Regular Saver Thread **New and Restarted**

20SmthngSver

Section106 wrote: »

Are you sure the Terms and Conditions require funding only by Standing Order?

As YorkshireBoy suggests, other methods of funding may be a possibility.

When I held one 8 months ago, I was only allowed to use Standing Order. It still says on their website that this is the only method too.

Other methods may be possible in their wording, but why would you risk it if you don't know.

No_Name

Fingerbobs wrote: »

Mine matured last month, and it was at least the 4th working day following maturity before I was able to open a new one. In fact, because this delay had pushed the date so close to the month end, I decided to wait until this month to open the new one.

I submitted the application on 4th of this month, early afternoon, and received a text message on 7th to say they were processing my application, but as of today there's still no sign of the new account on online banking.

Thanks for the info.


As of this morning, I'm still unable to apply for a new RS with HSBC.


Hopefully tomorrow morning?

polymaff

These three Halifax statements make it pretty clear:

You can save from £25 to £250 a month by standing order (this must reach your account by the 25th of the month).

Make sure we get your first standing order payment within 28 days of account opening. After that any standing order must reach your account by 25th of the month, otherwise it won’t count as that month’s payment.

You can only pay in once a month.

ceredigion

Halifax. Full savings account's T&C's state.

"4. How can payments be made into your account?
4.1 Subject to any restrictions in the special conditions for your account, payments in sterling can be made into it by cheque, direct transfer from another account and in cash; and by cheque or direct transfer from international accounts in other currencies. Cut-off times for payments into your account depend on how the payment is made. The table below shows our cut-off times for receiving payments by cash, cheque or direct transfer "

Product T&C's state.

You can save from £25 to £250 a month by standing order

Can not must.

glider3560

20SmthngSver wrote: »

When I held one 8 months ago, I was only allowed to use Standing Order. It still says on their website that this is the only method too.

Other methods may be possible in their wording, but why would you risk it if you don't know.

Since standing orders from external banks are sent by Faster Payments, it makes no difference whether you set up a standing order or make a manual bank transfer each month. They won't know the difference.

YorkshireBoy

glider3560 wrote: »

Since standing orders from external banks are sent by Faster Payments, it makes no difference whether you set up a standing order or make a manual bank transfer each month. They won't know the difference.

Didn't we have a LBG employee on here a few years ago who seemed to present a very convincing case that the bank does indeed know if the payment is a standing order, as opposed to an immediate FP or a future-dated FP?

adindas

Section106 wrote: »

Are you sure the Terms and Conditions require funding only by Standing Order?

As YorkshireBoy suggests, other methods of funding may be a possibility.

As far as I understand, it is only by standing order as stated here
https://www.halifax.co.uk/savings/fixed-term/regular-saver/

"You can save from £25 to £250 a month by standing order (this must reach your account by the 25th of the month)"

It does not say you have to but it also does not say you could pay by other mean.
If there was, like any other RSA product they would have stated those various ways of paying into your account.

20SmthngSver wrote: »

When I held one 8 months ago, I was only allowed to use Standing Order. It still says on their website that this is the only method too.

Other methods may be possible in their wording, but why would you risk it if you don't know.

I have been having this SO for a a few years by now and I do not remember ever be able to add money into this RS even by internal transfer among Halifax/BOS account. If there was a way of doing that many people would have done that for "first payment/deposit" as this is the fastest way to hit your RSA for the first deposit.

soulsaver

adindas wrote: »

As far as I understand, it is only by standing order as stated here
https://www.halifax.co.uk/savings/fixed-term/regular-saver/



I have been having this SO for a a few years by now and I do not remember ever be able to add this RS even by internal transfer among Halifax/BOS account. If it was a mean of doing that many people would have done that for first payment/deposit as this is the fastest way to hit your RSA. Faster than SO as with SO it will need at least one day after you set up a new SO to reach your account for the first deposit.

Your second para casts some doubt on your ability to distinguish the subtle difference between what it says, what it (may have) intended and what it actually means in correct English.

JamesRobinson48

Santander has just withdrawn its 3.00% RSA. The replacement 8th issue pays only 2.50% on max £200 per month.

bristolleedsfan

adindas wrote: »

As far as I understand, it is only by standing order as stated here
https://www.halifax.co.uk/savings/fixed-term/regular-saver/

"You can save from £25 to £250 a month by standing order (this must reach your account by the 25th of the month)"

It does not say you have to but it also does not say you could pay by other mean.
If there was, like any other RSA product they would have stated those various ways of paying into your account.



I have been having this SO for a a few years by now and I do not remember ever be able to add money into this RS even by internal transfer among Halifax/BOS account. If there was a way of doing that many people would have done that for "first payment/deposit" as this is the fastest way to hit your RSA for the first deposit.

I have always funded both Halifax and BOS regular savers by Internal transfer from Halifax Current Account, option is there to be able to do it, whereas with TSB and probably other Banks isnt possible to fund this way.