Regular Savings Accounts: The Best Currently Available List!

Band7

trickydicky14 said:

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

Raisin say there is FSCS protection for Isbank. I suppose they have verified that this is the case but I would confirm it myself before making any deposits into a bank I know nothing about.

trickydicky14 said:

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

We might well see more 5%+ deals if the BoE raises rates again.

allegro120

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?

I'm not sure, savings rates are still going up.  However, locking money is less hassle than chasing the rates and feeding RSs so it could be a good decision.  I personally prefer to have access to my money, don't mind extensive banking and I have time for it.  I will probably lock some money in one or more fixed offers in near future, but that will be a very small proportion of my savings.

Wheres_My_Cashback

Band7 said:

trickydicky14 said:

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

Raisin say there is FSCS protection for Isbank. I suppose they have verified that this is the case but I would confirm it myself before making any deposits into a bank I know nothing about.

trickydicky14 said:

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

We might well see more 5%+ deals if the BoE raises rates again.

I'd say more chance of when rather than if, given the FED have again increased theirs recently.

t1redmonkey

Quick question on the First Direct Regular Saver.  What happens when the collection day is a weekend/bank holiday?  Does it instead collect on the next working day?

gt94sss2

t1redmonkey said:

Quick question on the First Direct Regular Saver.  What happens when the collection day is a weekend/bank holiday?  Does it instead collect on the next working day?

Yes, that is correct

Bigwheels1111

t1redmonkey said:

Quick question on the First Direct Regular Saver.  What happens when the collection day is a weekend/bank holiday?  Does it instead collect on the next working day?

Next working day

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?