Regular Savings Accounts: The Best Currently Available List!

changearound1

TiVo_Lad said:

Section62 said:

They won't be looking for "out of the ordinary" transactions.

Perhaps you can quote your source for this statement? Unless you work for MonBS you have no knowledge at all about what they will or won't do with information that is supplied to or witheld from them.

 Monmouth's Nominated Bank Account Form states the following:

'As part of our Financial Crime procedures to reduce the risks of money laundering and fraud and to protect our members against financial crime, we will need to verify your account. We will attempt to verify your account electronically however if the search is not successful, we will contact you to request an original bank statement which displays your name, address and account number.'

This suggests that they just want proof that the Bank Account belongs to the Account Holder.

WillPS

TiVo_Lad said:

Section62 said:

They won't be looking for "out of the ordinary" transactions.

Perhaps you can quote your source for this statement? Unless you work for MonBS you have no knowledge at all about what they will or won't do with information that is supplied to or witheld from them.

Or have a basic understanding of GDPR. 

qbadger

Rudyson said:

I spoke to Monmouth today, and was told I could download a pdf of my bank statement and send it off.

What's their email address?

saverbynature

housebuyer143 said:

flaneurs_lobster said:

Nick_C said:

YBS.  The T&Cs do not say it has to be one account open for 12 months.  It is open to interpretation.  And YBS interpret the rule generously.

I opened the Loyalty ISA in March 23, and the Loyalty RS last week.  Two different branches.  On each occasion, I did not have an account that had been open for a year, but I have been a member continuously for 16 years.

Your opinion is inaccurate and unhelpful, as it could put people off from applying.

Since YBS choose to interpret their own T&Cs in this fashion and it is to the Member's advantage, I would not wish to discourage anyone from applying and will annotate my opinion-giving post accordingly.

Just opened ybs and only been with them for 7 months 🎉

@housebuyer143 You were lucky! I opened my first YBS account on 27th September 2022 and tried several times to open the 7% regular savings account when it was launched but kept getting rejected. It was only after midnight on the 27th that I finally got accepted!

PowerSavingMode

pecunianonolet said:

subjecttocontract said:

Monmouth B/Soc.
I wasn't asked to do that and there's nothing special or out of the ordinary about me. I just downloaded their nominated account form, completed it and posted it to them. I got notification they received it by letter. Try it, it might work.

My letter is saying:

Registration for "My Accounts" online withdrawal facility

Thank you for providing us details of your bank account so that we can enable the online withdrawal facility of our "My Accounts" service for you.

As a security precaution we always confirm in writing the details you have provided as well as asking for evidence in the form of an original or certified copy of your bank statement.

So that we can ensure the information we have recorded in our system is accurate and for you to confirm your instructions, please check that the bank account details listed below are correct and then sign and return this letter within 30 days in the enclosed pre-paid envelope.

Once we have received the signed confirmation and evidence in the form of an original or certified copy of your bank statement, the online withdrawal facilities will be enabled on your accounts we we will send you a secure message to confirm this. 

Yours sincerely

Savings  & Customer Contact Department  

List of my details

I authorise the Monmouthshire Building Society to accept withdrawal request submitted via the "My Accounts" service using my User ID, password and item of memorable information in favour of the above bank account.

Sign:                              Date:


I added all the details when I applied for the online facility. The above is dated 15th September and the other page with the user ID is dated 26th September. 

I received similar today.

PowerSavingMode

schiff said:

Will someone kindly link to the T&Cs of the new Tipton RS please.
I can't find the posts about it arriving amongst the welter of discussion stuff!
TIA

I'm not sure there are specific T&Cs for a specific savings account, but this is the Terms and Conditions for their overall Savings Accounts:

https://www.thetipton.co.uk/media/pfoaemwt/3451-tipton-saving-terms-and-conditions-brochure-update_spreads.pdf

flaneurs_lobster

qbadger said:

Rudyson said:

I spoke to Monmouth today, and was told I could download a pdf of my bank statement and send it off.

What's their email address?

Don't know. If you have online access you can send them a message with the pdf attached.

bristolleedsfan

TiVo_Lad said:

Section62 said:

They won't be looking for "out of the ordinary" transactions.

Perhaps you can quote your source for this statement? Unless you work for MonBS you have no knowledge at all about what they will or won't do with information that is supplied to or witheld from them.

All savings providers are interested in is verifying that nominated account belongs to savings account holder, most verifications get done electronically, challenger banks and smaller buildings societies appear to sometimes not be able to verify accounts that main banks can verify. e.g Halifax and Lloyds able to verify my new edge account within hours, Charter Bank and Family Building Society not able to verify same account weeks later.

Section62

TiVo_Lad said:

Section62 said:

They won't be looking for "out of the ordinary" transactions.

Perhaps you can quote your source for this statement? Unless you work for MonBS you have no knowledge at all about what they will or won't do with information that is supplied to or witheld from them.

There was a far easier way of finding out, rather than having to get a job with them.

Simply phone up and ask if it was Ok to send a redacted bank statement.  "Yes" they said, "we only need to be able to see your name and address along with the account number".

Of course the CSA might have been lying, they may well scrutinise every transaction looking for something they don't like.  But as a method of achieving KYC this would be a fundamentally flawed approach that the regulators would likely take a dim view of, since one bank statement from one current account doesn't given them very much of an overview of their customer's spending habits if - as many of us do - we spread our banking and spending over different current accounts and credit cards.

Note also that this has nothing to do with them "reject[ing] the application due to their KYC rules".  This is an optional process to verify an external account to receive electronic payments.  There is no requirement to set up a nominated account if you don't want to.  The application process - the thing for which KYC checks might be relevant - has been completed already by the point a nominated account is (optionally) being set up.

Monmouthshire insider knowledge is not required.  Just a phone call and a rudimentary understanding of the difference between KYC processes and anti-money laundering requirements that apply to all banks and building societies.

In any event, I believe if a redacted statement wasn't adequate then MonBS would just ask for an unredacted one - rather than going for the nuclear option of assuming their new customer must be a criminal and closing their account(s) down. So nobody needs to be unduly concerned here.

dlevene

Re. Mon BS. I received the form that also asked for a original or certified statement. I called them up, and when the rep saw that I'd paid one of the initial deposits by cheque, told me to note this on the form and that a statement wouldn't be required. The mandate ultimately went through fine without a statement. 

I do find it a slightly frustrating way of doing business but it did all get sorted out in the end. I think the advantage of the rather... quaint approach is that when you can get to the right rep they can do quite a lot. 

Nationwide, on the other hand... There's a problem with the current account switch in that their system didn't link it to my existing customer profile (I have my mortgage with them). They said they'd put it in the system, which would take 3-10 working days to resolve, and this is before we even get to the switch bonus or RS... 🤦🏽‍♂️

This is the joy of this particular hobby. But most hobbies don't *make* money