Regular Savings Accounts: The Best Currently Available List!

jameseonline

flaneurs_lobster said:

jameseonline said:

https://forums.moneysavingexpert.com/discussion/6576962/the-top-regular-savers-discussion-thread#latest

That thread's just full of bitching about what should go in which thread when. Contains nothing useful, more appropriate to post here.

Because people don't like change, it's been agreed this thread is old & to transfer over to the new one by the OP & the person taking over.

If there's an issue in regards to confusion I've made suggestions in the new thread.

As it's a new thread etc there's going to be a few issues because it's new, I'm sure things will be sorted in time, just bare with.

flaneurs_lobster

jameseonline said:

flaneurs_lobster said:

jameseonline said:

https://forums.moneysavingexpert.com/discussion/6576962/the-top-regular-savers-discussion-thread#latest

That thread's just full of bitching about what should go in which thread when. Contains nothing useful, more appropriate to post here.

Because people don't like change, it's been agreed this thread is old & to transfer over to the new one by the OP & the person taking over.

If there's an issue in regards to confusion I've made suggestions in the new thread.

As it's a new thread etc there's going to be a few issues because it's new, I'm sure things will be sorted in time, just bare with.

Fair enough.

Lock this thread then, that'll learn 'em (and me).

Gers

Gers said:

Gers said:

Aidanmc said:

gt94sss2 said:

Aidanmc said:

Had an email from West Brom BS saying my new Regular saver was now open and included deposit details, however when i go to make a faster payment transfer from my Halifax current acc  it says account not recognised?

It can take 24 hours for the Confirmation of Payee service to recognise a new account. 

Out of interest when did you apply?  I am also waiting for a new account to be opened by them.

I applied on 22 Dec

I was on the phone to WB just as you posted. I applied on 23 December. The very helpful agent told me that my application was due to be completed and account opened today.

Think I may add monies to my saver account with them ready to transfer across when it's all done, I hope that it works.

RS account now opened - can't send monies to it. And the transfer to my EA hasn't yet been registered so am resigned to doing it tomorrow.

Update  WB - monies have appeared in the EA - to move it across to the new RS I had to do an 'internal request' on the website. Seems a tad clunky but I'm not stressing about it. I had great customer service on the telephone today which makes a big difference.

(sorry - posted in the old thread by mistake)

jameseonline

Gers said:

Gers said:

Gers said:

Aidanmc said:

gt94sss2 said:

Aidanmc said:

Had an email from West Brom BS saying my new Regular saver was now open and included deposit details, however when i go to make a faster payment transfer from my Halifax current acc  it says account not recognised?

It can take 24 hours for the Confirmation of Payee service to recognise a new account. 

Out of interest when did you apply?  I am also waiting for a new account to be opened by them.

I applied on 22 Dec

I was on the phone to WB just as you posted. I applied on 23 December. The very helpful agent told me that my application was due to be completed and account opened today.

Think I may add monies to my saver account with them ready to transfer across when it's all done, I hope that it works.

RS account now opened - can't send monies to it. And the transfer to my EA hasn't yet been registered so am resigned to doing it tomorrow.

Update  WB - monies have appeared in the EA - to move it across to the new RS I had to do an 'internal request' on the website. Seems a tad clunky but I'm not stressing about it. I had great customer service on the telephone today which makes a big difference.

(sorry - posted in the old thread by mistake)

The new thread is titled differently & you may have missed the earlier comments by special & brid it's understandable, no worries 

MiserlyMartin

I just wanted to add my appreciation and thanks to @Special_Saver2 for all the hard work he has put into the thread over the many years. It has to be the best and most complete regular saver information resource available on the entire internet even beating MSE main pages themselves for speed and completeness when any new account appeared or interest rates were even about to change, helping people make decisions on which account to start . Good luck and enjoy the family time

Cold_comfort

AmityNeon said:

charlie12525 said:

Regarding the Hanley Economic Building Society Online Regular Saver, the T&Cs state -

8.2 On our accounts we generally:
Calculate interest on a sum withdrawn up to (but not including) the day before you make the withdrawal

So a couple of days lost interest on withdrawal. Think I will leave it.

That clause is incorrectly worded. In practice, Hanley Economic follows industry practice and accrues interest daily on closing balances, right up to (but not including) the day of withdrawal (when the account balance is reduced).

Their "savings terms and conditions have recently been updated and are reviewed by a specialist legal firm to ensure they are fair and in line with industry regulations", but this specialist legal firm failed to notice how the word 'before' effects an interest loss of one day (which doesn't happen in practice).

The interest I have just received from HEBS is consistent with the wording in the T&Cs, i.e. it did not include interest on the day before I made the (faster payment) withdrawals. In other words, HEBS's interest calculation period is one day shorter than all other savings institutions I have used.

AmityNeon

Cold_comfort said:

AmityNeon said:

charlie12525 said:

Regarding the Hanley Economic Building Society Online Regular Saver, the T&Cs state -

8.2 On our accounts we generally:
Calculate interest on a sum withdrawn up to (but not including) the day before you make the withdrawal

So a couple of days lost interest on withdrawal. Think I will leave it.

That clause is incorrectly worded. In practice, Hanley Economic follows industry practice and accrues interest daily on closing balances, right up to (but not including) the day of withdrawal (when the account balance is reduced).

Their "savings terms and conditions have recently been updated and are reviewed by a specialist legal firm to ensure they are fair and in line with industry regulations", but this specialist legal firm failed to notice how the word 'before' effects an interest loss of one day (which doesn't happen in practice).

The interest I have just received from HEBS is consistent with the wording in the T&Cs, i.e. it did not include interest on the day before I made the (faster payment) withdrawals. In other words, HEBS's interest calculation period is one day shorter than all other savings institutions I have used.

When I enquired with HEBS whether a day's interest would be lost upon withdrawal, they responded as follows:

To clarify your question in relation to clause 8.2 of our savings terms and conditions interest is accrued on a daily basis based on the account balance at midnight of each day.

If a withdrawal or account closure is requested the account balance is taken at the end of each complete day so as of midnight on the day prior to the request being processed.

For example:
A withdrawal / closure processed on 13th December would use an account balance including accrued interest earned up to midnight on 12th December.

Our savings terms and conditions have recently been updated and are reviewed by a specialist legal firm to ensure they are fair and in line with industry regulations.

With the T&Cs aligning with the system implementation, the representative's words betray their own understanding of the meaning conveyed.

The use of the conjunction 'so' in the dependent adverbial clause "so as of midnight on the day prior" is a clear attempt at defining "the end of each complete day"; however, 'midnight' is technically the start of each day, suggesting the representative mistakenly believes the HEBS systems operate as per industry standard, despite their words (when taken at face value) accurately reflecting the system implementation. What a hapless example of linguistic and conceptual irony.