Regular Savings Accounts: The Best Currently Available List!

ForumUser7

allegro120 said:

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.

I don’t understand.

when I closed my last Tipton RS on maturity they did it via bank transfer.

is this perhaps the difference between variants opened by app and by post? Has anyone who opened in the app been offered cheque only?

rob37uk

kamkop said:

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

The Tipton app maturity options seem to have gone live. I have an option to close by electronic transfer to my nominated bank account. 

simonsmithsays

rob37uk said:

The Tipton app maturity options seem to have gone live. I have an option to close by electronic transfer to my nominated bank account. 

After being clicking on the three other accounts available and being underwhelmed  I then clicked on the Automatic Roll over option to see what it was and then suddenly I got the Thank you for selecting your maturity option.

Thing is I've no idea what this automatic roll over option is.

Any clues?

kamkop

simonsmithsays said:

rob37uk said:

The Tipton app maturity options seem to have gone live. I have an option to close by electronic transfer to my nominated bank account. 

After being clicking on the three other accounts available and being underwhelmed  I then clicked on the Automatic Roll over option to see what it was and then suddenly I got the Thank you for selecting your maturity option.

Thing is I've no idea what this automatic roll over option is.

Any clues?

My understanding is that your account will transfer into "Fixed Rate Bond to 31.10.25 (App)"
> available to 31st Oct 2024 conversion customers as a maturity option only
> 5.05% 4.05% gross/AER
> fixed rate until 31st Oct 2025
> no transactions during fixed rate period
> no withdrawals

surreysaver

kamkop said:

simonsmithsays said:

rob37uk said:

The Tipton app maturity options seem to have gone live. I have an option to close by electronic transfer to my nominated bank account. 

After being clicking on the three other accounts available and being underwhelmed  I then clicked on the Automatic Roll over option to see what it was and then suddenly I got the Thank you for selecting your maturity option.

Thing is I've no idea what this automatic roll over option is.

Any clues?

My understanding is that your account will transfer into "Fixed Rate Bond to 31.10.25 (App)"
> available to 31st Oct 2024 conversion customers as a maturity option only
> 5.05% 4.05% gross/AER
> fixed rate until 31st Oct 2025
> no transactions during fixed rate period
> no withdrawals

  Any compensation for miss-selling perhaps? 

friolento

simonsmithsays said:

rob37uk said:

The Tipton app maturity options seem to have gone live. I have an option to close by electronic transfer to my nominated bank account. 

After being clicking on the three other accounts available and being underwhelmed  I then clicked on the Automatic Roll over option to see what it was and then suddenly I got the Thank you for selecting your maturity option.

Thing is I've no idea what this automatic roll over option is.

Any clues?

You can call them and ask for the maturity option to be reset.

drphila

allegro120 said:

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

There is no such clause in the T&Cs I signed up to when opening this account.

In any case, the following clause in the my T&Cs implies that the account specific conditions prevail ( ie as in the summary box posted by @kamkop )

"The terms and conditions that apply to our savings accounts are
set out in this document. Special conditions may apply to particular
types of account"

Dizzycap

ForumUser7 said:

allegro120 said:

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.

I don’t understand.

when I closed my last Tipton RS on maturity they did it via bank transfer.

is this perhaps the difference between variants opened by app and by post? Has anyone who opened in the app been offered cheque only?

No. Only a direct transfer back to my link account upon maturity at the end of the month.

chris_the_bee

castle96 said:

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

Hanley Economic
I have received a Faster Payment.
Their T's&C's from the RS say:
Please note the maximum withdrawal amount per transaction is £10,000 and withdrawal transactions made before 14:30 (Monday to Friday) will be credited the same day. If you are making a withdrawal after 14:30, or on a weekend or bank holiday it will credited the next working day.

schiff

kamkop said:

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

Thank you. I obviously missed that relying only on the maturity letter.