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  • FIRST POST
    • bristolleedsfan
    • By bristolleedsfan 28th Nov 07, 1:44 PM
    • 7,493Posts
    • 9,626Thanks
    bristolleedsfan
    Regular Savings Accounts: The Best Currently Available List!
    • #1
    • 28th Nov 07, 1:44 PM
    Regular Savings Accounts: The Best Currently Available List! 28th Nov 07 at 1:44 PM
    Watch out on this account. Tho' it's promoted as £1000pm its actually £1000 during the 6 weeks prior to your statement date!

    Depending on your statement date this means that, theoretically you could pay in £1000 in 2 consecutive calendar months and get a penal interest rate (approx 0.5%) OR you could pay in £0 in a calendar month and still get the full 6.35% for that month!!

    The "£1000 in 6 weeks prior to statement date" is hidden away in the T&Cs.
    Originally posted by Old Slaphead


    this is how the post on the subject was made on r-points on 17th november.


    funtimefrankie
    Gifted



    Joined: 11 Apr 2006
    Posts: 437

    Posted: 17 Nov 2007 15:55 Post subject: BEWARE THE COVENTRY FIRST ACCOUNT

    If you're looking for good catches - try the Coventry First.

    You think you're supposed to pay in £1000pm to get 6.35% interest ? - Well no, actually you have to pay in £1000 during the 6 weeks before statement date. My statement is 19th of month - therefore, using October as example I have to pay in £1000 between 7th Sept and 19th Oct to qualify for 6.35%.

    I actually paid in money on 6th Sept and 20th Oct and qualified for 0.5% interest in October !!!!!

    Using the Coventry method, it's both pssible to pay in £1000 in 2 consecutive calendar months (as I did) and only get 0.5% interest, conversley, it's possible to pay in nothing in a calendar month and still get 6.35%.

    Is THAT weird or what !
Page 273
    • Marvo5
    • By Marvo5 17th May 17, 4:30 PM
    • 133 Posts
    • 97 Thanks
    Marvo5
    So they wont accept a SO each month ? ie you have to do a FP each month ? Yes ?
    Originally posted by castle96
    No. I'm pretty sure they'll accept a standing order, it's you that initiates that so I don't see how they could refuse it.
    • badger09
    • By badger09 17th May 17, 4:30 PM
    • 5,896 Posts
    • 5,232 Thanks
    badger09
    So they wont accept a SO each month ? ie you have to do a FP each month ? Yes ?
    Originally posted by castle96
    The accounts don't launch until 22 May. No one knows what payment method/s they will accept

    Though it is likely they will follow the same pattern as their other accounts.
    Last edited by badger09; 17-05-2017 at 4:35 PM.
    • eskbanker
    • By eskbanker 17th May 17, 4:31 PM
    • 6,281 Posts
    • 6,353 Thanks
    eskbanker
    So they wont accept a SO each month ? ie you have to do a FP each month ? Yes ?
    Originally posted by castle96
    No, looks like SOs are fine too (assuming the new products are going to accept the same funding options as the existing ones) - see https://www.fordmoney.co.uk/content/dam/fmny/uk/documents/General-Customer-Terms.pdf (which can be overlaid with product-specific terms):
    You can make deposits into your Ford Money savings account from your Nominated Account via BACS, CHAPS, Faster Payments or Standing Order. We don’t accept cash or cheque deposits.
    • Speculator
    • By Speculator 17th May 17, 5:43 PM
    • 1,749 Posts
    • 1,336 Thanks
    Speculator
    I hope the Ford Regular ISA saver will allow people to deposit £1385 per month (£15240/11) and not just £250 pm.
    • Sea Shell
    • By Sea Shell 17th May 17, 5:51 PM
    • 516 Posts
    • 514 Thanks
    Sea Shell
    Good news!! Put us down for 2! (Standard - not ISA)
    Last edited by Sea Shell; 18-05-2017 at 6:44 AM.
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • eskbanker
    • By eskbanker 17th May 17, 5:58 PM
    • 6,281 Posts
    • 6,353 Thanks
    eskbanker
    I hope the Ford Regular ISA saver will allow people to deposit £1385 per month (£15240/11) and not just £250 pm.
    Originally posted by Speculator
    Time will tell once it's properly launched but that quoted This Is Money piece implies £250 (and for once I think I'd be inclined to believe Daily Mail figures!).

    In any event there is no significance to £15,240 this year, the current ISA allowance is a round £20K....
    • Speculator
    • By Speculator 17th May 17, 6:03 PM
    • 1,749 Posts
    • 1,336 Thanks
    Speculator
    Time will tell once it's properly launched but that quoted This Is Money piece implies £250 (and for once I think I'd be inclined to believe Daily Mail figures!).

