Regular Savings Accounts: The Best Currently Available List!

karlie88

EachPenny wrote: »

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

Ten accounts is ok, 400 is too much.

What about somewhere in the middle?

EachPenny

karlie88 wrote: »

What about somewhere in the middle?

Well as the T&C's don't actually say you cannot have more than one account then I guess the 'middle' position is no better or worse than having one, or 400.

On a slightly more serious note, I stopped clicking on 'Apply Now' when I felt the number of accounts met my 'reasonable' needs. 'Reasonable' has been a friend of mine on many occasions. Although I'm sure I wouldn't have to, if I had to make a complaint to the ombudsman I would feel happier being able to show the number of accounts I opened were for my reasonable needs.

Opening a very large number of accounts, each of which will only ever have the initial deposit of £25 in them, might be considered unreasonable. (because Ford would have to bear the costs of administering a large number of accounts and the customer could achieve the same benefit by having fewer accounts, each funded to the maximum)

But opening 400 accounts because you want to transfer in £100k sounds very reasonable to me

Ed-1

EachPenny wrote: »

Opening a very large number of accounts, each of which will only ever have the initial deposit of £25 in them, might be considered unreasonable. (because Ford would have to bear the costs of administering a large number of accounts and the customer could achieve the same benefit by having fewer accounts, each funded to the maximum)

Except they couldn't as they'd have less than a year at 4% on some of the money if they still had to drip feed it in to each account. They'd get 4% on the lump sum from day one by spreading the lot over 400 accounts.

EachPenny

Ed-1 wrote: »

Except they couldn't as they'd have less than a year at 4% on some of the money if they still had to drip feed it in to each account. They'd get 4% on the lump sum from day one by spreading the lot over 400 accounts.

Yes, if you needed to do drip feeding that would be the case, but I was using a hypothetical example where only the initial £25 deposit was made. The customer could achieve the same financial benefit by opening one tenth the number of accounts and funding each one fully.

Opening a very large number of accounts with only the minimum deposit in each could be viewed as straying into vexatious behaviour - i.e. opening a lot of accounts to cause annoyance or cost to the bank, rather than doing it to meet personal needs. But even then the customer may have other reasonable grounds for having multiple accounts - e.g. separate saving pots for different purposes.

PeakOwl

If the Ford Cash ISA were to run for 12 months, it would take you into a new ISA year, would it not (ie. 18/19?)?

So, as the term runs over 2 ISA periods, does this prevent you from transferring the proceeds to another ISA in 18/19?

Speculator

PeakOwl wrote: »

If the Ford Cash ISA were to run for 12 months, it would take you into a new ISA year, would it not (ie. 18/19?)?

So, as the term runs over 2 ISA periods, does this prevent you from transferring the proceeds to another ISA in 18/19?

You will have to miss the final payment.

EachPenny

PeakOwl wrote: »

So, as the term runs over 2 ISA periods, does this prevent you from transferring the proceeds to another ISA in 18/19?

Speculator wrote: »

You will have to miss the final payment.

This is covered in posts a few pages back. All the Ford cash ISA products are counted as one big ISA, so all you need to do is to open a standard ISA as well as the RS one and put the final payment into the standard one, then do a transfer between them as the final RS contribution. All the money made it into the Ford Cash ISA in 2017/18, so you are free to do what you want in 2018/19.

trickydicky14

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.

How long does it take to move money from nominated 'external' account to flex saver?
I have looked for answer but could not find it.

bottleandahalf

Has everyone been asked to send away proof of ID?

B_G_B

Regular Saver Cash ISA has joined its mate and is not currently available.