Regular Savings Accounts: The Best Currently Available List!

where_are_we

Bridlington1 said:

My Monmouthshire Coronation Regular saver passbook has just arrived. Cheque deposited 24/4/23 but no sign of it being debited from my account yet.

I'm certainly not complaining though as I've been earning interest on my £300 deposit in two accounts for over a week and counting so long may this sort of delay continue so far as I'm concerned.

I play it safe and leave the £300 in my HubCA earning nil interest. What happens to a cheque that has been presented for payment and there are not sufficient funds to cover it? Can it be debited? Do I get a warning from HubCA to transfer covering funds before a time later that day?

Bridlington1

where_are_we said:

Bridlington1 said:

My Monmouthshire Coronation Regular saver passbook has just arrived. Cheque deposited 24/4/23 but no sign of it being debited from my account yet.

I'm certainly not complaining though as I've been earning interest on my £300 deposit in two accounts for over a week and counting so long may this sort of delay continue so far as I'm concerned.

I play it safe and leave the £300 in my HubCA earning nil interest. What happens to a cheque that has been presented for payment and there are not sufficient funds to cover it? Can it be debited? Do I get a warning from HubCA to transfer covering funds before a time later that day?

I have a £2.5k arranged OD with Nationwide (the account I wrote the cheque from), which is a legacy of when I stoozed their 0% OD on the FlexDirect account.

As soon as the cheque is taken I repay the OD before the end of the day to prevent me from being charged interest. I usually use Nationwide for my cheques, particularly for larger ones, for this reason as it prevents me having money sat in a 0% current account for long periods.

As it stands me and my big mouth, the cheque was taken yesterday but I was still earning an effective interest rate of over 9% on that £300 for over a week so I'm still pleased with the result. 

allegro120

where_are_we said:

Bridlington1 said:

My Monmouthshire Coronation Regular saver passbook has just arrived. Cheque deposited 24/4/23 but no sign of it being debited from my account yet.

I'm certainly not complaining though as I've been earning interest on my £300 deposit in two accounts for over a week and counting so long may this sort of delay continue so far as I'm concerned.

I play it safe and leave the £300 in my HubCA earning nil interest. What happens to a cheque that has been presented for payment and there are not sufficient funds to cover it? Can it be debited? Do I get a warning from HubCA to transfer covering funds before a time later that day?

Your cheque won't be debited if you don't have sufficient funds in your account, unless you have an arranged overdraft. I doubt your hubCA will give you a warning. I would definitely have £300 in my CA until the cheque is cleared.

10_66

ForumUser7 said:

Anywhere that accepts debit card deposits, but some (Skipton) get quite annoyed about it...

They definitely do, I received this yesterday     .  And this wasn't even for any Nat West payments (which I don't do), it was only for a couple of payments made by Debit Card for another bank.

wiseonesomeofthetime

10_66 said:

ForumUser7 said:

Anywhere that accepts debit card deposits, but some (Skipton) get quite annoyed about it...

They definitely do, I received this yesterday     .  And this wasn't even for any Nat West payments (which I don't do), it was only for a couple of payments made by Debit Card for another bank.

Which "account specific terms and conditions", do you think?

I use my Skipton account in the same way.

10_66

wiseonesomeofthetime said:

10_66 said:

ForumUser7 said:

Anywhere that accepts debit card deposits, but some (Skipton) get quite annoyed about it...

They definitely do, I received this yesterday     .  And this wasn't even for any Nat West payments (which I don't do), it was only for a couple of payments made by Debit Card for another bank.

Which "account specific terms and conditions", do you think?

I use my Skipton account in the same way.

I'm not sure whether they have in their T&C's that they don't like the couple of debit card payments into the account each month being withdrawn as soon as cleared, but I'm going to call them on Tuesday.

TheBanker

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. 

bristolleedsfan

10_66 said:

wiseonesomeofthetime said:

10_66 said:

ForumUser7 said:

Anywhere that accepts debit card deposits, but some (Skipton) get quite annoyed about it...

They definitely do, I received this yesterday     .  And this wasn't even for any Nat West payments (which I don't do), it was only for a couple of payments made by Debit Card for another bank.

Which "account specific terms and conditions", do you think?

I use my Skipton account in the same way.

I'm not sure whether they have in their T&C's that they don't like the couple of debit card payments into the account each month being withdrawn as soon as cleared, but I'm going to call them on Tuesday.

Why phone them, as others have said Skipton have never liked Savings accounts being transacted the same way as Current Accounts, others who have not had letters have been lucky. (at least for now)

Some years ago I received similar letter relating to them objecting to savings account receiving very regular weekly credits from a cashback site.

10_66

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.

Bridlington1

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.

If I were you I'd start using a different bank for your debit card deposits and leave it at that. You're lucky they at least gave you some sort of warning shot and haven't suddenly decided to eject you so you can still access their rates in the future. LBG on the other hand...