Regular Savings Accounts: The Best Currently Available List!

bob792

Archi_Bald wrote: »

......... if they let me keep it.

Fingers crossed. You would imagine that they wouldn't have listed it under "Available products" when applying after logging in if it wasn't allowed. But, time will tell.

Lloyds_Bank

liamcov wrote: »

If I already have a Lloyds monthly saver 4% can I open another joint one?

Hi liamcov,

While I'm unsure if you're referring to our Monthly Saver or our Club Lloyds Monthly Saver, it's not possible to hold more than one of each account-type at any one time. However, it is possible to hold one Monthly Saver & one Club Lloyds Monthly Saver simultaneously.

I hope this helps.

Thanks,

Graeme

patientperson

bob792 wrote: »

Fingers crossed. You would imagine that they wouldn't have listed it under "Available products" when applying after logging in if it wasn't allowed. But, time will tell.

Spoke to Newcastle this morning. There is a rule of 1 account over all issues as it is meant to be a mortgage saver but it appears their software is not controlling new accounts being offered. Wait and see over a few months.

badger09

patientperson wrote: »

Spoke to Newcastle this morning. There is a rule of 1 account over all issues as it is meant to be a mortgage saver but it appears their software is not controlling new accounts being offered. Wait and see over a few months.

Interesting - no pun intended

The Product Special Conditions in KPI specifies "There is a maximum of one account per person".

The intention may have been as Newcastle told you this morning, but as the KPI does not specify "maximum of one account over all issues per person" then I would (and will if necessary :cool:) argue that one of each issue should be allowed.

Archi_Bald

patientperson wrote: »

Spoke to Newcastle this morning. There is a rule of 1 account over all issues as it is meant to be a mortgage saver

That doesn't sound like a logical reason at all.

badger09

Archi_Bald wrote: »

That doesn't sound like a logical reason at all.

Really?

It sounds fairly logical to me.

In addition to the bonus interest rate, there is also the potential cash reward payable (subject to T&C) on mortgage completion. Clearly, most of the MSEers using the account don't intend to apply for a mortgage - but that's the idea behind the product, and Newcastle won't want to pay out multiple cash rewards :eek:

patientperson

Archi_Bald wrote: »

That doesn't sound like a logical reason at all.

Newcastle BS do not view this account as we may do so they wonder why on earth any member would want to open a second saver account with a lower interest rate. I did not go into the savings aspect if the first account has already maxed out the monthly payments. If not, then their point seems valid given that we are saving for a mortgage .. are we not?.

noh

badger09 wrote: »

Really?

It sounds fairly logical to me.

In addition to the bonus interest rate, there is also the potential cash reward payable (subject to T&C) on mortgage completion. Clearly, most of the MSEers using the account don't intend to apply for a mortgage - but that's the idea behind the product, and Newcastle won't want to pay out multiple cash rewards :eek:

The T+Cs of the account allow one cash award per mortgage up to the maximum of £1000. Therefore there is no way multiple rewards can possibly be paid out.
See special conditions
http://www.newcastle.co.uk/savings/big-home-saver.aspx

"9. Only one cash reward is payable per mortgage taken. If two or more Newcastle Big Home Savers/ISAs are used to provide for the deposit for a house purchase, the cash reward will be split equally between the account holders. If two Newcastle Big Home Savers/ISAs are used together for a mortgage deposit the cash reward will be paid based on the value of both accounts together."

Archi_Bald

noh wrote: »

The T+Cs of the account allow one cash award per mortgage up to the maximum of £1000. Therefore there is no way multiple rewards can possibly be paid out.

Does this mean you can't have more than one BHS at the same time? I don't think it does.

badger09 wrote: »

Really?

It sounds fairly logical to me.

In addition to the bonus interest rate, there is also the potential cash reward payable (subject to T&C) on mortgage completion. Clearly, most of the MSEers using the account don't intend to apply for a mortgage - but that's the idea behind the product, and Newcastle won't want to pay out multiple cash rewards :eek:

What is not logical about people not wanting to save more than £1,250 a month [towards their deposit]? Most savers probably would not have anything like £1,250 to put in each month, but some of us do, don't we.

There is nowt in the T&Cs that says you cannot have different issues of the BHS concurrently. This might be due to a lack of imagination/foresight by the NCBS lawyers but right now, there is nothing in their T&Cs that says you can't have both issues concurrently. Therefore you can.

noh

Archi_Bald wrote: »

Does this mean you can't have more than one BHS at the same time? I don't think it does.

I agree with you.

I posted the extract from the special conditions in order to counter badger09's argument that multiple accounts would not be allowed because that would mean multiple rewards on taking out a mortgage