Regular Savings Accounts: The Best Currently Available List!

wiseonesomeofthetime

Won't be till Tuesday now then.

At least if my bank account gets frozen for review again, when I try to move the money straight out of my current account Tuesday, all my DDs will have been paid first

someone

Tipton BS

I wasnt expecting the funds until later in the week. Foot note in the letter that was emailed said

 Part withdrawals and account closures will be processed on the first working day following the maturity date. Funds should arrive in your nominated bank account two working days following the maturity date. Saturdays, Sundays, and Bank Holidays are classed as non-working days.

Maturity was 30th, request actioned 31st. 1st, 2nd, 3rd are non working days. 4th is day 1 so the 5th Jan should be the day funds clear.

veggieblob

someone said:

Tipton BS

I wasnt expecting the funds until later in the week. Foot note in the letter that was emailed said

 Part withdrawals and account closures will be processed on the first working day following the maturity date. Funds should arrive in your nominated bank account two working days following the maturity date. Saturdays, Sundays, and Bank Holidays are classed as non-working days.

Maturity was 30th, request actioned 31st. 1st, 2nd, 3rd are non working days. 4th is day 1 so the 5th Jan should be the day funds clear.

Thanks for finding that.  Will save me a load of checking over the next few days!

typistretired

wiseonesomeofthetime said:

Won't be till Tuesday now then.

At least if my bank account gets frozen for review again, when I try to move the money straight out of my current account Tuesday, all my DDs will have been paid first

What bank is that? Surely they are used to you moving large sums in and out on to regular savers

wiseonesomeofthetime

typistretired said:

wiseonesomeofthetime said:

Won't be till Tuesday now then.

At least if my bank account gets frozen for review again, when I try to move the money straight out of my current account Tuesday, all my DDs will have been paid first

What bank is that? Surely they are used to you moving large sums in and out on to regular savers

Monzo. The RS was funded from my monthly income, but they take no notice of that when moving four figure sums. 

I usually use my legacy bank, Nationwide, for movement of large sums. Never raised as much as an eyebrow with them. 

I have prewarned Monzo, so let's see what happens. I might be okay this time. 

veryintrigued

schiff said:

Not even this morning - very disappointing.

Really?

Decent rate and small company.

You seem to have a, recent, history of criticism of this company.

Probably best you dont partake with them in the future.

On a more positive:

Principality (Thank you)
Mansfield (4, 5 and 6)
Penrith (200)

All had the interest added.

The ones which didn't are probably enjoying their New Year and credit to them.

schiff

When an account matures on 31 December, is it not unreasonable to have access to your funds on 31 December? I suppose my disappointment is that I shall now have to access funds to feed my January RS SOs rather than having funds already there. Not a big fag but, as I say, disappointing. 
Once the February RS matures, I shall be pleased to be out of Tipton, unless of course they offer something attractive for the next one (not 1.00%).

gwapenut

schiff said:

When an account matures on 31 December, is it not unreasonable to have access to your funds on 31 December? I suppose my disappointment is that I shall now have to access funds to feed my January RS SOs rather than having funds already there. Not a big fag but, as I say, disappointing. 
Once the February RS matures, I shall be pleased to be out of Tipton, unless of course they offer something attractive for the next one (not 1.00%).

You are right, it is not un unreasonable expectation in this day and age as it is what the larger providers offer. I guess those of us familiar with the smaller building societies are just used to an element of manual processing, and wouldn't be surprised for fund release to be delayed until a working day for processing has passed.

where_are_we

Should there be a legal requirement for financial institutions to make available on the day of maturity the balance plus interest of savings?

It would be fair if this happened but the reality is for this to occur, thousands of complaints need to arise and chances are slim.

Some financial institutions are exemplary eg Virgin and Principality (they both pay out on a Sunday) whereas others make you wait up to 4 days.

The loss of a little interest, because of Tipton`s maturity process, is dwarfed by the 1.35% return on two regular savers with possible large final balances of £6000 and £8000. I adopt a "stiff upper lip" approach!

Gers

gwapenut said:

schiff said:

When an account matures on 31 December, is it not unreasonable to have access to your funds on 31 December? I suppose my disappointment is that I shall now have to access funds to feed my January RS SOs rather than having funds already there. Not a big fag but, as I say, disappointing. 
Once the February RS matures, I shall be pleased to be out of Tipton, unless of course they offer something attractive for the next one (not 1.00%).

You are right, it is not un unreasonable expectation in this day and age as it is what the larger providers offer. I guess those of us familiar with the smaller building societies are just used to an element of manual processing, and wouldn't be surprised for fund release to be delayed until a working day for processing has passed.

Is that not what M&S bank did and First Direct do with their RS? The account 'disappears' for a couple of days before funds being sent out?

It was inevitable that there would be some delay because of the timing of NY and the bank holidays.  It's an inconvenience but the service from Tipton and its staff are excellent so I'm happy to keep going with them if / when they release further products.