The New Top Easy Access Savings Discussion Area

pfpf

curious. @4.6% why wont it be a "ToTP"? does it break a rule to be included?

masonic

pfpf said:

curious. @4.6% why wont it be a "ToTP"? does it break a rule to be included?

From 1st post: "Note: Generally, I don't rank 'aggregators'."

As mentioned in prior discussion, the safeguarding arrangement means that customers may need to pay admin cost that would normally be covered by FSCS, should the aggregator fail. So it is not a risk free arrangement. Some aggregators have separate Client Money permission, allowing full FSCS protection, but Snoop apparently doesn't.

1spiral

masonic said:

Savings accounts do not generally allow a negative balance at all, and providers can be on shaky ground where they put an account into negative balance.

Has there ever been an instance where this occurs and if so on what grounds.

The closest I've ever heard of to this is where withdrawals incur a say 90 day penalty and if you close the account in less than 90 days you get back less than you deposited but that isn't the same as a negative balance.

masonic

1spiral said:

masonic said:

Savings accounts do not generally allow a negative balance at all, and providers can be on shaky ground where they put an account into negative balance.

Has there ever been an instance where this occurs and if so on what grounds.

The closest I've ever heard of to this is where withdrawals incur a say 90 day penalty and if you close the account in less than 90 days you get back less than you deposited but that isn't the same as a negative balance.

It would not normally occur, as any fee would need to be paid in advance or taken from a credit balance. Could happen if for example an incentive paid up front was clawed back, but the savings provider would have limited recourse in those scenarios. Savings accounts are set up so that there isn't scope for charges to go unpaid.

Malchester

1spiral said:

masonic said:

Savings accounts do not generally allow a negative balance at all, and providers can be on shaky ground where they put an account into negative balance.

Has there ever been an instance where this occurs and if so on what grounds.

The closest I've ever heard of to this is where withdrawals incur a say 90 day penalty and if you close the account in less than 90 days you get back less than you deposited but that isn't the same as a negative balance.

I have 2 Coventry Building Society Accounts which have a negative balance, both under £2. It was when I closed a couple of accounts with a closure penalty. Instead of deducting the penalty from the amount they sent me the full amount and left the accounts with negative balance. It was over 1 year ago and they haven't asked me to clear the negative balance

flaneurs_lobster

Malchester said:

I have 2 Coventry Building Society Accounts which have a negative balance, both under £2. It was when I closed a couple of accounts with a closure penalty. Instead of deducting the penalty from the amount they sent me the full amount and left the accounts with negative balance. It was over 1 year ago and they haven't asked me to clear the negative balance

Having those accounts sitting in my spreadsheet would be just so annoying. It's the negativityness, I've loads of zero or £1 balances and that's just fine but (£1).... in a column of positive numbers....it's not natural.

tr7phil

flaneurs_lobster said:

Malchester said:

I have 2 Coventry Building Society Accounts which have a negative balance, both under £2. It was when I closed a couple of accounts with a closure penalty. Instead of deducting the penalty from the amount they sent me the full amount and left the accounts with negative balance. It was over 1 year ago and they haven't asked me to clear the negative balance

Having those accounts sitting in my spreadsheet would be just so annoying. It's the negativityness, I've loads of zero or £1 balances and that's just fine but (£1).... in a column of positive numbers....it's not natural.

Does this mean you only allow integer balances in all your accounts?  ;-)

crumpet_man

flaneurs_lobster said:

Malchester said:

I have 2 Coventry Building Society Accounts which have a negative balance, both under £2. It was when I closed a couple of accounts with a closure penalty. Instead of deducting the penalty from the amount they sent me the full amount and left the accounts with negative balance. It was over 1 year ago and they haven't asked me to clear the negative balance

Having those accounts sitting in my spreadsheet would be just so annoying. It's the negativityness, I've loads of zero or £1 balances and that's just fine but (£1).... in a column of positive numbers....it's not natural.

Don't get a job as an accountant.

SnowMan

West Brom Building Society 4 access saver (issue 2) paying 4.65% AER is no longer available

flaneurs_lobster

tr7phil said:

Does this mean you only allow integer balances in all your accounts?  ;-)

Actually it does, probably bad practice but it looks neater. Not sure I'd describe my spreadsheets as "accounts", more lists of balances. 

P60 numbers etc are recorded with pence. Never needed to report these numbers, doesn't SA ignore pennies?