Regular Savings Accounts: The Best Currently Available List!

bristolleedsfan

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.

Other savings providers have scrapped direct debit/debit card deposit facility, Skipton at least for now are tackling the matter the way that they are, it is a case of people should be pleased it has taken them so long to act.

redux

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.

Look at this from the viewpoint of a single savings institution. They might expect your balance held with them to gradually increase, perhaps with occasional withdrawals every few months of couple of years. If you are chasing the best interest rates, as you say, this might be happening gradually as rates change over spans of a few weeks or months, not regularly on perhaps the same days every month. If their offering is competitive and useful, use it for longer spans than a few hours or a couple of days; if not, why send the money via there at all? From their point of view, your description isn't accurate; the best rates don't change hourly, your transaction is about artificially achieving a different benefit elsewhere.

TheBanker

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. 

flaneurs_lobster

This 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.

This seems to be the bit of T&C that Skipton are referring to:

6.0 Non-payment account 

6.1 This account is a savings account and must not be used for multiple monthly transactions like a current account. It isn’t a Payment Account for the purposes of the Payment Services Regulations 2017.

That from the Easy Access account, something similar in their Tracker.

schiff

The Skipton interest rate is 2.91%, not as big as many competitors but reasonable nevertheless. It makes sense to leave a reasonable amount in there and move it up and down, if getting the Halifax etc cash-back is important to you.

trickydicky14

R.S v Fixed.

Now that 5% on fixed accounts is available, is it time for me to cash in my regular savers under 5%? As I don’t need access to a lot of my cash, I was thinking of closing all my Halifax, Lloyds and Bos R.S, that’s 4 accounts and putting most of the cash in a 1 or 2 year fixed and re applying for the R.S at the new higher rate. I know a while back it was said accounts over 6 months would not be worth it, but now would you not agree things have changed?

subjecttocontract

I'm only aware of one bank offering 5% fixed. That's thru Raisin and requires £10,000 min deposit.

trickydicky14

subjecttocontract said:

I'm only aware of one bank offering 5% fixed. That's thru Raisin and requires £10,000 min deposit.

I have an account with Raisin, you are mistaken regarding min deposit, it is 1k.
So, is it a good idea?

Band7

trickydicky14 said:

R.S v Fixed.

Now that 5% on fixed accounts is available, is it time for me to cash in my regular savers under 5%? As I don’t need access to a lot of my cash, I was thinking of closing all my Halifax, Lloyds and Bos R.S, that’s 4 accounts and putting most of the cash in a 1 or 2 year fixed and re applying for the R.S at the new higher rate. I know a while back it was said accounts over 6 months would not be worth it, but now would you not agree things have changed?

It would depend on how much most of the cash is. If it's your existing balance in <5% accounts, it's more or less a no brainer. But if you want to hold back some, it might not be worth it - -  where will you keep the remaining cash?

I am currently considering my options but I am a bit uneasy with Isbank. The rates they are offering via Raisin are several light years from the rates they are offering their direct customers, and it seems somewhat odd that they are offering the same rates for several years. I think I'll hold fire for now.

trickydicky14

Band7 said:

trickydicky14 said:

R.S v Fixed.

Now that 5% on fixed accounts is available, is it time for me to cash in my regular savers under 5%? As I don’t need access to a lot of my cash, I was thinking of closing all my Halifax, Lloyds and Bos R.S, that’s 4 accounts and putting most of the cash in a 1 or 2 year fixed and re applying for the R.S at the new higher rate. I know a while back it was said accounts over 6 months would not be worth it, but now would you not agree things have changed?

It would depend on how much most of the cash is. If it's your existing balance in <5% accounts, it's more or less a no brainer. But if you want to hold back some, it might not be worth it - -  where will you keep the remaining cash?

I am currently considering my options but I am a bit uneasy with Isbank. The rates they are offering via Raisin are several light years from the rates they are offering their direct customers, and it seems somewhat odd that they are offering the same rates for several years. I think I'll hold fire for now.

Thanks for your comments, when I use the term ‘most of the cash’ I’m just thinking of holding back sufficient to pay the first instalment when I reopen the new R.S at the higher rate, I may not even have to do that.

Do you really have concerns with Isbank? You are protected up to 85k aren’t you.

We may also see others hitting 5% over the next few weeks? or is that just wishful thinking.