    In any event there is no significance to £15,240 this year, the current ISA allowance is a round £20K....
    Originally posted by eskbanker
    The second sentence in the article starts with "The account " and not "accounts" so I am hoping the £250 pm refers to the Regular Saver only.
    Last edited by Speculator; 17-05-2017 at 8:47 PM. Reason: amended £300 to £250
    • eskbanker
    • By eskbanker 17th May 17, 7:08 PM
    • 6,281 Posts
    • 6,353 Thanks
    eskbanker
    The second sentence in the article starts with "The account " and not "accounts" so I am hoping the £300 pm refers to the Regular Saver only.
    Originally posted by Speculator
    I'm sure we'd all hope for a regular saver that accepts four-figure monthly deposits but whether we'd consider it likely or realistic is another matter!
    • schiff
    • By schiff 17th May 17, 7:45 PM
    • 17,838 Posts
    • 9,187 Thanks
    schiff
    No, looks like SOs are fine too (assuming the new products are going to accept the same funding options as the existing ones) - see dam/fmny/uk/documents/General-Customer-Terms.pdf">https://www.fordmoney.co.uk/content/dam/fmny/uk/documents/General-Customer-Terms.pdf (which can be overlaid with product-specific terms):
    Originally posted by eskbanker
    Love that bit tough if you've only got serious documents.
    • Archi Bald
    • By Archi Bald 17th May 17, 8:02 PM
    • 9,358 Posts
    • 7,419 Thanks
    Archi Bald
    I'm sure we'd all hope for a regular saver that accepts four-figure monthly deposits but whether we'd consider it likely or realistic is another matter!
    Originally posted by eskbanker
    Regular Saver ISAs usually do allow you to deposit your entire ISA allowance for the year, spread out evenly over the months. We'll know on Monday what Ford offer.
    • Rich2808
    • By Rich2808 17th May 17, 8:32 PM
    • 562 Posts
    • 430 Thanks
    Rich2808
    I hope the Ford Regular ISA saver will allow people to deposit £1385 per month (£15240/11) and not just £250 pm.
    Originally posted by Speculator
    I have already opened the Nottingham BS regular saver isa paying 2.25% - so I won't be eligible for the Ford one. That allows £2,400 in month 1 and £1600 per month there after.

    You would assume Ford would allow higher than £250 a month for their regular savings ISA as the most you would be able to save otherwise is £2750 compared to the £20k ISA allowance.

    But the 4% standard offering sounds a good bet anyway.

    Come Mondeo we will have to stay Focused and Explorer our Ford options amongst their Galaxy of savings offerings. And then come interest payment day a Fiesta may be in order.
    • schiff
    • By schiff 17th May 17, 8:34 PM
    • 17,838 Posts
    • 9,187 Thanks
    schiff

    Come Mondeo we will have to stay Focused and Explorer our Ford options amongst their Galaxy of savings offerings. And then come interest payment day a Fiesta may be in order.
    Originally posted by Rich2808
    Until Monday we're all in transit
    • schiff
    • By schiff 17th May 17, 8:36 PM
    • 17,838 Posts
    • 9,187 Thanks
    schiff
    I have already opened the Nottingham BS regular saver isa paying 2.25% - so I won't be eligible for the Ford one.
    Originally posted by Rich2808
    Why? I'm afraid that passes me by.
    • Rich2808
    • By Rich2808 17th May 17, 8:40 PM
    • 562 Posts
    • 430 Thanks
    Rich2808
    Why? I'm afraid that passes me by.
    Originally posted by schiff
    You can't invest in more than one cash isa a year is why - and if the Ford isa regular saver account only allows £250 a month it isn't worth my while as I cannot maximise my £20k allowance.

    I would also lose six months interest if I transferred out the £4k I have already invested with the Nottingham - and its unlikely Ford would accept a transfer in on a regular saver (and I assume they aren't a split isa provider either).

    Still up for the non isa product !
    Last edited by Rich2808; 17-05-2017 at 8:52 PM.
    • isasmurf
    • By isasmurf 17th May 17, 8:56 PM
    • 1,719 Posts
    • 739 Thanks
    isasmurf
    You would assume Ford would allow higher than £250 a month for their regular savings ISA as the most you would be able to save otherwise is £2750 compared to the £20k ISA allowance.
    Originally posted by Rich2808
    Ford allow you to share your allowance across all their Cash ISAs, so you can still use all your allowance.
    • schiff
    • By schiff 17th May 17, 9:05 PM
    • 17,838 Posts
    • 9,187 Thanks
    schiff
    You can't invest in more than one cash isa a year is why - and if the Ford isa regular saver account only allows £250 a month it isn't worth my while as I cannot maximise my £20k allowance.
    Originally posted by Rich2808
    Missed the ISA reference
    • eskbanker
    • By eskbanker 18th May 17, 12:49 AM
    • 6,281 Posts
    • 6,353 Thanks
    eskbanker
    Regular Saver ISAs usually do allow you to deposit your entire ISA allowance for the year, spread out evenly over the months. We'll know on Monday what Ford offer.
    Originally posted by Archi Bald
    Fair point - I was looking at it from the perspective of the interest rate being closer to the heavily-capped standard regular savers than cash ISA rates but as you say there is a strong argument that a (non-HTB) cash ISA should be able to accommodate a year's allowance. Anyway, let's see what Monday brings....
    • EachPenny
    • By EachPenny 18th May 17, 1:23 AM
    • 4,595 Posts
    • 9,366 Thanks
    EachPenny
    Until Monday we're all in transit
    Originally posted by schiff
    Cor, Tina. If you're listening you should get this new account

    Ok, the joke has got a bit thin
    "In the future, everyone will be rich for 15 minutes"
    • Sea Shell
    • By Sea Shell 18th May 17, 6:46 AM
    • 516 Posts
    • 514 Thanks
    Sea Shell
    Monday will tell, but i'd be very surprised if they'll allow £20k to be deposited over 12 months. I'm betting it'll be £250 pm the same.
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • Hal17
    • By Hal17 18th May 17, 8:22 AM
    • 98 Posts
    • 40 Thanks
    Hal17
    Monday will tell, but i'd be very surprised if they'll allow £20k to be deposited over 12 months. I'm betting it'll be £250 pm the same.
    Originally posted by Sea Shell
    So does that mean we could not open a second cash ISA to take any balance. Only able to invest a total of a possible £3K in the Ford ISA is not very good.
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