Derbyshire regular saver interest rate cut

Kazza242

Ted_Bloke wrote:

Quote:
Originally Posted by Ted Bloke
there seems no way for one person to have both HSBC and Barclays

Dagobert wrote:

I do.

And I follow exactly the procedure outlined above.

Ted_Bloke wrote:

Sorry, where above? And have you had it for a year (so sure they didn't decide you were against their t&c)?

I don't think HSBC are quite as strict regarding their T&C's compared to say Barclays or A&L. I remember when HSBC first launched their 8% regular saver. Some account holders were making monthly (non salary or pension) transfers in to the current account. After moving £250 to the RS, the rest was transferred back out and repeated each month. Barclays and A&L on the other hand are much more strict.

It's worth bearing in mind that if you breach the T&C's of an account, the bank may not write to you at that time. They may choose to penalise you by paying you interest at a lower account rate (e.g. Easy Saver in the case of Barclays) on maturity.

There's no need to look at just high interest regular savers that are linked to current accounts. New RS's are launched all the time. I've got three of them. There are also: Stroud & Swindon at 7% (£1K p.m), Halifax at 7% (£250 p.m) Leek at 6% (£250 p.m), Scarborough at 6% (£250 p.m), Principality at 6% (2 acc. allowed; 2x£500 p.m).

Dagobert

Ted_Bloke wrote:

I don't think HSBC are quite as strict regarding their T&C's compared to say Barclays or A&L. I remember when HSBC first launched their 8% regular saver. Some account holders were making monthly (non salary or pension) transfers in to the current account.

I am self-employed and I transfer a small monthly payment from the company account to both Barclays and HSBC in order to comply with the T&Cs.

Ted_Bloke wrote:

There are also: Stroud & Swindon at 7% (£1K p.m), Halifax at 7% (£250 p.m) Leek at 6% (£250 p.m), Scarborough at 6% (£250 p.m), Principality at 6% (2 acc. allowed; 2x£500 p.m).

Got them except for Stroud & Swindon, who require a branch visit. I have an upcoming trip to Wales though. If there's any worthwhile sight-seeing in the Stroud & Swindon territory, let me know. ;-)

Kazza242

_not_Ted_Bloke,_but_Kazza wrote:

I don't think HSBC are quite as strict regarding their T&C's compared to say Barclays or A&L. I remember when HSBC first launched their 8% regular saver. Some account holders were making monthly (non salary or pension) transfers in to the current account.

Dagobert wrote:

I am self-employed and I transfer a small monthly payment from the company account to both Barclays and HSBC in order to comply with the T&Cs.

_Kazza_again wrote:

There are also: Stroud & Swindon at 7% (£1K p.m), Halifax at 7% (£250 p.m) Leek at 6% (£250 p.m), Scarborough at 6% (£250 p.m), Principality at 6% (2 acc. allowed; 2x£500 p.m).

Dagobert wrote:

Got them except for Stroud & Swindon, who require a branch visit. I have an upcoming trip to Wales though. If there's any worthwhile sight-seeing in the Stroud & Swindon territory, let me know. ;-)

LOL:p . Dagobert, the quotes you've posted were mine and not Ted Bloke's:D.

Unfortunately, I don't live anywhere near any of the Stroud & Swindon branches and won't be visiting the areas where their branches are anytime soon. I will be looking for a new RS, when my Cheshire one matures in a couple of months. Perhaps I'll go for the Principality or maybe something better will be available by then.

Ted_Bloke

Kazza242 wrote:

I don't think HSBC are quite as strict regarding their T&C's compared to say Barclays or A&L

Thank you. Actually my main account is HSBC and for various reasons I don't want to change it; of course I got their RS as soon as they started it, and also of course I leave very little money in the current acct. It sounds as though to have Barclays it really does have to be your principal acct., difficult... :think: :undecided

Kazza242 wrote:

I remember when HSBC first launched their 8% regular saver some account holders were making monthly (non salary or pension) transfers in to the current account. After moving £250 to the RS, the rest was transferred back out and repeated each month. Barclays and A&L on the other hand are much more strict.

