Regular Savings Accounts: The Best Currently Available List!

[Deleted User]

Kim_13 said:

surreysaver said:

35har1old said:

s71hj said:

Digital_Payback said:

Same happened me. 

Turn your phone sideways to landscape mode. 

It then works. Apply button on right hand side. 

Still didn't work for me but did it OK on my laptop. The maddest set of security questions I've ever seen.  I have no hero, no favourite car and favourite film is too many characters and has a space, as 2 words. Just had to make random stuff up and write it down!

Only one I haven't seen before is the hero.
Do you not drive then?
Could have ignored the space

I don't drive. Its more secure if you just make random stuff up anyway. 

I can drive but I still found the car question bizarre - it implies make and model and the majority would be more than the character limit (10?) Same with the film. I imagine most people don’t have a hero as such.

I wrote true answers which are quite random to other peoole so hopefully they will be 'safe'.

masonic

BonettiRules said:

masonic said:

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.

Of course they can see where it comes from but the suggestion they check before crediting a virtually instant payment is ludicrous.

Thank you for conceding that the receiving bank does in fact know where the money is coming from, and receives the account name, sort code and account number of the sending account alongside the reference provided. Hopefully it will then not be a giant leap to understand that when a bank or building society receives money into their central holding account, any and all of those details can be used to match the payment to a customer savings account. Whether only the reference is checked, the reference plus account name, or reference plus sort code + account number, the process can be virtually instant.

I suppose someone could think this ludicrous if they don't understand what can be done by an automated system in real time and have overlooked the real world example provided in response to an earlier post challenging that this was possible. In addition to the first example of Tipton, here are another two... 

This is what Aldermore have to say on their personal savings help page:

https://www.aldermore.co.uk/savings-accounts/personal-savings-accounts/personal-savings-help-and-support/opening-an-account-and-paying-money-in/nominated-accounts/

...and here is what Secure Trust Bank have to say:

https://www.securetrustbank.com/savings/helpful-information/help/pay-money-in/how-can-i-pay-into-my-account

Not all institutions that have this policy make the information readily available online, notably the Tipton example previously mentioned.

The upgrade of CoP to perform matching using the reference field is a very new feature. Before it was introduced, customers could get a CoP match against the financial institution while still getting the reference wrong, so the additional check that the money was received from a known account or sender was useful to avoid misdirected payments. It is also helpful from a AML perspective, so it will be interesting to see how things change as the CoP changes bed in.

BonettiRules said:

Also by that reckoning i couldnt send you money and you me!  Checks are made when they are needed...

It seems you really don't appreciate the differences between a regular savings account and a current account.

Nick_C

Could we all please stay on topic? 

Emily_Joy

Kim_13 said:

Slightly odd for sure, but better than (if I recall correctly) Beehive, Tipton and Coseley and West Brom, where you are only allowed one regular saver at a time and cannot close early.

I have held two RS of different issues with West Brom. One of which has matured in early summer.

Emily_Joy

Kim_13 said:

I can drive but I still found the car question bizarre - it implies make and model and the majority would be more than the character limit (10?) Same with the film. I imagine most people don’t have a hero as such.

I don't think they are actually interested whether the car model is real or a fiction... they are just trying to come up with a question answer to which would be easy to remember.

s71hj

schiff said:

Opening a West Brom Four Access Saver (Issue 1), recently high lighted elsewhere, as a new customer to West Brom, makes you an existing West Brom customer for their 6.00% fixed regular saver. No qualifying period of 'belonging'. 

In case that's of any help.

Is this account still available? Can't see it. Only other accounts I can see to achieve the same thing have £1000 minimums. 

OneUser1

s71hj said:

schiff said:

Opening a West Brom Four Access Saver (Issue 1), recently high lighted elsewhere, as a new customer to West Brom, makes you an existing West Brom customer for their 6.00% fixed regular saver. No qualifying period of 'belonging'. 

In case that's of any help.

Is this account still available? Can't see it. Only other accounts I can see to achieve the same thing have £1000 minimums. 

Just looked at 8:39AM this morning and the West Brom Reguiar Saver 7th Issue (6% fixed rate) is still there listed under Regular Savers.

s71hj

OneUser1 said:

s71hj said:

schiff said:

Opening a West Brom Four Access Saver (Issue 1), recently high lighted elsewhere, as a new customer to West Brom, makes you an existing West Brom customer for their 6.00% fixed regular saver. No qualifying period of 'belonging'. 

In case that's of any help.

Is this account still available? Can't see it. Only other accounts I can see to achieve the same thing have £1000 minimums. 

Just looked at 8:39AM this morning and the West Brom Reguiar Saver 7th Issue (6% fixed rate) is still there listed under Regular Savers.

Sorry, I meant the Four Access saver to gain membership to allow the RS to be opened.

Kim_13

s71hj said:

schiff said:

Opening a West Brom Four Access Saver (Issue 1), recently high lighted elsewhere, as a new customer to West Brom, makes you an existing West Brom customer for their 6.00% fixed regular saver. No qualifying period of 'belonging'. 

In case that's of any help.

Is this account still available? Can't see it. Only other accounts I can see to achieve the same thing have £1000 minimums. 

I put £1 in the West Brom Saver. This is still available. You could also put £1 in the Limited Access Saver Issue 2.

WillPS

Market Harborough (and others); re names needing to match.

Just as an FYI on the 'names matching'. My wife and I married last December. She's updated her name with most providers, but not Chase (because they awkwardly demand she has new photo ID made, which isn't going to happen until her passport expires). Several building society accounts have been obtained in her married name (they'd have no record of her maiden name) and no payments from Chase have been bounced back.

She's also paid directly in to my regular savers with no issues.