Regular Savings Accounts: The Best Currently Available List!

Kim_13

BonettiRules said:

masonic said:

WillPS said:

friolento said:

If you use the correct sort code, account number and Reference, there is no reason to believe your payment will go astray. If you use incorrect information, your money will eventually be returned though this can take weeks. 

Unless you give a reference number which exists for someone else's account, of course.

Clause 10.4 of the savings T&Cs suggests that even in this case it would be eventually returned, unless I suppose the recipient fraudulently withdraws it to an account out of MHBS's reach.

Suspect in practice they would not credit a payment originating from an account not in the name of the customer.

Not that I wouldn't be very careful in checking account details, always send a test payment where possible, etc

Banks don;t know where the money is coming from, they don't match a receiving name against sending name, lots of payments come from third parties too such as DSS, your salary etc.  So a payment from Mr A Smith to Mrs B Jones is not going to be stopped initially

Unless of course they were one of those who only accept funding from the nominated account - but I’m not sure if there are any other than Tipton and Coseley.

I mentioned checking business for a COP match - it seemed logical to me that the account name would be MHBS with a reference involved - as I hadn’t realised COP could check a reference for a match to the individual until another poster provided that information. I wasn’t going to do this with my payment and said in the same post that I would be entering my name exactly as MHBS formatted it in the online account area. I certainly wasn’t advocating that anyone go against MHBS’s instructions, but thought it possible that MHBS had given directions that would never return a COP match - there was confusion surrounding the maximum balance, after all. I selected £15 as my initial funding amount so am comfortable with that as a test payment with or without a COP match. I’ll be funding on Monday so will report back then if no one else has had a COP match to their name by then (as most will have overridden to fund if COP requires 24 hours.)

I apologise if I was inadvertently the cause of the thread going off-topic.

Sussex_Green_Man

Just to muddy the water on CoP a little more, Principality BS provided the following info as part of the on screen help about funding the account, after I completed setup.

Bridlington1

cricidmuslibale said:

Bridlington1 said:

Coventry BS Sunny Day Saver at 6.25% NLA.

Thank you very much for letting us all know about this! This is very good example of a popular regular saver account with a well known bank / building society not being available for very long, in this case only three and a half weeks! Anyone who gambled on delaying the opening of this regular saver right until the end of September in order to maximise the total interest received in a year's time will, unfortunately, have missed out altogether!

Availability: Sunny Day Saver

01.09.2024 - 26.09.2024

(Source: Coventry BS's list of closed accounts)

The account allows penalty-free closure and Coventry are one of those which allows you to close an account then reopen another one of the same issue in one sitting.

As a result I chose to hedge my bets so to speak and opened and funded the account on the day it was launched with the view to close and swiftly reopened the account on Monday if it was still available then.

jameseonline

I've applied for the Market Harborough BS one, I don't know why the apply now button looks awful and over the text info regarding the account on my pixel phone however I selected the desktop site option in chrome to get around the issue of it not working.

Hope that helps someone.

Bridlington1

Not quite as exciting as other regular savers mentioned of late but possibly of interest:

Suffolk Building Society are due to launch a Online Variable Rate Regular Saver (31.12.2025) at 5.15% on Monday. From what I can gather the Ts&Cs are due to be the same as the currently available Online Variable Rate Regular Saver (30.09.2025).

Additionally they'll be launching a Variable Rate Regular Saver (31.12.2025) at 5.15% and a Variable Rate Regular Saver (31.12.2026) at 5%. Both of these are branch/post and are limited to existing members or new members resident in postcode areas AL, CB, CM, CO, IP, LU, MK, NR, PE or SG.

masonic

BonettiRules said:

masonic said:

WillPS said:

friolento said:

If you use the correct sort code, account number and Reference, there is no reason to believe your payment will go astray. If you use incorrect information, your money will eventually be returned though this can take weeks. 

Unless you give a reference number which exists for someone else's account, of course.

Clause 10.4 of the savings T&Cs suggests that even in this case it would be eventually returned, unless I suppose the recipient fraudulently withdraws it to an account out of MHBS's reach.

Suspect in practice they would not credit a payment originating from an account not in the name of the customer.

Not that I wouldn't be very careful in checking account details, always send a test payment where possible, etc

Banks don;t know where the money is coming from, they don't match a receiving name against sending name, lots of payments come from third parties too such as DSS, your salary etc.  So a payment from Mr A Smith to Mrs B Jones is not going to be stopped initially

I can assure you that banks can see the account name inward transfers originate from. They can also see the sort code and account number. So they will know where each incoming payment has come from. They can insist on payments into savings accounts being made from an account in the customer's name and even a specific nominated account. They can return payments that do not conform, and several savings providers do.

Perhaps you are confusing savings accounts with current accounts, because very few savings accounts will be receiving lots of payments from third parties and most regular saver accounts cannot be used in this way. Not least the MHBS regular savings account being discussed in this exchange.

jaypers

Banks don;t know where the money is coming from, they don't match a receiving name against sending name, lots of payments come from third parties too such as DSS, your salary etc.  So a payment from Mr A Smith to Mrs B Jones is not going to be stopped initially

The underworld would have a field day if that was the case. Banks know exactly where every payment comes from, including full account details, BIC, name etc. They don’t necessarily do much with this information unless required but everything is recorded. 

Velvet_Monkey

jaypers said:

Banks don;t know where the money is coming from, they don't match a receiving name against sending name, lots of payments come from third parties too such as DSS, your salary etc.  So a payment from Mr A Smith to Mrs B Jones is not going to be stopped initially

The underworld would have a field day if that was the case. Banks know exactly where every payment comes from, including full account details, BIC, name etc. They don’t necessarily do much with this information unless required but everything is recorded. 

Agreed, yet banks still like to claim that it's not possible to recall/track money sent in error to another account, especially in cases of fraud. 

[Deleted User]

Do you think in 12 months time we'll be rushing to get in quickly on 2.5/3% savings accounts? Did regular savers go that low or lower previously?

masonic

[Deleted User] said:

Do you think in 12 months time we'll be rushing to get in quickly on 2.5/3% savings accounts? Did regular savers go that low or lower previously?

I'm pretty sure I held regular savers consistently throughout the period when the base rate was 0.1-0.25%, and while pickings were slim, I did not hold any that paid less than 5% (though I'm sure lower rates were on offer). It is vanishingly unlikely that base rate will return to those levels within the next year.