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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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:
busymyfoot · 02/01/2024 13:05

busymyfoot · 09/12/2023 18:07

This one has a 5.5% AER and explicitly says in the T&Cs that 3rd party deposits are possible up to a max of £500 a day, so it is front runner at the mo: https://www.thetipton.co.uk/our-savings/current-savings-rates-1/notice-savings/120-day-notice-account/

Just an update to say that my DC opened this Tipton account. Unfortunately, they seem to have recently changed their policy about allowing third parties to transfer up to £500 a day. They will allow it by BACS (i.e. from businesses) but not from individuals.

So, back to the search!

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