Regular Savings Accounts: The Best Currently Available List!

gt94sss2

Emily_Joy said:

allegro120 said:

Emily_Joy said:

Gatehouse - they say the RS account pays profit, not interest. For the purpose of tax reduction does it still count towards personal saving allowance?..

For tax purposes 'profit' counts the same as 'interest'.

Now I am getting concerned. Back in summer Gatehouse paid profit from my ISA into Barclays easy access ISA, but Barclays transferred that almost instantly into my current account. I was expecting the "profit" from ISA to be tax free. Is the latter transfer likely to cause an issue?..

You can't just pay the interest from one ISA to another with another institution and maintain its tax free status.

You would have needed to fill in a ISA transfer form and ask Barclays to request the money from Gatehouse.

soulsaver

A bit of unusually 'On Topic' info:

I can confirm HanleyEBS 5.50% RS: Although min opening is £1k, a test payment isn't rejected... but they are pretty slow at applying deposits (next day)... which is possibly not a problem if you're aware rather than checking every 5 mins...

And inbound payments can come from any bank/BS; outbound must be to linked account.

Both actions confirmed by their efficient sounding CS colleague & subsequently confirmed by personal experience.
   

Middle_of_the_Road

soulsaver said:

A bit of unusually 'On Topic' info:

I can confirm HanleyEBS 5.50% RS: Although min opening is £1k, a test payment isn't rejected... but they are pretty slow at applying deposits (next day)... which is possibly not a problem if you're aware rather than checking every 5 mins...

And inbound payments can come from any bank/BS; outbound must be to linked account.

Both actions confirmed by their efficient sounding CS colleague & subsequently confirmed by personal experience.
   

Thanks for the info re- next day deposits. Will be opening this account, having just released funds from Cov FHS2.

refluxer

RE: Hanley Eco BS deposits - most of the faster payments I made into their Branch Saver showed in online banking the following working day, but one did take two working days so I would recommend only making payments into the Regular Saver from Monday to Thursday and the earlier in the day you can make them, the better.

chris_the_bee

refluxer said:

RE: Hanley Eco BS deposits - most of the faster payments I made into their Branch Saver showed in online banking the following working day, but one did take two working days so I would recommend only making payments into the Regular Saver from Monday to Thursday and the earlier in the day you can make them, the better.

When do they credit interest from?
Date of actual receipt of funds or when shown online?

Pkman

Does the opening deposit £1000 include this month deposit?

Emily_Joy

gt94sss2 said:

You can't just pay the interest from one ISA to another with another institution and maintain its tax free status.
You would have needed to fill in a ISA transfer form and ask Barclays to request the money from Gatehouse.

grumbler said:

It probably left the wrapper as soon as allegro120   "paid profit from ... ISA into Barclays easy access ISA". It's not clear how the payment was made, but the only way to keep the wrapper is to transfer (part of) ISA from one provider to another, i.e. to request a transfer from Barclays side.

It was not me who has made the payment. Gatehouse bank asked for a nominated bank account details as a part of ISA opening process. I gave my easy access Barclays ISA account. The funds were automatically sent there by Gatehouse without me doing anything. I just woke up one morning to an email from Barclays telling me that the funds have been transferred to my current account and this was the first time I heard about the issue.

refluxer

Pkman said:

Does the opening deposit £1000 include this month deposit?

I don't have this account myself yet, but it almost certainly will.

refluxer

chris_the_bee said:

refluxer said:

RE: Hanley Eco BS deposits - most of the faster payments I made into their Branch Saver showed in online banking the following working day, but one did take two working days so I would recommend only making payments into the Regular Saver from Monday to Thursday and the earlier in the day you can make them, the better.

When do they credit interest from?
Date of actual receipt of funds or when shown online?

With the Hanley, you often have to consult their general savings account T&Cs document for information like that as it'll be common to all their accounts...

8.2 On our accounts we generally:

• Calculate interest on a sum paid into your account in cash or by Electronic Payment, including Internal Transfers, from the day we receive it and credit it to your account. Any sums received by us after 3pm on a Working Day or on a non-Working Day, will be treated as having been received and will be credited to your account and start earning interest at the start of the next Working Day (subject to our Normal Business Hours)

• Calculate interest on a sum deposited by cheque from the second Working Day after we receive it

I think the important thing to note is that faster payments (even those sent before 3pm on a working day) aren't actually received and processed by them until the following working day at the earliest... at least that's the way it works for the Branch Saver - it's possible the Online Regular Saver might be quicker, with it being a true online account.

flaneurs_lobster

refluxer said:

8.2 On our accounts we generally:

• Calculate interest on a sum paid into your account in cash or by Electronic Payment, including Internal Transfers, from the day we receive it and credit it to your account. Any sums received by us after 3pm on a Working Day or on a non-Working Day, will be treated as having been received and will be credited to your account and start earning interest at the start of the next Working Day (subject to our Normal Business Hours)

• Calculate interest on a sum deposited by cheque from the second Working Day after we receive it

I think the important thing to note is that faster payments (even those sent before 3pm on a working day) aren't actually received and processed by them until the following working day at the earliest... at least that's the way it works for the Branch Saver - it's possible the Online Regular Saver might be quicker, with it being a true online account.

Is a faster payment not what Hanley refer to as a "Electronic Payment" and therefore credited same day (prior to 3pm)?