Regular Savings Accounts: The Best Currently Available List!

aaj123

TheBanker said:

10_66 said:

TheBanker said:

I would imagine that the reference to Terms and Conditions is ia reference to their ability to close the account, rather than to using debit card payments. 

If you are depositing money by debit card then immediately withdrawing it, this is indicative of fraud or money laundering so I am not surprised they don't like it. Also you are costing them money in terms of card processing fees. I am not surprised they say this is not how the account is intended to be used, and therefore are considering exercising their right to give notice of closure. 

I've regularly moved money into and immediately out of my other accounts for many years (not for money laundering purposes, I hasten to add), as do many people on this forum who are chasing the best interest rates, and have never received any such notice of possible closure from anywhere else.

That may all be true but the anti-money laundering rules these days are much more onerous than they used to be.

Truth is, making a deposit to a savings account using a debit card and then immediately withdrawing it is not normal behaviour and has raised a red flag with Skipton. They are entitled to close your account but have decided to send a letter asking you to use your account in the way it's intended (i.e. for saving). I don't see much point in calling them as they haven't invited you to explain or discuss your activities, just to stop them. And if you don't stop then they'll stop you by closing your account.  

Plenty of people on here have had accounts with other banks frozen and closed when the bank doesn't like the way they're transacting. The only difference is Skipton seem to issue a warning first. With other banks the first you might know about it is when your card or internet banking stop working. 

Could they act similarly in the Flexible ISA account that they offer? Saying so because I am not sure how they could just close an isa account and unwrap your money.

TheBanker

aaj123 said:

TheBanker said:

10_66 said:

TheBanker said:

I would imagine that the reference to Terms and Conditions is ia reference to their ability to close the account, rather than to using debit card payments. 

If you are depositing money by debit card then immediately withdrawing it, this is indicative of fraud or money laundering so I am not surprised they don't like it. Also you are costing them money in terms of card processing fees. I am not surprised they say this is not how the account is intended to be used, and therefore are considering exercising their right to give notice of closure. 

I've regularly moved money into and immediately out of my other accounts for many years (not for money laundering purposes, I hasten to add), as do many people on this forum who are chasing the best interest rates, and have never received any such notice of possible closure from anywhere else.

That may all be true but the anti-money laundering rules these days are much more onerous than they used to be.

Truth is, making a deposit to a savings account using a debit card and then immediately withdrawing it is not normal behaviour and has raised a red flag with Skipton. They are entitled to close your account but have decided to send a letter asking you to use your account in the way it's intended (i.e. for saving). I don't see much point in calling them as they haven't invited you to explain or discuss your activities, just to stop them. And if you don't stop then they'll stop you by closing your account.  

Plenty of people on here have had accounts with other banks frozen and closed when the bank doesn't like the way they're transacting. The only difference is Skipton seem to issue a warning first. With other banks the first you might know about it is when your card or internet banking stop working. 

Could they act similarly in the Flexible ISA account that they offer? Saying so because I am not sure how they could just close an isa account and unwrap your money.

I imagine they would give you notice that the account was being closed. It would be for you to arrange to transfer the ISA to another provider before the notice expires. Quite likely they would reject any additional deposits attempted during the notice period. 

ForumUser7

Mansfield Regular eSaver temporarily not available

"Technical Update 05.05.23, 14:45: Our online savings accounts are temporarily unavailable for new applications and will not be available over the Bank Holiday weekend. We are working to resolve this as soon as possible. Our online savings portal for existing online customers is operating normally."

Source ~ https://www.mansfieldbs.co.uk/saving/online-savings-accounts/

Aidanmc

Can anyone confirm its ok to change HSBC regular saver standing order date to 1st of month?

Section62

Aidanmc said:

Can anyone confirm its ok to change HSBC regular saver standing order date to 1st of month?

See here -
https://forums.moneysavingexpert.com/discussion/6443363/hsbc-regular-saver-changing-so-to-1st/p1

Possibly Ok, but possibly no advantage to be gained. Possible risk attached to doing so. Nobody knows the answers for sure. (probably not even HSBC)

Descrabled

HSBC Regular Saver

I had occasion last month to query the regular saver with HSBC. During the discussion with the customer service representative it was revealed that all my savings and current accounts had been reviewed for both First Direct and HSBC going back over 20 years. He informed me that such a review was routine if any problems arose with an account.

I was surprised at the detail that was revealed from this examination. I strongly recommend that you consider possible consequences of going out with their t&cs. Arguably HSBC are the most fussy bank in the UK presently.

I would never risk changing the date of the standing order for the regular saver.

allegro120

Descrabled said:

HSBC Regular Saver

I had occasion last month to query the regular saver with HSBC. During the discussion with the customer service representative it was revealed that all my savings and current accounts had been reviewed for both First Direct and HSBC going back over 20 years. He informed me that such a review was routine if any problems arose with an account.

I was surprised at the detail that was revealed from this examination. I strongly recommend that you consider possible consequences of going out with their t&cs. Arguably HSBC are the most fussy bank in the UK presently.

I would never risk changing the date of the standing order for the regular saver.

I never play games with HSBC, FD and (in the past) M&S. As you said, it's best to follow exactly what it says on the tin.  Not worth fiddling with dates for a sake of an extra couple of quid a year.

TheBanker

I'm going to open a First Direct regular saver, but the posts above concern me. What type of activity would lead to a review of 20 years of account history, and what are the actual consequences of changing the Standing Order date? (I don't change my dates to the 1st to try to maximise interest, I change them to the day after my salary arrives which is the middle of the month).

The way the above posts are worded I am worried I'll end up with a CIFAS marker or something!

RG2015

TheBanker said:

I'm going to open a First Direct regular saver, but the posts above concern me. What type of activity would lead to a review of 20 years of account history, and what are the actual consequences of changing the Standing Order date? (I don't change my dates to the 1st to try to maximise interest, I change them to the day after my salary arrives which is the middle of the month).

The way the above posts are worded I am worried I'll end up with a CIFAS marker or something!

I only opened First Direct and HSBC current accounts to qualify for their regular savers. After a few years their rates become less attractive and once the regular savers had matured I switched both away for switch incentives.

Two weeks later FD increased their RS to 3.50% and I opened a new FD current account and regular saver without any problem. My online ID was still active as I had not closed my FD savings account which was only there to hold maturing RS balances for a single day.

With HSBC, I wanted their bonus saver which I duly opened as I already had online access with an empty savings account and a balance transfer credit card. I then found that I could not set up a payee so had to open a new current account. They subsequently upped their RS rate so I opened one of them as well.

The point being that I have only used First Direct and HSBC to take advantage of their various offers. Despite this I have never had any issues at all with them.

I personally doubt that you would have any problems when opening a First Direct Regular Saver.

ForumUser7

YBS

Good news for variable rate savings accounts

In response we will be increasing our rates on all of our savings accounts by 0.25% on Wednesday 17 May 2023. 

You can find your new interest rate here.

Loyalty ReS -> 5.5% Christmas 2023 RS -> 5%