Regular Savings Accounts: The Best Currently Available List!

YorkshireBoy

10_66 wrote: »

YorkshireBoy, can you clarify for me, please; if you set up a SO to go into a first direct 1st Account for the same date that the SO payment is due to go from the 1st account into the reg saver, is that not as effective as sending a future dated FP to the 1st Account for the same date?

Possibly, right up to the month it fails!

I always fund the working day before.

johnmoney05

10_66 wrote: »

YorkshireBoy, can you clarify for me, please; if you set up a SO to go into a first direct 1st Account for the same date that the SO payment is due to go from the 1st account into the reg saver, is that not as effective as sending a future dated FP to the 1st Account for the same date? I know what I'm trying to say, just not sure if I've explained it properly .

I had one occasion which I set up a SO to go into my nationwide current account for the regular saver account, but it counted the SO went in after the payment to the regular saver, so I was overdrawn for the account! And I was charged for the OD fee. Since then, I only use faster payment to make sure I see the money in the account the day before the SO going out.

schiff

johnmoney05 wrote: »

I had one occasion which I set up a SO to go into my nationwide current account for the regular saver account, but it counted the SO went in after the payment to the regular saver, so I was overdrawn for the account! And I was charged for the OD fee. Since then, I only use faster payment to make sure I see the money in the account the day before the SO going out.

It is safer to arrange the SO (if that's what you want to do) to come from your Nationwide FlexDirect account, so if it goes wrong it comes out of your £2500. It's what I've done.

Edited - to change the description of the current account

schiff

johnmoney05 wrote: »

I had one occasion which I set up a SO to go into my nationwide current account for the regular saver account, but it counted the SO went in after the payment to the regular saver, so I was overdrawn for the account! And I was charged for the OD fee. Since then, I only use faster payment to make sure I see the money in the account the day before the SO going out.

I'm afraid I don't understand this. Do you mean your Nationwide current account was empty at the time?

johnmoney05

schiff wrote: »

I'm afraid I don't understand this. Do you mean your Nationwide current account was empty at the time?

Yes..........

10_66

schiff wrote: »

It is safer to arrange the SO (if that's what you want to do) to come from your Nationwide current account, so if it goes wrong it comes out of your £2500. It's what I've done.

schiff wrote: »

I'm afraid I don't understand this. Do you mean your Nationwide current account was empty at the time?

Unfortunately, it's not always possible to have the £2,500 (5%) if waiting for 12 months to elapse before reapplying for Flex Direct.

schiff

I had incorrectly assumed that a FlexDirect was open, rather than a normal current account

teddysmum

I too am wary about SOs failing, as a number of banks have had problems recently, so I do manual transfers a couple of weeks before the 20th of the month SO date and the latter is between current and savings accounts with the same institution.

adindas

Read this,
If you are doing it by daisy chain of SO. It might cost you a fortune ...
http://www.telegraph.co.uk/finance/personalfinance/bank-accounts/11577641/My-scheme-to-earn-extra-interest-on-current-accounts-failed-heres-why.html

Most of my high interest current accounts are funded using Individual Faster Payment FPO/FPI. Few of them using SO, I normally provide slack of 3 days as one I set it up I do not need to worry anymore about Weekend, Long weekend Bank Holiday, IT server failure, etc

johnmoney05 wrote: »

I had one occasion which I set up a SO to go into my nationwide current account for the regular saver account, but it counted the SO went in after the payment to the regular saver, so I was overdrawn for the account! And I was charged for the OD fee. Since then, I only use faster payment to make sure I see the money in the account the day before the SO going out.

teddysmum wrote: »

I too am wary about SOs failing, as a number of banks have had problems recently, so I do manual transfers a couple of weeks before the 20th of the month SO date and the latter is between current and savings accounts with the same institution.

Ken68

Letter received today....Ipswich BS Smart Save will close to new customers from 1st. October 2016 and existing account holders will have their interest cut by 0.25% to 3.25% including 3% conditional bonus.... and withdrawals will increase to two per anniversary year.