Regular Savings Accounts: The Best Currently Available List!

wmb194

schiff said:

Tipton

Maturity pack arrived by post today. Closing the account means a cheque! No alternative offered.

If you don't send instructions in the franked envelope provided the proceeds go into a 3.60% EA (limited) account. Not very interesting. Presumably withdrawals also by cheque.

So - a reminder please of which banks would take a cheque deposit of £3500+ by photo?

Lloyds / Halifax / BoS, up to £10,000 per cheque per day or with multiple cheques £10,000 per day in total.

OneUser1

Barclays let you scan in cheques up to £5,000.

schiff

There is another alternative which perhaps I should have mentioned. Some or all of the maturity funds into an account entitled Fixed Rate Bond 31/10/25 at 4.05% variable (though the summary box says fixed).
Minimum balance £1000 and more funds can be added within a window to 14 November (branch or post)

And a 35 day notice account at 4.51% (4.70% on £10K+)

Again I assume withdrawals by cheque.

Once I'm out of this archaic establishment I ain't going back!

Kim_13

I was going to leave £1 in for membership purposes. Can I specify £1 into the default and withdraw the remainder, or easily get the rest out if I let it default? Worried about doing anything with the options in the app given they’ve been there for weeks with no information to accompany them. 

Not too disappointed with a cheque, as my nominated account is the only current account I actively use that doesn’t have a minimum pay in requirement - so it makes sense for the proceeds to go somewhere else. 

[Deleted User]

schiff said:

Tipton

Maturity pack arrived by post today. Closing the account means a cheque! No alternative offered.

If you don't send instructions in the franked envelope provided the proceeds go into a 3.60% EA (limited) account. Not very interesting. Presumably withdrawals also by cheque.

So - a reminder please of which banks would take a cheque deposit of £3500+ by photo?

What about if you live close by? No change?

Digital_Payback

schiff said:

Tipton

If you don't send instructions in the franked envelope provided the proceeds go into a 3.60% EA (limited) account. Not very interesting. Presumably withdrawals also by cheque.
———————————————————————
How is the EA account Limited?

Surely on maturity they would offer an Easy Access account and then process Faster Payments from it on request to your nominated Bank Account. 

Otherwise, why have a nominated bank account?

I’ve heard nothing yet from Tipton. 

I think I’ll just get out of it ASAP. 

castle96

same here... Hanley Econ..."we don't operate faster payments...should bethere by the endof theweek" !

allegro120

schiff said:

Tipton

Maturity pack arrived by post today. Closing the account means a cheque! No alternative offered.

If you don't send instructions in the franked envelope provided the proceeds go into a 3.60% EA (limited) account. Not very interesting. Presumably withdrawals also by cheque.

So - a reminder please of which banks would take a cheque deposit of £3500+ by photo?

Definitely. "We do not permit withdrawals to be made by direct debit, standing order, or by electronic/Faster Payment." https://www.thetipton.co.uk/media/3552/tipton-terms-and-conditions.pdf

So presumably the cash drag timeline is:
Matures on Thursday, cheque sent on Friday, arrives on Monday and (from memory with Lloyds by photo) takes one or two days to be cashed. 6-7 days of £3500+interest earning nothing, but the rate is good enough to compensate for the delay.

Strange that they could "modernise" to offering app account, but still live in the "cheque/cash only" world.

simonsmithsays

schiff said:

Tipton
So - a reminder please of which banks would take a cheque deposit of £3500+ by photo?

https://forums.moneysavingexpert.com/discussion/6552075/list-of-bank-building-society-app-cheque-deposit-limits/p1

kamkop

re Tipton
I would expect to be able to withdraw to my nominated account.
According to the account Summary box I saved during application: