MSE News: Car giant Ford gears up to launch market-leading regular savings

Ashen

adindas wrote: »

On another thread few people are discussing to open 50 of them. In more extreme case, 400 RS ISA funded with just £25 - £50 on the first month so their money will get interest of 4% of full £20,000 for a full year. Whether they actually did this, I have no idea. No wonder it is sold out quick ...

And that's just counting the people that are willing to admit on a public forum the number they opened.

EachPenny

Ashen wrote: »

This is clearly a thread dedicated to "The Best Currently Available List", and thus it's best to redirect people to an appropriate thread instead. But then again, I guess you might say the topic is missing the word "only" and thus isn't clear enough.

I imagine established forum members like YorkshireBoy, Speculator and Hattie625 might get a little miffed if 'newbies' start redirecting them to other threads.

It appears there has been more space taken up this evening with discussion about why people shouldn't mention the 'account that must not be named' than there actually was in a brief exchange of posts about the account.

Rich2808

adindas wrote: »

On another thread few people are discussing to open 50 of them. In more extreme case, 400 RS ISA funded with just £25 - £50 on the first month so their money will get interest of 4% of full £20,000 for a full year. Whether they actually did this, I have no idea. No wonder it is sold out quick ...

Why open 400 with £50,when you could open 80 with £250?!

Bizarre - have those people spent the last two days doing nothing else but opening Ford regular save ISAs and then paying £50 into 400 separate accounts. I find that hard to believe?

Surely Ford money didn't allow such madness - imagine the HMRC records for one customer with 400 cash ISA accounts? Didn't their systems have any controls to prevent such abuse - either that or those people are fibbing?

EachPenny

adindas wrote: »

Indeed but she is the person who called herself an oldbadger in post #49.

My suggestion you might be better using the name "missmoneypenny" rather than EachPenny. Set the reminder, James Bond so you will not forget it.

I did see that, I was just pulling your leg

I started off intending to be EveryPenny - as in Every Penny Counts. But that was taken, so I though EachPenny was the next best.

The other thread you mention about the 50 or 400 accounts - is that the main Regular Saver discussion thread? If so the 400 figure only came up as part of a theoretical discussion about how you could get £100k saved in a cash ISA earning 4% if there were no limits - I don't think anyone has claimed to have opened anywhere near that figure.

In fact the only figure I remember seeing quoted on here is your 7. Some people are getting rather agitated about people opening what they consider to be excessive numbers of accounts - but from what I've seen there is no evidence that anyone has even got into double figures... but no doubt someone has.

EachPenny

Rich2808 wrote: »

Why open 400 with £50,when you could open 80 with £250?!

Nobody in their right mind would

The point was the ISA allows transfers in, so you aren't limited to £20k deposits in total for 2017/18.

Someone suggested you could theoretically transfer in £100k from external cash ISA's and then distribute that around enough RS accounts to be earning 4% interest on the full amount for almost the full 12 months. Nobody was seriously suggesting doing that.

The £25 figure was initially a separate discussion about the theoretical situation of opening 10 accounts which each only ever had the initial £25 deposit compared to having one account which was fully funded. If someone has 10 lightly funded accounts it is a bit harder to say that is a reasonable requirement than someone who has opened say two accounts, each one being fully funded.

I'm not aware of anyone who has actually only funded their account(s) with £25 and doesn't intend to max out the monthly deposit

elephantrosie

so it is sold out? cannot open one now?

schiff

It's getting a bit tetchy, which is a shame

EachPenny

Ashen wrote: »

And that's just counting the people that are willing to admit on a public forum the number they opened.

Nope, that was a theoretical discussion - if people actually took the time to read posts rather than jumping to conclusions, or tried to understand the arguments rather than pontificating, then life would be much simpler for everybody.

Is anyone acutally aware of someone applying for more than a single digit number of accounts?

EachPenny

elephantrosie wrote: »

so it is sold out? cannot open one now?

Sorry, afraid so. But keep an eye out because it is possible a second issue will come out at some point in the future. The terms and conditions were written in a way which allows this to happen.

Ashen

EachPenny wrote: »

Nope, that was a theoretical discussion - if people actually took the time to read posts rather than jumping to conclusions, or tried to understand the arguments rather than pontificating, then life would be much simpler for everybody.

Is anyone acutally aware of someone applying for more than a single digit number of accounts?

The point I made is that people would open accounts and not disclose it on a public forum. On the other hand, they might post openly and call it a "theoretical discussion"...

After seeing evidence of what people do on HotUKDeals, I have absolutely zero doubt that people would be prepared to open a ludicrous amount of accounts. I am sure I saw someone post they opened 20 accounts (and bear in mind people can delete their comments).

This post by somebody, taken from the other thread, shows an interest in opening over 30. If they wanted, why wouldn't somebody else have? Just because they haven't posted saying they did?

I wonder if anyone have opened 30+ of them (say?)
If so how many accounts did you manage to open without difficulties.
If this forum is not suitable pm will be very much appreciated.

You yourself came up with this comment:

EachPenny wrote:

But opening 400 accounts because you want to transfer in £100k sounds very reasonable to me