Regular Savings Accounts: The Best Currently Available List!

kaMelo

Sensory said:

kaMelo said:

The problem being they may (will) eventually get merged.
I have two separate logins for Halifax, (one from a credit card years ago) Whichever one I use I end up in the same place, showing every account I currently have and statements for any accounts, both currently open and long since closed accounts, going back years.

I don't see a problem unless they decide to close the duplicate accounts without paying interest, which is possible if they actively push for enforcing their T&Cs, but I doubt they will. Lloyds hasn't yet caused a stir for those who closed/re-opened Monthly Savers within 12 months. I'm happy to take advantage of loopholes whilst they're available.

I'd agree that they have been rather lax at implementing terms for numerous reasons for years.
It's just those other things would take a little bit of investigating whereas this, well it kind of sits there looking you (and anyone who bothered to look) in the face, you can't miss it. That's the gamble I guess. 

Band7

kaMelo said:

Sensory said:

kaMelo said:

The problem being they may (will) eventually get merged.
I have two separate logins for Halifax, (one from a credit card years ago) Whichever one I use I end up in the same place, showing every account I currently have and statements for any accounts, both currently open and long since closed accounts, going back years.

I don't see a problem unless they decide to close the duplicate accounts without paying interest, which is possible if they actively push for enforcing their T&Cs, but I doubt they will. Lloyds hasn't yet caused a stir for those who closed/re-opened Monthly Savers within 12 months. I'm happy to take advantage of loopholes whilst they're available.

I'd agree that they have been rather lax at implementing terms for numerous reasons for years.
It's just those other things would take a little bit of investigating whereas this, well it kind of sits there looking you (and anyone who bothered to look) in the face, you can't miss it. That's the gamble I guess. 

Not really very different to having more than the max allowed number of Halifax Reward accounts. They also sit there looking you in the face - in my case for many years, and they have all survived the merger of two profiles. You're right, it's a gamble but one I am willing to take.

kaMelo

Band7 said:

kaMelo said:

Sensory said:

kaMelo said:

The problem being they may (will) eventually get merged.
I have two separate logins for Halifax, (one from a credit card years ago) Whichever one I use I end up in the same place, showing every account I currently have and statements for any accounts, both currently open and long since closed accounts, going back years.

I don't see a problem unless they decide to close the duplicate accounts without paying interest, which is possible if they actively push for enforcing their T&Cs, but I doubt they will. Lloyds hasn't yet caused a stir for those who closed/re-opened Monthly Savers within 12 months. I'm happy to take advantage of loopholes whilst they're available.

I'd agree that they have been rather lax at implementing terms for numerous reasons for years.
It's just those other things would take a little bit of investigating whereas this, well it kind of sits there looking you (and anyone who bothered to look) in the face, you can't miss it. That's the gamble I guess. 

Not really very different to having more than the max allowed number of Halifax Reward accounts. They also sit there looking you in the face - in my case for many years, and they have all survived the merger of two profiles. You're right, it's a gamble but one I am willing to take.

Having those multiple reward accounts could have been legitimate though, when they implemented the rule on a maximum number they didn't force anyone who already had more to close any. As I said, if someone did a bit of digging they could work it out but a bit of digging they had to do.to be sure, and no one did any digging. 

To be clear I'm not being critical of anyone, knock yourself out. I'm certainly no saint either as my ridiculously long list of now empty Virgin Money accounts in my spreadsheet will testify. I just think it's important to make an informed choice  people need to know the rules, how easy it is to circumvent them and the potential consequences for doing so. 
That's for each and ever person to make their own decision as to when they think a line is crossed.

Band7

I was pulled up over my number of Halifax current accounts after they introduced the 2 max rule (now replaced by the 3 max), in a Halifax Branch. I was going to apply for another account, for a Branch-only offer they had at the time

A chap who introduced himself as the Branch Manager took me into an office to give me a lecture about the max number allowed. I asked him to show me the T&Cs which said I had to close surplus ones - which he couldn't, because there were no such T&Cs. He was fuming and promised me that "Head Office" will be in touch and make me close the surplus accounts. Goes without saying, I never got the account I wanted to open on the day.

I still have the 'surplus' accounts, never heard any more about it, and added a couple more to it since and they are all Rewards. I also haven't set foot into that particular Branch again, in case he is still there 

pecunianonolet

So technically, you can have the 3 current accounts, use one activly and the other two you use to cash in on switches and after a while you start all over? Would be too good to be true.

adindas

pecunianonolet said:

So technically, you can have the 3 current accounts, use one activity and the other two you use to cash in on switches and after a while you start all over? Would be too good to be true.

It is not something that is too good to be true as some people here on MSEs have been doing that for many years. It is more profitable than stoozing.

The catch here is that

- In majority of cases opening a new bank account will trigger a credit search. Not everyone could easily open a new current account.

- You normally could only do once in one banking group. Thereafter the T&C will stop people to repeat to play that game for many years to come.

- Also switching incentive is a rare opportunity do not come quite often

k_man

To add to this, you can have a lot more than 3 current accounts.

I think there is a common misconception that you can only have one current account (switching aside).

[Deleted User]

Melton Mowbray Building Society: Regular Saver Issue 1 (not currently available)

Not sure if this has been noted, but the interest rate on this account has risen to 3.10% (from 2%) with effect from 1 December. 

pecunianonolet

adindas said:

pecunianonolet said:

So technically, you can have the 3 current accounts, use one activity and the other two you use to cash in on switches and after a while you start all over? Would be too good to be true.

It is not something that is too good to be true as some people here on MSEs have been doing that for many years. It is more profitable than stoozing.

The catch here is that

- In majority of cases opening a new bank account will trigger a credit search. Not everyone could easily open a new current account.

- You normally could only do once in one banking group. Thereafter the T&C will stop people to repeat to play that game for many years to come.

- Also switching incentive is a rare opportunity do not come quite often

I learn here something new every day. Didn't know that this is possible and was focussing on stoozing recently

cricidmuslibale

Deleted_User said:

Melton Mowbray Building Society: Regular Saver Issue 1 (not currently available)

Not sure if this has been noted, but the interest rate on this account has risen to 3.10% (from 2%) with effect from 1 December. 

That is a rise of 0.35% more than the most recent Bank of England base rise of 0.75%, and the new interest rate is more than one and half times greater than the previous one! - well done to Melton Mowbray Building Society!