Savings FAQs

Savings FAQs

What is a nominated bank account?

A nominated bank account is a current account with another UK bank/building society held in your name that has been registered and verified by us. Your nominated bank account is where all electronic payments (apart from internal transfers) out of your Kent Reliance account must be made.

Does the nominated bank account have to be solely in my name or can it be a joint account?

Your nominated bank account can be a sole or joint account. Any current account that you’re named on can be used as a nominated bank account.

Do I have to have a nominated bank account?

In order to send an electronic payment out of your account we require a nominated bank account to be registered and verified by us before the payment request is received

Where will my interest be paid?

For any account opened from 30 August 2019, if you’ve requested for your interest (if payable) to be paid away from your Kent Reliance account, this will be sent to your nominated bank account.

For accounts opened before 30 August 2019, if payable, interest will be paid into the account you’ve requested when opening the account (or subsequently changed), which may be different to your nominated bank account.

Can I change my nominated bank account?

Yes. You can write to us, call us or visit a branch.

If you are making a withdrawal and opt to change your nominated bank account it will take one working day to validate your new nominated bank account electronically and for the update to take effect.

If you are just changing your nominated account this will take up to 5 working days.

However, if electronic validation is not possible, we may ask you to send us an original Bank/Building Society account statement no more than three months old showing the account details. Until such time the update takes effect, withdrawals made from your account(s) will still be credited to your existing nominated bank account.

How do I set up a nominated bank account?

You must provide details of a valid UK bank/building society current account for your nominated bank account. We’ll electronically verify that this account is held in your name (or in the name of the first applicant in the case of a new joint account application) and you may be requested to provide additional evidence (e.g. an account statement) if we’re unable to verify this information electronically.

Can I have multiple nominated bank accounts?

No. Each customer may only have one nominated bank account. This will be used for withdrawals/payments on all accounts held with us.

We have a joint account, can each of us have our own nominated bank account?

Yes. When opening a joint account, the first applicant must be named on the nominated bank account for the identity verification purposes. Once set up, additional account holders of a joint account may also have a different nominated bank account associated with the joint account.

How soon will I receive my money once I make a payment request?

This depends on the, day and time you submit your withdrawal/payment request. Please refer to our withdrawals page on our website.