Regular Savings Accounts: The Best Currently Available List!

arsenalboy

interest_Ted said:

Chorley send their funds by BACS, not by faster payments.  BACS is a 3 (bank) day cycle.   My expectation / understanding is that they would have sent on Thur 01 Jul, so recipients should receive Mon 05 Jul..
Would be interested to hear in anyone receives earlier.
Ted   

I dont understand why B Socities use a 3 day BACS cycle.?

The answer always is that they are not a bank and cannot make faster payments.

I am not a bank but can instruct my bank to make immediate faster payments.

RG2015

arsenalboy said:

interest_Ted said:

Chorley send their funds by BACS, not by faster payments.  BACS is a 3 (bank) day cycle.   My expectation / understanding is that they would have sent on Thur 01 Jul, so recipients should receive Mon 05 Jul..
Would be interested to hear in anyone receives earlier.
Ted   

I dont understand why B Socities use a 3 day BACS cycle.?

The answer always is that they are not a bank and cannot make faster payments.

I am not a bank but can instruct my bank to make immediate faster payments.

When I was working for a multi national pharma company we paid our supplier by BACS on a weekly basis. We batched up all payables, sometimes hundreds of payments, directly from our computerised payables ledger.

We only used Faster Payments for urgent or important one-off payments as this was more time consuming and hence less efficient.

I guess the banks have a process that needs to be followed. I cannot say whether being a bank does not allow them to make faster payments.

wmb194

Despite saying it would be by faster payments, last October Chorley repaid me via Bacs for the 'seasonal saver' account, mat Fri 30/10, received Weds 04/11.

BSs certainly can use faster payments e.g., a couple of days ago Newcastle paid the maturity proceeds from a bond using it. Perhaps Bacs has lower fees and/or its use just fits better with Chorley and its software and processes. It is progress, though. Remember when it used to insist that it could only send proceeds by cheque?

schiff

It's not been a huge problem for me but I've had to raid my Skipton and Club Lloyds accounts for additional funds to feed the last few RSs this month.
It isn't usually necessary but this month I was relying on the Chorley funds to hit today or yesterday.

bubieyehyeh

I thought BACS did not meet the by the end of the next working day requirement, that I though bank and building societies had to support for electronic payments.

RG2015

bubieyehyeh said:

I thought BACS did not meet the by the end of the next working day requirement, that I though bank and building societies had to support for electronic payments.

This requirement is for payments made by individuals not by companies.

veryintrigued

veryintrigued said:

veryintrigued said:

10_66 said:

liamcov said:

I have a reminder to give Triodos 33 days notice - does anyone know how we do this?

I've sent them a secure message to ask when the exact maturity date is as I'm not sure whether it's the anniversary of application date or when the funds hit the account.  So I imagine you request notice via their secure message service.

Another one who sent Tridos a secure message a couple of days ago to ask when and how - and to spell out I'd like to withdraw and not lose any interest.

I'll feedback here the reply and would appreciate anyone else doing so too please 

Tridos
Message:
Looking over your account I can see that your Fixed Regular Saver will mature on the xx/xx/2021. We will write to you nearer the time to advise you of this but upon maturity the balance will be moved into an Online Saver Account. There is no notice period on this account for withdrawals so you can withdraw your balance immediately if you wished.

Alternatively, if you wish to withdraw the funds from your Fixed Regular Saver now you can give the 33 days notice to avoid a penalty, or instruct us via secure message and we can process a payment on a chosen date but there may be an early access penalty.

True to their word this account has now matured into an instant access Online saver where Faster Payments can be made.

JamesRobinson48

Yorkshire BS has now pulled its Loyalty RS (3.50% variable).

tiptoe_mouse

Has anyone got a Barclays children's regular saver and accidentally overpaid into it? I've just opened one, and I've accidentally transferred a large sum into it instead of into another of my Barclays accounts. (I'd already made the maximum monthly deposit of £100 into it.) If I take the money back out again, presumably this would count as a withdrawal and result in loss of interest? What happens if I leave it in there?

[Deleted User]

tiptoe_mouse said:

Has anyone got a Barclays children's regular saver and accidentally overpaid into it? I've just opened one, and I've accidentally transferred a large sum into it instead of into another of my Barclays accounts. (I'd already made the maximum monthly deposit of £100 into it.) If I take the money back out again, presumably this would count as a withdrawal and result in loss of interest? What happens if I leave it in there?

What normally happens in these situations is that the overpayment will bounce straight back to the account from which it came. Normally within a day.