Regular Savings Accounts: The Best Currently Available List!

RG2015

pookey said:

Zaul22 said:

Update on Natwest Round ups: Don't. Some people have got away with it but it is a gamble. I got the 'we are ending our banking relationship' letter just like the infamous LBG letter. I was only doing like 5 created round ups per week. I knew if I did too many they could do something but I am really surprised just how few they considered too many. I was also using it for legitimate spending as much if not more than created round ups. Maybe they saw the £2.25 payment to Eon and thought something is clearly wrong here. 

Thank you for letting us know. I was gonna open the account but was hesitating due to this

Why would this make you hesitate? It is a savings account. Many thousands will be running this account without any issues.

The problem appears to be NatWest objecting to a customer "contriving" rounds ups to increase the amounts deposited during a single month.

ForumUser7

Zaul22 said:

Update on Natwest Round ups: Don't. Some people have got away with it but it is a gamble. I got the 'we are ending our banking relationship' letter just like the infamous LBG letter. I was only doing like 5 created round ups per week. I knew if I did too many they could do something but I am really surprised just how few they considered too many. I was also using it for legitimate spending as much if not more than created round ups. Maybe they saw the £2.25 payment to Eon and thought something is clearly wrong here. 

Is that the only ‘risky’ thing you were doing with them? No burner switch accounts, no large transfers in or out etc.? Are you sure nothing else could’ve triggered it other than the round ups?

Kazza242

Hinckley & Rugby BS have announced their savings interest rate changes, which come into effect on the 3rd July 2023.

Unfortunately, their Regular Saver 30 Day Notice account interest rate will remain unchanged at 4.50%

See here.  

Zaul22

ForumUser7 said:

Zaul22 said:

Update on Natwest Round ups: Don't. Some people have got away with it but it is a gamble. I got the 'we are ending our banking relationship' letter just like the infamous LBG letter. I was only doing like 5 created round ups per week. I knew if I did too many they could do something but I am really surprised just how few they considered too many. I was also using it for legitimate spending as much if not more than created round ups. Maybe they saw the £2.25 payment to Eon and thought something is clearly wrong here. 

Is that the only ‘risky’ thing you were doing with them? No burner switch accounts, no large transfers in or out etc.? Are you sure nothing else could’ve triggered it other than the round ups?

I switched in to them and kept the account, was using their credit card too. The round ups are the only thing it could have been. I had Chip connected to it but didn't use it much. Opening an account with them in the first place was always difficult. Every time I applied for an RBS or NatWest current account they rejected me based on the credit check. The only way I did manage to get an account was successfully applying for the credit card first, using it for about a month, then once I was already a current customer they finally approved my current account application. They just seem to be extremely fussy about who their customers are and how they use their accounts. 

ForumUser7

Zaul22 said:

ForumUser7 said:

Zaul22 said:

Update on Natwest Round ups: Don't. Some people have got away with it but it is a gamble. I got the 'we are ending our banking relationship' letter just like the infamous LBG letter. I was only doing like 5 created round ups per week. I knew if I did too many they could do something but I am really surprised just how few they considered too many. I was also using it for legitimate spending as much if not more than created round ups. Maybe they saw the £2.25 payment to Eon and thought something is clearly wrong here. 

Is that the only ‘risky’ thing you were doing with them? No burner switch accounts, no large transfers in or out etc.? Are you sure nothing else could’ve triggered it other than the round ups?

I switched in to them and kept the account, was using their credit card too. The round ups are the only thing it could have been. I had Chip connected to it but didn't use it much. Opening an account with them in the first place was always difficult. Every time I applied for an RBS or NatWest current account they rejected me based on the credit check. The only way I did manage to get an account was successfully applying for the credit card first, using it for about a month, then once I was already a current customer they finally approved my current account application. They just seem to be extremely fussy about who their customers are and how they use their accounts. 

I wonder if perhaps they apply more stringent current account checks to first time customers, and they didn’t want you to have a CA for some reason, and then picked it up down the line. In the nicest way possible, I hope that’s the case - otherwise I’m going to be in trouble with them 😐

EDIT: Also, worth checking your credit reports (probably at source with a statutory report from the CRAs), and checking CIFAS for any adverse markers

Bridlington1

ForumUser7 said:

Zaul22 said:

ForumUser7 said:

Zaul22 said:

Update on Natwest Round ups: Don't. Some people have got away with it but it is a gamble. I got the 'we are ending our banking relationship' letter just like the infamous LBG letter. I was only doing like 5 created round ups per week. I knew if I did too many they could do something but I am really surprised just how few they considered too many. I was also using it for legitimate spending as much if not more than created round ups. Maybe they saw the £2.25 payment to Eon and thought something is clearly wrong here. 

Is that the only ‘risky’ thing you were doing with them? No burner switch accounts, no large transfers in or out etc.? Are you sure nothing else could’ve triggered it other than the round ups?

