Regular Saver Thread **New and Restarted**

Fingerbobs

JamesRobinson48 wrote: »

Actually the Furness BS website does permit account opening by post. However, for new members it seems it's always obligatory to send in original (or certified copy) ID. Personally, I don't think it's worth the hassle for 1.8% p.a.

The product-specific page for the Lifestyle Saver does state that it is only available within the Society’s Branch and Agency network, so I doubt if you could open one by post.
I'm slightly annoyed with myself for not thinking ahead and taking ID documents with me, but I won't lose any sleep over 1.8%.

Kernel_Sanders

Klopek wrote: »

You can apply for the 2% TSB Monthly Saver online now.

Only found this out today when accessing my online TSB for another reason. I've just been allocated a new number but when offered the standing order set-up, found the system would not let me choose a date before the 18th for subsequent subscriptions (as well as this month). It's sitting there unfunded so can I do a manual transfer from my Classic Plus account
each month instead? I know they say 'standing orders only' but with other providers I've found that they treat even faster payments as standing orders, so would have thought that transfers from their own current accounts would be so treated.

Klopek wrote: »

Make sure you open it successfully online first. It's not reliable and if it falls over you'll have no choice but to go to a branch.

I won't bother doing that because all the Lloyds-TSB branches in our conurbation were converted to Lloyds.

surreysaver

Kernel_Sanders wrote: »

Only found this out today when accessing my online TSB for another reason. I've just been allocated a new number but when offered the direct debit set-up, found the system would not let me choose a date before the 18th for subsequent subscriptions (as well as this month). It's sitting there unfunded so can I do a manual transfer from my Classic Plus account
each month instead? I know they say 'standing orders only' but with other providers I've found that they treat even faster payments as standing orders, so would have thought that transfers from their own current accounts would be so treated.

I won't bother doing that because all the Lloyds-TSB branches in our conurbation were converted to Lloyds.

Direct debit?

karlie88

Kernel_Sanders wrote: »

Only found this out today when accessing my online TSB for another reason. I've just been allocated a new number but when offered the direct debit set-up, found the system would not let me choose a date before the 18th for subsequent subscriptions (as well as this month). It's sitting there unfunded so can I do a manual transfer from my Classic Plus account
each month instead? I know they say 'standing orders only' but with other providers I've found that they treat even faster payments as standing orders, so would have thought that transfers from their own current accounts would be so treated.

I won't bother doing that because all the Lloyds-TSB branches in our conurbation were converted to Lloyds.

Set up a standing order from your TSB account to you monthly saver. Because you opened the monthly saver today, the earliest date for it to be processed will be 18th December.

Once that initial transfer has gone through tomorrow, log in to your TSB account between tomorrow and 31st Dec to change the date to the 1st of the month.

That's been my set up with the TSB Monthly Saver, Lloyds, BoS, Halifax etc. I may be losing 1p or 2p in interest by not funding £250 on the first day, but there are other avenues to regain those pennies...:D

Kernel_Sanders

surreysaver wrote: »

Direct debit?

Whoops, I'd better edit that otherwise we'll have the multiple bank account openers clamouring to find out about a new source of DDs!

Kernel_Sanders

karlie88 wrote: »

I may be losing 1p or 2p in interest by not funding £250 on the first day, but there are other avenues to regain those pennies...:D

I intend putting the last SO as 1st December 2019. The money's coming from Marcus so the half a percent difference only equates to a third of a penny. However I've already withdrawn the funds and put them in the TSB Classic Plus in readiness. I find it bizarre that such an insignificant loss can cause such annoyance! Maybe I could reverse this by opening the Principality BS RS this evening that I've just read about on here; I would be a new member.

karlie88

Kernel_Sanders wrote: »

Whoops, I'd better edit that otherwise we'll have the multiple bank account openers clamouring to find out about a new source of DDs!

Kernel_Sanders wrote: »

I intend putting the last direct debit as 1st December 2019. The money's coming from Marcus so the half a percent difference only equates to a third of a penny. However I've already withdrawn the funds and put them in the TSB Classic Plus in readiness. I find it bizarre that such an insignificant loss can cause such annoyance! Maybe I could reverse this by opening the Principality BS RS this evening that I've just read about on here; I would be a new member.

Is there a new source of DDs?

Mee

EachPenny wrote: »

It depends on the staff member and the extent to which they dot all the 'i's. The first one will take longer... I'd have said up to 30mins, but you need to make sure you have all the right ID and information they need.

Subsequently you will still need to take your ID, but your details should already be on the system so it takes slightly less time.

After the fifth or so at the same branch you might be able to get it down to 5 minutes or thereabouts.

30 minutes is about right. However, when I went in last week they said they had new rules and were checking employment and other details some of which I'm sure I had answered last time and some not.

pafpcg

Mee wrote: »

30 minutes is about right. However, when I went in last week they said they had new rules and were checking employment and other details some of which I'm sure I had answered last time and some not.

This accords with my experience when opening new accounts last week. Virgin Money are now asking for photographic ID (and bus passes aren't accepted!), but if no photographic ID is available, then VM will send a letter to the account address warning that an account has been opened.

Having an existing account does speed up the process.

During the appointment I asked about the number of payments that could be made - was it thirteen (£3250) or fourteen (£3500)? I was told definitely only thirteen. But I got a telephone call two days later to say that Head Office had issued a clarification that fourteen payments was allowed.

EachPenny

pafpcg wrote: »

This accords with my experience when opening new accounts last week. Virgin Money are now asking for photographic ID (and bus passes aren't accepted!), but if no photographic ID is available, then VM will send a letter to the account address warning that an account has been opened.

That letter would ask you to provide the relevant ID within a certain period of time, otherwise the account will be closed and the money returned, even if you already have other accounts with them (which will be unaffected)

The ID doesn't have to be photographic, but has to be one of the items on their 'List A' (identity) as well as a 'List B' (address) document.
https://uk.virginmoney.com/virgin/downloads/facetofaceid.pdf

Documents have to be provided each time you open an account, not just as a brand new customer. This is possibly one of the most annoying and frustrating ID policies I've come across with a bank.