Frequently asked questions
- Who can open an account?
- Be aged 18 or over and a UK resident (excluding Channel Islands and Isle of Man)
- Have a personal UK bank or building society current account with Direct Debit facilities
- You have asked me to send proof of my name/address - what do you need?
- Why do I need to set up a Direct Debit between my current account and Heritable Savings Account?
- How do I move money into my Heritable Savings account?
- By Direct Debit from your nominated account
You will be asked to provide details of a personal UK bank or building society account in your name(s) as part of your application. If you apply online and provided we can open your account immediately, you will be given the option to set up an initial transfer by Direct Debit as part of your application. If we ask you to provide identification documents or if you apply by telephone, once we have told you your account is open, you will be able to make an initial transfer by Direct Debit by calling us. - By Cheque
Please make cheques payable to Heritable re: your name(s) plus your application reference number (e.g.: Mr A Smith 00001234SMI) - By CHAPS or Standing Order
Please contact your bank or building society and use the following details to make the transfer:- Our Account Number: 20748897
- Our Sort Code: 20-32-53
- Beneficiary: Heritable
- Payment Reference: Your application reference (or 13 character account number) & name(s)
- By Faster Payments
Please contact your bank or building society and use the following details to make the transfer:- Our Account Number: 20748897
- Our Sort Code: 20-32-53
Please ensure your bank or building society correctly quotes your reference number or account number when making the transfer as any error could result in a delay in allocating the money to your account and could result in the transfer being returned.
For Fixed Rate Bonds only: if you are making your deposit by Faster Payments the maximum transfer amount the facility allows is £10,000. For this reason, you have up to 5 business days after we receive your first Faster Payments deposit in which to make any subsequent Faster Payments deposits into your Fixed Rate Bond. We may return any funds received after this time.
- How do I manage my account?
- When will I start earning interest on deposits?
- By cheque deposit
You will earn interest on deposits made by cheque from the second business day after we receive the cheque. - By CHAPS or Standing Order deposit
You will earn interest on deposits made by CHAPS from the date we receive the deposit if received by midday. Funds received after this time will earn interest from the following business day. - By Direct Debit from your nominated account
You will earn interest on deposits made by direct debit from the date we receive the deposit . Please note that when you set up a new nominated account/Direct Debit, you will need to allow eight business days from our receipt of the completed Direct Debit instruction before you can make the first payment. - By Faster Payments
You will earn interest on deposits made by Faster Payments from the date we receive the deposit, if received by midday. Funds received after this time will earn interest from the following business day. . This means that if you make multiple payments into a Fixed Rate Bond that we receive on different dates you will not earn the full term’s interest on the later payments. There is more information about Faster Payments in the answer above to "How do I move money.." - Frequently requested forms and literature
To open a Heritable Savings account you must:
We are legally required to verify your identity before we can open an account for you. The information you provide online or over the telephone will usually be sufficient to complete our requirements as we will use electronic checks in the first instance. However, there are circumstances in which we may have to ask you to provide documentary proof of your name and/or address. The table below shows acceptable documents to do this.
If you have been asked to supply proof of your name you should select a document from Table 1 or for proof of your address, a document from Table 2. Please note that you will need to supply an original document except in the case of a document marked *, which may be a copy of the original document.
If you have any queries or have difficulty in supplying the documentation required, please contact us.
Table 1. Proof of name
| Document(s) provided must show usual forename and your surname |
| Current signed UK passport* |
| Current UK driving licence - either photocard AND supporting paperwork OR full old-style licence |
| Current firearms or shotgun certificate |
| EEA Member State Identity Card |
| Northern Ireland voters card |
| Blue disabled drivers pass |
| UK Benefits Agency Benefits book |
| Benefits Agency notification letter |
| HM Revenue & Customs tax notification - e.g. Coding notification, tax demand - must relate to current or previous tax year only. |
Table 2. Proof of address
| Document(s) must be addressed to you, showing your surname, initials and full current address, including postcode |
| Recent utility bill (excluding mobile phone) or statement - less than 3 months old |
| Council tax bill - must relate to current financial year |
| Current driving licence - either photocard (with supporting paperwork to show full address) or full old-style licence - if not already used as proof of name |
| Bank statement - must show full address and be less than 3 months old |
| Credit card statement - must show full address and be less than 3 months old |
| Building society passbook or statement - must show full address. Statement must be less than 3 months old |
| Solicitor's letter confirming house purchase within past three months - must be on solicitor's printed headed paper |
| UK Benefits Agency Benefit book - if not already used as proof of name |
| HM Revenue & Customs correspondence - must relate to current tax year |
When you open a Heritable savings account you'll be asked to set up a Direct Debit to your bank account (we refer to this account as your nominated account). This will set up a link between your Heritable savings account and your nominated account.
The link enables you to move your savings and interest between your nominated account and your Heritable savings account.
For accounts managed by telephone and post:
It is very easy to make a deposit into your account in one of the following ways:
For accounts managed online
Your initial deposit may be made using any of the above methods, however, ongoing deposits are made exclusively by Direct Debit transfer
For accounts managed by telephone and post, click here for contact details.
For accounts managed online, click here to log-in.
Below are links to our most commonly requested forms and literature: