Regular Savings Accounts: The Best Currently Available List!

adindas

EachPenny wrote: »

Are they for new money, or transfers?

If new money then the easiest/quickest way appears to be opening a Flexible Saver account as well. You can then just make one external payment of funds into the Flexible Saver and then do internal transfers to move the money into the correct account. When I was doing it earlier in working hours the internal transfers were done more or less instantly.

As far as I'm concerned that approach is easier than having to set up 7x standing orders, but not everybody will agree

For new money. I already have a Flexible saver and I am fully aware that better to fund it from flexi saver and that is what I intend to do. The problem here is that, it has not appeared on my online banking as it will still need approval.

When I open it asked me how do I fund the account and I tick the box from link account, I fully believe it could be changed when the account has appeared as you will be the person who will set up the SO so no money will be credited if you have not set up the SO instruction.

johnmoney05

adindas wrote: »

I managed to apply seven of Ford Money RS ISA in seven consecutive events.
All of them have different Reference Number.

I have not got instruction how to fund them.

Are you allowed to open 7 x of the same account? :shocked:

isasmurf

johnmoney05 wrote: »

Are you allowed to open 7 x of the same account? :shocked:

It remains to be seen. While the systems might allow it, they have said, albeit on social media and still not on their website, that the regular savers are restricted to 1 per person per product.

schiff

I find it astonishing that at the end of a year you could have £20K earning 4% tax free. OK, not on the full £20K for most of the year but nevertheless. It can't last surely?

isasmurf

schiff wrote: »

I find it astonishing that at the end of a year you could have £20K earning 4% tax free. OK, not on the full £20K for most of the year but nevertheless. It can't last surely?

With the inclusion in the MSE email, I'd be surprised if it was not withdrawn by the end of the day.

EachPenny

isasmurf wrote: »

It remains to be seen. While the systems might allow it, they have said, albeit on social media and still not on their website, that the regular savers are restricted to 1 per person per product.

However, the actual wording of the FB post says "Please note our new Regular Savers are restricted to one product per person." (my emphasis)

So if you wanted to you could interpret that as meaning you can have only 'Regular Saver' or 'Regular Saver Cash ISA' products (in any quantity), but not both. (But obviously not what Ford meant. Or did they? )

Alternatively you could interpret that as meaning a restriction of some kind is applied to the 'Regular Saver', but the information contained in the post is not applicable to the 'Regular Saver Cash ISA', because that is a different account type.

What the sentence actually means depends on your interpretation of the words used.

So from a legal perspective I cannot see how the FB post can carry any weight in customers making a decision about what account(s) to apply for, nor how many they are permitted. It needs to be clearly stated in the T&C's or information supplied to you at the point you make an application.

EachPenny

schiff wrote: »

I find it astonishing that at the end of a year you could have £20K earning 4% tax free. OK, not on the full £20K for most of the year but nevertheless. It can't last surely?

But as they allow transfers in, if there is no limit on the number of accounts you can hold then surely by the end of the first month you could have your entire cash ISA funds earning 4% for the rest of the year? It would need a lot of accounts to do that though

Nationwide8

Nationwide8 wrote: »

Accounts opened 22nd May
Maturity date 22nd May 18
First deposits paid in 23rd May although I had req them on 22nd ( after 5pm )
SO x 11 set up for 23rd of every month

Sent Secure message asking if SO date OK yesterday .... not yet answered.

Just checked accounts and the Maturity date on both has changed to 23rd .....which is the date the first deposits went in.

No reply yet if SO date of 23rd of each month is OK :question:

crumpetman

EachPenny wrote: »

But as they allow transfers in, if there is no limit on the number of accounts you can hold then surely by the end of the first month you could have your entire cash ISA funds earning 4% for the rest of the year? It would need a lot of accounts to do that though

Can you imagine the people with £100k plus opening over 400 accounts with £250 in each? I bet someone gives it a try.

EachPenny

crumpetman wrote: »

Can you imagine the people with £100k plus opening over 400 accounts with £250 in each? I bet someone gives it a try.

Maybe that's what Ford meant about customers opening excessive numbers of accounts?

Ten accounts is ok, 400 is too much.