Regular Savings Accounts: The Best Currently Available List!

happybagger

Yes but they don't credit it until the following day.
"from the day we receive it and credit it to your account"

friolento

refluxer said:

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.

The systems don't always act in the way the T&Cs are written ...... HEBS looking like another example of that.

On Saturday December 9 I deposited £1,000 by debit card into my new HEBS Branch Saver. The time I made the deposit isn't shown but I think I did it on Saturday morning. It shows as credited to my HEBS BS on the same day. It wasn't debited from my Santander current account until Sunday, December 10. Whether I will actually get interest from December 9, or only from December 11, I can't yet tell - but tbh, the max 30p interest I would have 'lost' if interest doesn't start until the 11th won't break my bank

refluxer

flaneurs_lobster said:

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

From the looks of their general T&Cs, payments to all Hanley Eco BS savings accounts are made to their own account and then distributed to individual accounts via the payment reference and I get the impression that they're either processed manually or possibly queued and processed in batches, as some banks and buildings societies like to do. Either way, this means that (as happybagger eluded to above) even though they might be received the same day, they don't always get processed and credited immediately, like they would be with larger building societies where this is automated and immediate (eg. Nationwide).

My observations were just based on my experience of making a number of faster payments into their Branch Account on weekday mornings which weren't credited until the morning of the following working day so I guess I was just trying to set expectations...

AmityNeon

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?

No. The profit/interest earned from an ISA is tax-free savings income, even if it's paid to an external account.

Emily_Joy said:

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.

ISAs generally aren't suitable to function as nominated accounts, even if they're easy access, due to the additional restrictions placed upon them (e.g. declarations, contribution limits, treatment of transfers in and out). The accounts best suited for this purpose are transactional accounts with a sort code and account number, able to directly send and receive Bacs and Faster Payments without restrictions (other than those generally applicable to all accounts).

You should have simply nominated your Barclays current account instead; the profit/interest paid out from an ISA to a nominated current account is still tax-free.

happybagger

refluxer said:

flaneurs_lobster said:

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

From the looks of their general T&Cs, payments to all Hanley Eco BS savings accounts are made to their own account and then distributed to individual accounts via the payment reference and I get the impression that they're either processed manually or possibly queued and processed in batches, as some banks and buildings societies like to do. Either way, this means that (as happybagger eluded to above) even though they might be received the same day, they don't always get processed and credited immediately, like they would be with larger building societies where this is automated and immediate (eg. Nationwide).

My observations were just based on my experience of making a number of faster payments into their Branch Account on weekday mornings which weren't credited until the morning of the following working day so I guess I was just trying to set expectations...

In my Branch Saver account, I sent a 5 figure sum. It wasn't until three days later when three transactions appeared. The day I sent it showed a credit transaction for that date as "funds received - not allocated", it then showed as a debit straight after, "Funds allocated", then a credit again 2 days later as "Receipt by bank transfer"

Can't say anything about the RS account as I haven't opened it.

Emily_Joy

AmityNeon said:

Emily_Joy said:

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

You should have simply nominated your Barclays current account instead; the profit/interest paid out from an ISA to a nominated current account is still tax-free.

Surely, in this case the profit/interest would have left the ISA wrapper, which I wanted to avoid... 

AmityNeon

Emily_Joy said:

AmityNeon said:

Emily_Joy said:

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

You should have simply nominated your Barclays current account instead; the profit/interest paid out from an ISA to a nominated current account is still tax-free.

Surely, in this case the profit/interest would have left the ISA wrapper, which I wanted to avoid...

To be clear, choosing for interest to be paid away to any external account results in said interest leaving the ISA wrapper immediately; the problem was not that Barclays moved the funds to your current account. You cannot just nominate your Barclays ISA to receive the interest earned from your Gatehouse ISA and expect that interest to remain wrapped (i.e. excluded from contribution limits).

AmityNeon

charlie12525 said:

Regarding the Hanley Economic Building Society Online Regular Saver, the T&Cs state -

8.2 On our accounts we generally:
Calculate interest on a sum withdrawn up to (but not including) the day before you make the withdrawal

So a couple of days lost interest on withdrawal. Think I will leave it.

That clause is incorrectly worded. In practice, Hanley Economic follows industry practice and accrues interest daily on closing balances, right up to (but not including) the day of withdrawal (when the account balance is reduced).

Their "savings terms and conditions have recently been updated and are reviewed by a specialist legal firm to ensure they are fair and in line with industry regulations", but this specialist legal firm failed to notice how the word 'before' effects an interest loss of one day (which doesn't happen in practice).

cricidmuslibale

I've just found out that the Yorkshire BS Loyalty Regular eSaver 2023, currently paying 7.00% (variable) annual interest on up to £500 per month to members who have a continuous relationship with Yorkshire Building Society of 12 months or more, is now no longer available. It must have been withdrawn some time yesterday (Friday) evening because it was still showing on Moneyfactscompare.co.uk when I checked at c. 8.50pm yesterday.

Hopefully the Coventry BS Loyalty Regular Saver, also paying 7.00% (variable) annual interest but on up to £250 per month, will remain available until say Christmas Eve at least. That account has only been around for about two and a half weeks so far and, after all, it is restricted to those who have had a continuous relationship with Coventry Building Society (or ITL Mortgages Ltd or Godiva Mortgages Ltd) since 1 January 2022 or before this date.

Just as a reminder: Unlike the Yorkshire BS Loyalty Regular eSaver, which works on a calendar month basis, the Coventry BS Loyalty Regular Saver uses account months e.g. the 2nd month starts on the monthiversary of the day you open the account etc. I.e. if you open this account and make the maximum deposit of £250 today (16th December) you then have to wait until 16th January to make your next £250 deposit. You can make as many deposits as you wish to within your personal account month as long as you do not exceed £250 in total. Any payment that causes this limit to be exceeded will be returned in full to you.

PowerSavingMode

cricidmuslibale said:

I've just found out that the Yorkshire BS Loyalty Regular eSaver 2023, currently paying 7.00% (variable) annual interest on up to £500 per month to members who have a continuous relationship with Yorkshire Building Society of 12 months or more, is now no longer available. It must have been withdrawn some time earlier this evening because it was still showing on Moneyfactscompare.co.uk when I last checked about 3 hours ago.

Hopefully the Coventry BS Loyalty Regular Saver, also paying 7.00% (variable) annual interest but on up to £250 per month, will remain available until say Christmas Eve at least. That account has only been around for about two and a half weeks so far and, after all, it is restricted to those who have had a continuous relationship with Coventry Building Society (or ITL Mortgages Ltd or Godiva Mortgages Ltd) since 1 January 2022 or before this date.

Just as a reminder: Unlike the Yorkshire BS Loyalty Regular eSaver, which works on a calendar month basis, the Coventry BS Loyalty Regular Saver operates using account months (or monthiversaries if you prefer): i.e. if you open this account and make the maximum deposit of £250 today (16th December), you then have to wait until 16th January to make your next £250 deposit. You can make as many deposits as you wish to within your personal account month as long as you do not exceed £250 in total. Any payment that causes this limit to be exceeded will be returned in full to you.

Darnit, I had just under a month to go until I became eligible for the YBS loyalty saver. Thanks for letting us know.