Regular Savings Accounts: The Best Currently Available List!

SuperHans1

1882 said:

Yesterday being the first of the month I manually transferred money to my plethora of RS accounts rather than wait until Monday for the usual SO's. All have shown up except the Monmouthshire BS one - should I worry or will it show up on Monday when the bank hols areover?

Monmouthshire only process payments on working days so I just use a standing order for payments in to my accounts with them.

With an HSBC current account I can set up faster payments up to twelve months in advance. When I open a new regular saver this enables me to set up payments for the 1st of the month (including weekends or bank holidays) for the entire year. Other current accounts such as Lloyds are very restrictive with the payments that you can set up. Do people use any other current accounts aside from HSBC/First Direct with this flexibility?

kaMelo

SuperHans1 said:

1882 said:

Yesterday being the first of the month I manually transferred money to my plethora of RS accounts rather than wait until Monday for the usual SO's. All have shown up except the Monmouthshire BS one - should I worry or will it show up on Monday when the bank hols areover?

Monmouthshire only process payments on working days so I just use a standing order for payments in to my accounts with them.

With an HSBC current account I can set up faster payments up to twelve months in advance. When I open a new regular saver this enables me to set up payments for the 1st of the month (including weekends or bank holidays) for the entire year. Other current accounts such as Lloyds are very restrictive with the payments that you can set up. Do people use any other current accounts aside from HSBC/First Direct with this flexibility?

RBS/Natwest allow five months in advance for faster payments which is obviously less than the twelve on offer from HSBC.
Do I use it? Not really. Some are set as SO because they have to be, the rest I like to do manually to prevent a costly mistake.

schiff

SuperHans1 said

With an HSBC current account I can set up faster payments up to twelve months in advance. When I open a new regular saver this enables me to set up payments for the 1st of the month (including weekends or bank holidays) for the entire year. Other current accounts such as Lloyds are very restrictive with the payments that you can set up. Do people use any other current accounts aside from HSBC/First Direct with this flexibility?

All my HSBC SOs are dated the 1st of the month and are actioned by them on the first working day of the month. Are you saying that FPs are different?

SuperHans1

schiff said:

SuperHans1 said

With an HSBC current account I can set up faster payments up to twelve months in advance. When I open a new regular saver this enables me to set up payments for the 1st of the month (including weekends or bank holidays) for the entire year. Other current accounts such as Lloyds are very restrictive with the payments that you can set up. Do people use any other current accounts aside from HSBC/First Direct with this flexibility?

All my HSBC SOs are dated the 1st of the month and are actioned by them on the first working day of the month. Are you saying that FPs are different?

Yes

Nick_C

SuperHans1 said:

With an HSBC current account I can set up faster payments up to twelve months in advance. When I open a new regular saver this enables me to set up payments for the 1st of the month (including weekends or bank holidays) for the entire year. Other current accounts such as Lloyds are very restrictive with the payments that you can set up. Do people use any other current accounts aside from HSBC/First Direct with this flexibility?

Tesco allow you to set up multiple future faster payments to the same payee, including from their savings accounts.  However, they are no longer opening new current accounts and new savings account are not worth having.

bubieyehyeh

I started using my virgin current account for some of my RS standing orders.  However virgin seem to have soem odd behaviour, since I would have expected them to be processes on next banking date (4th).

Instead virgin removed the standing order from my balance on the 31st Dec, and are still showing a pending, but no money as arrived at destination accounts, I assume they will credit the accounts tomorrow the first banking date.

What I not happy about is virgin removing the money from my account the day before the standing order is due. I'm not sure if I've lost 4 days interest on the money.

RG2015

bubieyehyeh said:

I started using my virgin current account for some of my RS standing orders.  However virgin seem to have soem odd behaviour, since I would have expected them to be processes on next banking date (4th).

Instead virgin removed the standing order from my balance on the 31st Dec, and are still showing a pending, but no money as arrived at destination accounts, I assume they will credit the accounts tomorrow the first banking date.

What I not happy about is virgin removing the money from my account the day before the standing order is due. I'm not sure if I've lost 4 days interest on the money.

They have done this  on my account. But they will change the date on the transaction to tomorrow (4th Jan) and the interest will be up to today (3rd Jan).

I keep £1,000 in the account and always get the correct interest but I agree that their processes are odd.

bubieyehyeh

RG2015 said:

bubieyehyeh said:

I started using my virgin current account for some of my RS standing orders.  However virgin seem to have soem odd behaviour, since I would have expected them to be processes on next banking date (4th).

Instead virgin removed the standing order from my balance on the 31st Dec, and are still showing a pending, but no money as arrived at destination accounts, I assume they will credit the accounts tomorrow the first banking date.

What I not happy about is virgin removing the money from my account the day before the standing order is due. I'm not sure if I've lost 4 days interest on the money.

They have done this  on my account. But they will change the date on the transaction to tomorrow (4th Jan) and the interest will be up to today (3rd Jan).

I keep £1,000 in the account and always get the correct interest but I agree that their processes are odd.

Ok good to know, I topped the account back upto £1000 on the 1st, seems I could have left it to tomorrow as I originally intended. Indeed it is odd and confusing.

Descrabled

Yorkshire Penny Bank have always done this with both DD and SO. This is to reserve the cash over the weekend.

It is most obvious over bank holidays when a payment is delayed to the next working day. YB app shows a clock against such payments.

schiff

From time to time I have problems with Lloyds. With them I have six RSs on my SO list for the first of the month and as expected these have been operated on the first working day of the month. Up to y/day they were showing as to be 'taken' on Jan 1st, unlike for instance Santander, who showed Jan 4th for my RSs with them.
My SO from Santander to cover the RSs at Lloyds is in my Lloyds account so there's more than enough, but they haven't up to now operated the standing orders! It only happens with Lloyds! It's disruptive.
I don't operate the day before deposit way as I find it's not necessary - except from time to time with Lloyds!