Regular Savings Accounts: The Best Currently Available List!

kaMelo

flaneurs_lobster said:

kaMelo said:

I don't think it's something they will check per se, I'm not sure there is even a way to do so outside of using Government data, however it is a term of the account and you declare that to be a true statement of facts when opening the account. Should information come to light in the future that the term is breached it could lead to Principality closing the account, with all that in mind it is up to each individual as to whether they open an account or not.

I ask in genuine ignorance, would I be committing a criminal offence (fraud?) by knowingly lying on such an application?

No, not criminal as Principality don't make laws. It would be a breach of their terms of service with the worst punishment they could give you being closing all accounts and not allowing you as a customer in the future. Whether they would go that far or even bother at all is impossible to say.

janusd

pecunianonolet said:

janusdesign said:

Bridlington1 said:

I can't seem to see this mentioned anywhere but the interest rate bands on the Principality BS First Home Steps Savings Account (Issue 3) and Principality BS First Home Steps Online Savings Account (Issue 2) have changed to the following:

3.05% for £1-£2.5k
3.25% for £2.5k-£7.5k
3.75% for £7.5k-£25k

that's a nice spot, but probably worth mentioning the condition mentioned in its T&C..

• You can only open this account if you do not own or have not previously owned a property.

And how will they check this is applicable or not? Doesn't specify overseas property either. Not that I care as I have the Coventry FHS but always wonder how they check something they put in their T&C's

I thought it worth highlighting because a) it was a clause that Coventry didn't put in their equivalent account, and b) you need to confirm your property ownership status during the application process.

now possibly they don't check, and even if they do, perhaps the worst is closure of the account and banning from opening further accounts with PBS - but let's at least open accounts fully aware of their conditions.

happybagger

janusdesign said:

• You can only open this account if you do not own or have not previously owned a property.

Moot point as to whether the customer actually opens the account.

Customer applies to open the account; Society decides whether to open the account or not.

castle96

Must admit, I fibbed ! Naughty me

Velvet_Monkey

kaMelo said:

I don't think it's something they will check per se, I'm not sure there is even a way to do so outside of using Government data, however it is a term of the account and you declare that to be a true statement of facts when opening the account. Should information come to light in the future that the term is breached it could lead to Principality closing the account, with all that in mind it is up to each individual as to whether they open an account or not.

Surely trivial to check? If you apply using your home address and you have a mortgage it will be on your credit file. If you own the property outright, land registry have records that anyone can access. If you don't apply from your home address, it will be harder for a financial institution to confirm your identity, which it still has an obligation to do. Of course whether or not it actually does this is up to them...

pecunianonolet

Driving more than 70 miles on the motorway is also an offence, yet most of us do. It's great that it is highlighted here and it shows they learned from Coventry and market players watch closely what the competition does. If it is classed as fraud, as mentioned here, the clause is only useful if it can actually be enforced and checked against. It just gives them a handle closing a legal loophole, in case anything should come to light, which I doubt will ever happen. 

Patrington

pecunianonolet said:

Driving more than 70 miles on the motorway is also an offence,

Is it? Never knew that.

Why do they build them so long then?

Back to Regular Savers folks?

Band7

castle96 said:

Must admit, I fibbed ! Naughty me

If you are unlucky, you could earn yourself a CIFAS First Party Fraud marker which stays with you for 6 years. https://www.experian.co.uk/blogs/latest-thinking/fraud-prevention/what-is-first-second-and-third-party-fraud/#:~:text=first-party fraud?-,What is first-party fraud?,for financial or material gain.

pafpcg

Band7 said:

castle96 said:

Must admit, I fibbed ! Naughty me

If you are unlucky, you could earn yourself a CIFAS First Party Fraud marker which stays with you for 6 years. https://www.experian.co.uk/blogs/latest-thinking/fraud-prevention/what-is-first-second-and-third-party-fraud/#:~:text=first-party fraud?-,What is first-party fraud?,for financial or material gain.

Ouch!  The CoventryBS didn't go that far with the multiple regular savers, did they?

kaMelo

I have to say that using the term "Fraud" is stretching things a little and as far as CIFAS goes that's a high bar to cross.
An institution has to show it had reasonable grounds to believe that a fraud or financial crime had been committed or attempted and that the evidence would support this being reported to the authorities.

Opinions are like !!!!!!, everyone has one and they're all different but I cannot see how any fair minded person would think that high bar had been crossed when considering the requirement I've bolded above.