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

allegro120

x44 said:

Where Mansfield B.Soc say manage the account through branch/post only does that mean that to pay into the account you need either visit a branch or send a monthly cheque (plus passbook?) to the society?

So no direct electronic bank transfers?

If so - yes far too much faff and bother.

You can pay in by electronic bank transfers (money arrive next working day), but withdrawals are by cheque (i.e. you have to send a written instruction by post and they will send you a cheque).  

Stargunner

allegro120 said:

x44 said:

Where Mansfield B.Soc say manage the account through branch/post only does that mean that to pay into the account you need either visit a branch or send a monthly cheque (plus passbook?) to the society?

So no direct electronic bank transfers?

If so - yes far too much faff and bother.

You can pay in by electronic bank transfers (money arrive next working day), but withdrawals are by cheque (i.e. you have to send a written instruction by post and they will send you a cheque).  

To much faffing around for me. I will stick to reg savers that can be managed online.

jifmoose

Ah OK. Likewise postal applications/passbooks are usually above my faff threshold, but 6%/£500 is pretty nice.

Noob question - what about opening the account? Do we need to send a cheque for the initial deposit, or can the initial funding be by bank transfer too? (almost certainly don't have a chequebook anymore).

happybagger

jifmoose said:

Noob question - what about opening the account? Do we need to send a cheque for the initial deposit, or can the initial funding be by bank transfer too? (almost certainly don't have a chequebook anymore).

I think you need to call and ask that question. As 'noob', if you're going to be joining the reg saver game, asking your bank for a chequebook might be a good idea.

Different people have different acceptable 'faff levels' - I view online selfie ID requirements a faff as I don't have a phone with a working camera. But an opening cheque in an envelope I can cope with. This account will bring in about £55 more than my instant access account at current rate differences over the year, I may as well have it.

flaneurs_lobster

@jifmoose said:

Noob question - what about opening the account? Do we need to send a cheque for the initial deposit, or can the initial funding be by bank transfer too? (almost certainly don't have a chequebook anymore).

happybagger said:

I think you need to call and ask that question. As 'noob', if you're going to be joining the reg saver game, asking your bank for a chequebook might be a good idea.

Yes please - and post their answer here please.

Kim_13

I'm happy to faff when I need to do so, but shouldn't need to fund below 6.3% at HEBS in a normal month. After that I still have Scottish and Melton at 6%. Realistically the account wouldn't receive any significant funding until Monmouthshire matures, by which time it may look very different.

The only account I have that needs a passbook posting in and won't return funds by FP is Loughborough, and I only bothered with that because it could be emailed. I'll consider Mansfield if it is still available when I have a gap I'm my funding ladder that needs filling, but it doesn't make sense for me at the moment.

Bridlington1

flaneurs_lobster said:

@jifmoose said:

Noob question - what about opening the account? Do we need to send a cheque for the initial deposit, or can the initial funding be by bank transfer too? (almost certainly don't have a chequebook anymore).

happybagger said:

I think you need to call and ask that question. As 'noob', if you're going to be joining the reg saver game, asking your bank for a chequebook might be a good idea.

Yes please - and post their answer here please.

Regardless of the answer I was able to open one of my accounts by requesting an internal transfer from another Mansfield account so as a workaround you could open an EA account with £1 then whenever you apply for new accounts, top up the EA account and request a transfer from it to open the new account.

jifmoose

Thanks @Bridlington1 that's a good idea. May well use this approach anyway

BestSeagull

jifmoose said:

Ah OK. Likewise postal applications/passbooks are usually above my faff threshold, but 6%/£500 is pretty nice.

Noob question - what about opening the account? Do we need to send a cheque for the initial deposit, or can the initial funding be by bank transfer too? (almost certainly don't have a chequebook anymore).

I wrote on the application that I'd be funding by faster payment, I've successfully done that before with their regular savers.  Hoping they'll be ok with that for this account too.

allegro120

Mansfield postal timescale
I sent my passbook+instruction to close the old RS and the application to open a new one on 19th (5pm collection) by 2nd class post.  Today (23rd) I received the cheque and both passbooks.  New RS opening is dated 22nd, the old one closed on 22nd too.