Yes, they can easily see whether you're just transferring the same money back and forth. 'Ere, :idea: do you think you could use another bank and cycle it

Bank A -> Bank B -> Bank C -> Bank A
++++++++Bank B -> RSA

heh heh heh, they wouldn't be able to see that?
you can do it with less money that way too. Someone with only £1250 p.m. to play with could cycle it through 2 accounts each requiring £1,000 p.m.

Kazza242 wrote:

It's worth bearing in mind that if you breach the T&C's of an account, the bank may not write to you at that time. They may choose to penalise you by paying you interest at a lower account rate (e.g. Easy Saver in the case of Barclays) on maturity.

That was exactly why I asked the question! - I wouldn't want to go through this palaver thinking for a year it was OK only to be told at end of year I'm penalised in the way you said, which would make the whole manoeuvre pointless. I mean, if the requirement is regular transfer of £1000, that's OK as long as you've got the £1,000 p.m. to transfer. But if they require it to be salary or pension there's no way you can pretend.

Kazza242 wrote:

There's no need to look at just high interest regular savers that are linked to current accounts. New RS's are launched all the time. I've got three of them. There are also: Stroud & Swindon at 7% (£1K p.m), Halifax at 7% (£250 p.m) Leek at 6% (£250 p.m), Scarborough at 6% (£250 p.m), Principality at 6% (2 acc. allowed; 2x£500 p.m).

Yes, you'll see one splinter of this thread is about this, Deemy and Mary were giving it to be understood that you could make money out of this cycling quite easily and I was being lazy in not accomplishing this feat. I'm trying to evaluate how much you can do and how easily. Of the 6 RS's you mention (exceeding the one where you have to travel to the branch) I've already got 4 so

Ted_Bloke wrote:

Oh dear, I came to this site hoping to find best savings rates instead of the crap I have. I found the crap I have is the best savings rates. In a way that makes me glad, in a way it doesn't.

right, the crap I have is only about 75% best. (Of course these 6 and even 7% are not really giving anything away for free, they're just paying you more for money you are prepared to leave untouched for a year - if you're fairly sure you won't need it you shouldn't waste by not taking them up of course.)

Ted_Bloke

Dagobert wrote:

I am self-employed and I transfer a small monthly payment from the company account to both Barclays and HSBC in order to comply with the T&Cs.

That suggested to me :idea: I've got a rental income that might cover that, never certain it might not have interruptions of course or if it reaches the £1K level because agency deductions various eventualities but I could make up the difference, wonder if they'd accept that? What's your impression and anyone here done that?

Dagobert

The Barclays Regular Saver requires the current account to be part-funded with a salary or pension mandate. The required £1000 monthly credit can be topped up from other sources.

Likewise, the HSBC regular savings account requires a salary or pension to be paid in by BACS.

All that a salary mandate means is a BACS payment coming from a business account. And all they can see is the sender's text and type of payment. Of course, they don't know whether the payment is really a salary or not.

I pay in £100 from my company account into each of these two accounts. I do not enter anything for a reference. As I pay for company purchases with my personal [cashback] credit cards, I always need to pay some expenses anyway.

Kazza242

Kazza242 wrote:

It's worth bearing in mind that if you breach the T&C's of an account, the bank may not write to you at that time. They may choose to penalise you by paying you interest at a lower account rate (e.g. Easy Saver in the case of Barclays) on maturity.

Ted_Bloke wrote:

That was exactly why I asked the question! - I wouldn't want to go through this palaver thinking for a year it was OK only to be told at end of year I'm penalised in the way you said, which would make the whole manoeuvre pointless. I mean, if the requirement is regular transfer of £1000, that's OK as long as you've got the £1,000 p.m. to transfer. But if they require it to be salary or pension there's no way you can pretend.

I've got only one RS that is dependent upon me cycling money through the linked current account. The rest of them are what I call 'clean' RS's, because they do not insist upon a current account credit each month.

I think these are much easier to operate and using these makes it less likely to breach the T&C's. One of my RS's matures in a couple of months and I'm thinking of opening an RS like the one offered by Scarborough. As it doesn't require me to open a current account and allows payments to run for more than 1 year. As you know, these make more interest as you get to benefit from compound interest. I like the Lloyds account for this reason too.

As you already have 4 RS's, I think you're already doing pretty well, to be honest.