Regular Savings Accounts: The Best Currently Available List!

EachPenny

isasmurf wrote: »

They have told me that due to sheer demand experienced yesterday, they have a backlog in the payments system. They are hoping to have caught up by the end of today and advise to check again after close of business.

ChaskhaChaia wrote: »

I'm glad that it's not just me. Hopefully my money will appear soon! Does this mean that this will happen every month then as presumably everyone who opened and funded yesterday will be trying to fund next months payment on 22 June? Or will their systems be able to cope by then?!

Internal transfers from the Flexible Saver account to the Regular Saver appear to happen more or less instantly during working hours.

The quickest way to get money into the Regular Saver in future appears to be sending money to a Flexible Saver the day before and then transferring it across on the day. As the Flexible Saver is still paying a reasonable amount of interest there is not much to lose from keeping funds on 'standby' - unless the money is coming from somewhere paying a much higher rate.

Has anyone who opened more than one Regular Saver actually had the account closed yet?

hgt

ChaskhaChaia wrote: »

I'm glad that it's not just me. Hopefully my money will appear soon! Does this mean that this will happen every month then as presumably everyone who opened and funded yesterday will be trying to fund next months payment on 22 June? Or will their systems be able to cope by then?!

I hope they will back-date our payments to 22nd, or else that might mean we have to change our SO dates for future months so we don't fall foul of the anniversary month.

It's a bit odd as Newcastle BS who use the same IT system (Ford's systems are provided by Newcastle BS) have a system whereby when you send a Faster Payment or SO you specify your account number (only) as the reference number. Whereas with Ford you seem to specify either your reference number or account number along with your surname... which seems to suggest to me that they will need a human to go through the payments received by their clearing bank (Barclays) in order to allocate payments to the correct account. I suspect they have underestimated the demand and some poor person is probably having to go through the payments one by one!

isasmurf

ChaskhaChaia wrote: »

I'm glad that it's not just me. Hopefully my money will appear soon! Does this mean that this will happen every month then as presumably everyone who opened and funded yesterday will be trying to fund next months payment on 22 June? Or will their systems be able to cope by then?!

It might be that there are more security checks on the first payment and subsequent payments from the same source will be quicker. Certainly when I've used this platform before with other banks the first payment does take longer to appear than follow up payments.

ChaskhaChaia

hgt wrote: »

I hope they will back-date our payments to 22nd, or else that might mean we have to change our SO dates for future months so we don't fall foul of the anniversary month.

It's a bit odd as Newcastle BS who use the same IT system (Ford's systems are provided by Newcastle BS) have a system whereby when you send a Faster Payment or SO you specify your account number (only) as the reference number. Whereas with Ford you seem to specify either your reference number or account number along with your surname... which seems to suggest to me that they will need a human to go through the payments received by their clearing bank (Barclays) in order to allocate payments to the correct account. I suspect they have underestimated the demand and some poor person is probably having to go through the payments one by one!

I thought that the anniversary date was the date we opened the account (i.e. yesterday the 22nd) not the date that we funded it. I'm sure that payments sent yesterday will be backdated to yesterday, but yes poor person having to go through them one by one! Mine was sent at 8.30am so if they haven't even got to mine yet they've got a long way to go!

bristolleedsfan

EachPenny wrote: »

Has anyone who opened more than one Regular Saver actually had the account closed yet?

Why would that happen when secure messages were sent with attached customer letters in response to additional regular savings accounts having been opened. :think:


"I´m delighted that you´ve opened another account with us. Thank you for doing so. You can see your new Ford Money Regular Saver account on your summary screen"

Zanderman

bristolleedsfan wrote: »

Why would that happen when secure messages were sent with attached customer letters in response to additional regular savings accounts having been opened. :think:

"I´m delighted that you´ve opened another account with us. Thank you for doing so. You can see your new Ford Money Regular Saver account on your summary screen"

Er, because...?

ThriftyFelicity wrote: »

I've just spoken to them on the phone, and they said that one regular saver and one regular saver ISA will be allowed each person. Any additional accounts, even if opened before they [STRIKE]saw the error of their ways[/STRIKE] changed their minds, will be closed :rotfl:

karlie88

For those who haven't had the money appear in their accounts since yesterday - it's very obvious what Ford Money are trying to do.

'Backlog', 'delays', 'inundated', etc.

Fast forward another 13 days and they'll be saying that they've closed our accounts due to them not being funded. They're a cheeky lot.

Just received some secure messages thanking me for opening another account with them. No, no, no - thank you!

castle96

Karlie - sadly I think you will be proved right. I opened 3 x ISA and 3 x RS, but only funded one of each. So at worst I should get to keep these two (hope) I have taken notes/times/screenshots, etc and will send them a SM to cover my a*s* in the forthcoming 'discussions'

Westie983

The ones that were paid via the flexible saver by transfer are funded,

Im still waiting for money to arrive in the account that I paid into from my nominated account, with the reference number and not the account number, I have checked I havent made a mistake, although Im not worried, they will probably get around to it today.

I like others have had messages in my secure box welcoming me for opening additional accounts, I thought it would be a message saying they would close any additional accounts.

This can and could still happen within 14 days just like we have 14 days to cancel the account and get money back. They have an opening date of 22nd so I don't think it will matter about the date of the payment, any forthcoming payments will be from 22nd onwards, as before.

I will see what appears after work tonight.

Westie983

Stompa

ChaskhaChaia wrote: »

I thought that the anniversary date was the date we opened the account (i.e. yesterday the 22nd) not the date that we funded it.

I don't think that's correct. In 'FORRSA.pdf' it states:

The Term starts on the date we receive your initial deposit (see Accepting your application). It will finish on the date of the final anniversary of us receiving your initial deposit. For example, if you make an initial deposit for a 1-year Term on 5th January, the Term will end on 5th January the following year.