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  • masonic
    masonic Posts: 27,305 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 29 May at 6:48AM
    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
    1spiral Posts: 308 Forumite
    100 Posts First Anniversary Name Dropper
    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
    masonic Posts: 27,305 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 29 May at 7:20AM
    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
    Malchester Posts: 989 Forumite
    Eighth Anniversary 500 Posts Photogenic Name Dropper
    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
    flaneurs_lobster Posts: 6,590 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    edited 29 May at 9:09AM
    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
    tr7phil Posts: 111 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    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
    crumpet_man Posts: 736 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    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.
  • flaneurs_lobster
    flaneurs_lobster Posts: 6,590 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    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?
  • Aidanmc
    Aidanmc Posts: 1,324 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    ircE said:
    Hope everyone had a good bank holiday weekend.
    True EA accounts are easy access savings accounts which can be opened, and the headline interest rate earned, with a minimum of up to £10. They allow for unlimited withdrawals. Accounts limited to smaller balances, fee-charging accounts, and accounts only available on savings platforms are excluded. Instant True EA accounts are those True EA accounts which advertise immediate transfer times 24/7. Highlighted entries show changes in the interest rate since last time: red for falls, green for rises, and blue for new entries to the respective table.
    As previously discussed I've raised the threshold for minimum balances to £10 and this time that's led to Spring, a platform for Paragon Bank, springing onto the scorecard.
    For new customers, Chip is now the best account across the board, and cahoot's latest Simple Saver takes the lead for everyone else.


    Does the True EA accounts listed do weekend withdrawals?
    I assume they do, just not instant.
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