Regular Savings Accounts: The Best Currently Available List!

Patrington

ForumUser7 said:

Middle_of_the_Road said:

Natwest Digital regular saver,  Interest normally added on the 1st of the month. Nothing showing yet. Thought it would have been credited today. 

Seems really slow going, at £150 max per month.  Three payments in, and £1.64 interest.
Thinking of going the First Direct route soon.

'Interest is calculated on a daily basis and paid into your account on the first business day of the month. You’ll be able to see and access the interest in your account on the following day.' ~ Source: https://www.natwest.com/savings/digital-regular-saver.html

I was confused too, as I'd written 1st of each month on my spreadsheet.

About 22:00hrs tonight is my guess on previous months

david72

ForumUser7 said:

'Interest is calculated on a daily basis and paid into your account on the first business day of the month. You’ll be able to see and access the interest in your account on the following day.' ~ Source: https://www.natwest.com/savings/digital-regular-saver.html

I was confused too, as I'd written 1st of each month on my spreadsheet.

Sheesh, that's really pathetic. Have they got some antiquated coal fired (and possibly clockwork) computer system doing their back end processing?!

(I've opened a few accounts with various of the old school banks to take advantage of their attached savings accounts, and it really is astonishing quite how retro the back end systems of some of these clearly are, despite what superficial polish there might now be on the front end: unable to show interest payments, running balances, updated payees, etc, until daytime the following day (or even worse, sometimes the following 'working day'), no secure messaging, and so on… I guess there's a lot of 'legacy code' lurking there where most of the people who know/knew how it worked are retired (or foolishly cast off) or dead, and their current staff are (rightly) very scared to touch it, although that technical debt's going to lurk until someone faces up to it.)

Band7

david72 said:

ForumUser7 said:

'Interest is calculated on a daily basis and paid into your account on the first business day of the month. You’ll be able to see and access the interest in your account on the following day.' ~ Source: https://www.natwest.com/savings/digital-regular-saver.html

I was confused too, as I'd written 1st of each month on my spreadsheet.

Sheesh, that's really pathetic. Have they got some antiquated coal fired (and possibly clockwork) computer system doing their back end processing?!

(I've opened a few accounts with various of the old school banks to take advantage of their attached savings accounts, and it really is astonishing quite how retro the back end systems of some of these clearly are, despite what superficial polish there might now be on the front end: unable to show interest payments, running balances, updated payees, etc, until daytime the following day (or even worse, sometimes the following 'working day'), no secure messaging, and so on… I guess there's a lot of 'legacy code' lurking there where most of the people who know/knew how it worked are retired (or foolishly cast off) or dead, and their current staff are (rightly) very scared to touch it, although that technical debt's going to lurk until someone faces up to it.)

I’d rather the banks pay good rates on their Regular Savers than spend money on upgrading perfectly good systems - as the saying goes: if it ain’t broken, don’t fix it! IMO, there is absolutely no reason why Regular Savers need to work in real time. But if they don’t live up to your expectations, just don’t have them, it’s not compulsory.

silvercar

I have a letter from Monmouthshire BS this morning requiring an original or certified bank statement of the account to withdraw to.

I receive statements online and my local branch has closed, so how do I get a certified bank statement? 

Bridlington1

silvercar said:

I have a letter from Monmouthshire BS this morning requiring an original or certified bank statement of the account to withdraw to.

I receive statements online and my local branch has closed, so how do I get a certified bank statement? 

Anyone on this list (courtesy of gov.uk) can certify a document:

• bank or building society official
• councillor
• minister of religion
• dentist
• chartered accountant
• solicitor or notary
• teacher or lecturer

The person you ask should not be:

• related to you
• living at the same address
• in a relationship with you

Bridlington1

Just beware though. I sent off an original statement on 5th December and I'm still waiting for the account to be verified so you will likely be waiting till at least February by the time you can make withdrawals from Monmouthshire.

phillw

david72 said:
I guess there's a lot of 'legacy code' lurking there where most of the people who know/knew how it worked are retired (or foolishly cast off) or dead, and their current staff are (rightly) very scared to touch it, although that technical debt's going to lurk until someone faces up to it.)

Usually it's the legacy developers who act as gate keepers to prevent change.

They don't see why they have to change how they do things, just so the university graduates can display an up to the second balance on their new fangled apps. You can just wait for the paper statement that they generate, to know what the balance is.

I agree about the technical debt, but it's technical debt that the developers are comfortable with. Though the TSB meltdown of 2018 was a sign of what happens when you let the kids take over.

chris_the_bee

Bridlington1 said:

silvercar said:

I have a letter from Monmouthshire BS this morning requiring an original or certified bank statement of the account to withdraw to.

I receive statements online and my local branch has closed, so how do I get a certified bank statement? 

Anyone on this list (courtesy of gov.uk) can certify a document:

• bank or building society official
• councillor
• minister of religion
• dentist
• chartered accountant
• solicitor or notary
• teacher or lecturer

The person you ask should not be:

• related to you
• living at the same address
• in a relationship with you

Most banks should send you an original bank statement if you ask them. Certainly NatWest do.

silvercar

chris_the_bee said:

Bridlington1 said:

silvercar said:

I have a letter from Monmouthshire BS this morning requiring an original or certified bank statement of the account to withdraw to.

I receive statements online and my local branch has closed, so how do I get a certified bank statement? 

Anyone on this list (courtesy of gov.uk) can certify a document:

• bank or building society official
• councillor
• minister of religion
• dentist
• chartered accountant
• solicitor or notary
• teacher or lecturer

The person you ask should not be:

• related to you
• living at the same address
• in a relationship with you

Most banks should send you an original bank statement if you ask them. Certainly NatWest do.

NatWest charge £3!

chris_the_bee

silvercar said:

chris_the_bee said:

Bridlington1 said:

silvercar said:

I have a letter from Monmouthshire BS this morning requiring an original or certified bank statement of the account to withdraw to.

I receive statements online and my local branch has closed, so how do I get a certified bank statement? 

Anyone on this list (courtesy of gov.uk) can certify a document:

• bank or building society official
• councillor
• minister of religion
• dentist
• chartered accountant
• solicitor or notary
• teacher or lecturer

The person you ask should not be:

• related to you
• living at the same address
• in a relationship with you

Most banks should send you an original bank statement if you ask them. Certainly NatWest do.

NatWest charge £3!

Oh. They didn't charge me!