I switched in to them and kept the account, was using their credit card too. The round ups are the only thing it could have been. I had Chip connected to it but didn't use it much. Opening an account with them in the first place was always difficult. Every time I applied for an RBS or NatWest current account they rejected me based on the credit check. The only way I did manage to get an account was successfully applying for the credit card first, using it for about a month, then once I was already a current customer they finally approved my current account application. They just seem to be extremely fussy about who their customers are and how they use their accounts. 

I wonder if perhaps they apply more stringent current account checks to first time customers, and they didn’t want you to have a CA for some reason, and then picked it up down the line. In the nicest way possible, I hope that’s the case - otherwise I’m going to be in trouble with them 😐

EDIT: Also, worth checking your credit reports (probably at source with a statutory report from the CRAs), and checking CIFAS for any adverse markers

If it had been secondary checks that had resulted in the closure I would imagine the notice period would be much shorter, though I am only going on my experiences of account closures so far so could be wrong here.

As an example I had my Barclays's accounts closed without notice in late November 2022 due to failing their secondary checks, which I believe to be the result of holding 2 student accounts simultaneously for about half an hour so the day it was opened. When I foolishly opened those 5 TSB accounts in one day in August they closed all barring one of them a day or so later and shut the remaining account in January again with no notice. Yes I have made a complete and utter horlicks of my banking affairs of late I know.

The fact that you have been given a similar letter to the ones I got from LBG suggests to me that this is more likely to be a commercial decision, possibly related to the round ups but I doubt we will ever know the true reasons for the closure for sure as there will likely be other factors at play, possibly including your difficulties in opening the Natwest account in the first place, but possibly something else as well. 

pookey

RG2015 said:

pookey said:

Zaul22 said:

Update on Natwest Round ups: Don't. Some people have got away with it but it is a gamble. I got the 'we are ending our banking relationship' letter just like the infamous LBG letter. I was only doing like 5 created round ups per week. I knew if I did too many they could do something but I am really surprised just how few they considered too many. I was also using it for legitimate spending as much if not more than created round ups. Maybe they saw the £2.25 payment to Eon and thought something is clearly wrong here. 

Thank you for letting us know. I was gonna open the account but was hesitating due to this

Why would this make you hesitate? It is a savings account. Many thousands will be running this account without any issues.

The problem appears to be NatWest objecting to a customer "contriving" rounds ups to increase the amounts deposited during a single month.

I wanted to do the round ups to get more interest but seems a bit risky if they may cancle the account. 

RG2015

pookey said:

RG2015 said:

pookey said:

Zaul22 said:

Update on Natwest Round ups: Don't. Some people have got away with it but it is a gamble. I got the 'we are ending our banking relationship' letter just like the infamous LBG letter. I was only doing like 5 created round ups per week. I knew if I did too many they could do something but I am really surprised just how few they considered too many. I was also using it for legitimate spending as much if not more than created round ups. Maybe they saw the £2.25 payment to Eon and thought something is clearly wrong here. 

Thank you for letting us know. I was gonna open the account but was hesitating due to this

Why would this make you hesitate? It is a savings account. Many thousands will be running this account without any issues.

The problem appears to be NatWest objecting to a customer "contriving" rounds ups to increase the amounts deposited during a single month.

I wanted to do the round ups to get more interest but seems a bit risky if they may cancle the account. 

Okay, thanks for responding.

I think it’s a good account with an excellent rate. I have £2,251 so far in both NatWest and RBS without any round ups.

 Unless you do dozens of them it’s really just pennies extra .

pookey

RG2015 said:

pookey said:

RG2015 said:

pookey said:

Zaul22 said:

Update on Natwest Round ups: Don't. Some people have got away with it but it is a gamble. I got the 'we are ending our banking relationship' letter just like the infamous LBG letter. I was only doing like 5 created round ups per week. I knew if I did too many they could do something but I am really surprised just how few they considered too many. I was also using it for legitimate spending as much if not more than created round ups. Maybe they saw the £2.25 payment to Eon and thought something is clearly wrong here. 

Thank you for letting us know. I was gonna open the account but was hesitating due to this

Why would this make you hesitate? It is a savings account. Many thousands will be running this account without any issues.

The problem appears to be NatWest objecting to a customer "contriving" rounds ups to increase the amounts deposited during a single month.

I wanted to do the round ups to get more interest but seems a bit risky if they may cancle the account. 

Okay, thanks for responding.

I think it’s a good account with an excellent rate. I have £2,251 so far in both NatWest and RBS without any round ups.

 Unless you do dozens of them it’s really just pennies extra .

The max you can transfer in is £150 per month right? How did you manage to get so much in there? Is it not for 1 year? 

pokemaster

it has no year limit on it, and the max interest is at £5k that's why people are trying to get the round ups in to get it to the max of £5k as quick as possible for the £25ish per month interest as soon as possible