The Old Regular Savers Discussion Thread 28/12/24-29/1/26

allegro120

jaypers said:

Re Furness, I’ve found them to be about the slowest institution to credit money out of any that I have used. My Christmas Reg Saver matures tomorrow so it will be interesting how quick they are the other way!

Not very quick My Christmas matured today, nothing arrived in my bank account yet. I didn't expect it to arrive on the same day, tomorrow at best I think. 

Malchester

x44 said:

jaypers said:

Speculator said:

Does anyone know how long it takes for payments to be credited to Furness a/cs if sent by FP. Thanks.

Sent £10 by FP at 3am today. Still not showing as credited.

They are very slow and usually next working day.

That'll be because like many smaller financial groups they are using a main stream partner bank to process the payment for them. 

So you pay the partner bank's sort code and centralised account No and add in the reference field the account number that you hold with the Building Society - This refererence field is how together with your name and possibly also the originating account that they use to correctly allocate you deposit to you.

Snag it it takes an extra day - but then Faster payments is only guaranteed to be by the end of the following working day so its all fully compliant. Just not the 2 hours or even 2 mins that some have become used to!

...and it will probably take an extra day at weekends, and also if payments are sent in the evening after the partner bank runs the processing job for the day. After which they end up being processed in the next day's batch.

It doesn't have to be slow and a building society using a clearing bank to process deposits doesn't have to take until thd next day. I have accounts with Dudley BS and Saffron BS, both of which received depositx in about 2 hours. My guess is it is a choice by thd BS to only pay for one processing point a day, possibly overnight.

Kim_13

Malchester said:

x44 said:

jaypers said:

Speculator said:

Does anyone know how long it takes for payments to be credited to Furness a/cs if sent by FP. Thanks.

Sent £10 by FP at 3am today. Still not showing as credited.

They are very slow and usually next working day.

That'll be because like many smaller financial groups they are using a main stream partner bank to process the payment for them. 

So you pay the partner bank's sort code and centralised account No and add in the reference field the account number that you hold with the Building Society - This refererence field is how together with your name and possibly also the originating account that they use to correctly allocate you deposit to you.

Snag it it takes an extra day - but then Faster payments is only guaranteed to be by the end of the following working day so its all fully compliant. Just not the 2 hours or even 2 mins that some have become used to!

...and it will probably take an extra day at weekends, and also if payments are sent in the evening after the partner bank runs the processing job for the day. After which they end up being processed in the next day's batch.

It doesn't have to be slow and a building society using a clearing bank to process deposits doesn't have to take until thd next day. I have accounts with Dudley BS and Saffron BS, both of which received depositx in about 2 hours. My guess is it is a choice by thd BS to only pay for one processing point a day, possibly overnight.

Cambridge and Melton show the same day also. Cambridge use Barclays as their clearing bank and Melton HSBC.

Bobblehat

jaypers said:

Re Furness, I’ve found them to be about the slowest institution to credit money out of any that I have used. My Christmas Reg Saver matures tomorrow so it will be interesting how quick they are the other way!

Mine and Mrs Bobblehat's matured last night and we had instructed the funds to go to our nominated accounts. I was surprised to see it sat there this morning in a "Maturity Everyday Saver" earning 1.60%. I inquired via online chat why it had not been sent to the nominated accounts and was told it will get processed today manually and be available in nominated accounts tomorrow!

Like watching treacle flow! 

surreysaver

Bobblehat said:

jaypers said:

Re Furness, I’ve found them to be about the slowest institution to credit money out of any that I have used. My Christmas Reg Saver matures tomorrow so it will be interesting how quick they are the other way!

Mine and Mrs Bobblehat's matured last night and we had instructed the funds to go to our nominated accounts. I was surprised to see it sat there this morning in a "Maturity Everyday Saver" earning 1.60%. I inquired via online chat why it had not been sent to the nominated accounts and was told it will get processed today manually and be available in nominated accounts tomorrow!

Like watching treacle flow! 

I paid £2 into Furness on Friday evening. It materialised yesterday, when I paid £1 back into my nominated account. It was there this morning. So it must depend on whether their computer wants to do it or pass it to a human?

Hattie627

Furness BS Christmas RS

Mine matures on 22 January. I don't have online access, so posted the maturity instruction form (with passbook) on Friday last week (second class stamp), instructing closure on maturity with funds to transfer to nominated account.

Pleasantly surprised to receive email today from Furness, acknowledging receipt of my instructions and confirming that they will be implemented on maturity.

Nice touch by Furness. When posting instructions into the hands of Royal Mail, you can't help but worry that they go astray.

22nd is a Thursday, so I may have to wait until the Monday for the funds to arrive in NA.

Bridlington1

Mansfield BS Interest Rate Reductions 1/2/26:

Mansfield BS Bonus Regular Savings (Issue 8) ~~~ Reduction from 5.25% to 5.1% (both rates include a 1.85% bonus for 12 months).

lr1277

Scottish BS RS.

The rate is already 6%. Apparently it reduced on 8/1/26.

Bridlington1

lr1277 said:

Scottish BS RS.

The rate is already 6%. Apparently it reduced on 8/1/26.

Is the 6% rate showing that in online banking yet? I'm afraid I don't currently have access to view my account online.

I've had a skeg at their website and it seems there's contradictory info on there, one page says the 6% rate comes into effect 30/1/26:
https://www.scottishbs.co.uk/media/ydbf32f5/rate_page_web.pdf

Another page states the rate was effective 8/1/26:
https://www.scottishbs.co.uk/savings/savings-explained/savings-interest-rates/

I'm also yet to receive notification of any reduction to my regular saver rate. I don't know if their website contains a typo somewhere.

where_are_we

Bridlington1 said:

Mansfield BS Interest Rate Reductions 1/2/26:

Mansfield BS Bonus Regular Savings (Issue 8) ~~~ Reduction from 5.25% to 5.1% (both rates include a 1.85% bonus for 12 months).

My MBSBRS(8) account`s 12 month1.85% bonus rate runs out at the end of this month. Is it possible to close the account withdrawing final balance to nominated account and then a few days later open a new one?