts:
NotTheLastUserName · 09/12/2023 14:16

I have a Coventry and A Yorkshire bank saving account. Both paid into by Standing Orders from a Barclays account. Also had a Virgin savings account - again, just had a standing order. Used sort code/account number and a reference to pay in.

Or, my parents pay in regularly to a SIPP both my children have set up. Was some paperwork to fill in (due to income tax stuff) so not sure if easy to do for random one-offs.

Galliano · 09/12/2023 14:25

busymyfoot · 09/12/2023 14:09

Show quote history

But that’s only to specify where money can be transferred out to. Presumably your son does have a bank account at the age of 19 and you do need a way to access funds in future. The instructions for paying money in say it can be from any external bank account.

sunshinesupermum · 09/12/2023 14:33

I wanted to open a savings account for my DGS 1 and 2 that I could pay into on birthdays and found the same problem. Following with interest! Pun unintended.