Regular Savings Accounts: The Best Currently Available List!

[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:

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