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

janusd

jaypers said:

Monmouthshire…..apologies for the question but this is a very busy thread and I can’t find the specific answer I’m looking for. Not currently a Monmouthshire customer so looking to open the 6% RS via the app…….fingers crossed on the exclusive one later. I’ve seen loads of posts about postal correspondence…..is that required as to be honest if I need to send postal applications I can’t be bothered?!

In addition, when eligible, can you hold an exclusive RS as well as the normal one?

I opened the 6% one in the app in July - back then at first you had to open an EA account on the app to get access to the RS (I doubt you need to do that now). They were open (both EA & RS) in the app within minutes, with welcome emails arriving containing account details (CoP takes 24 hrs)... registering for online access I think will send an activation code in the post, but you should be able to view the accounts in the app.

once you have the 6% account open, then you can apply for the Exclusive App version in the app, and if so inclined, the Branch version by post.

clairec666

jaypers said:

Monmouthshire…..apologies for the question but this is a very busy thread and I can’t find the specific answer I’m looking for. Not currently a Monmouthshire customer so looking to open the 6% RS via the app…….fingers crossed on the exclusive one later. I’ve seen loads of posts about postal correspondence…..is that required as to be honest if I need to send postal applications I can’t be bothered?!

In addition, when eligible, can you hold an exclusive RS as well as the normal one?

TIA.

I opened via the app, but to get online access (as the app is pretty annoying) I had to wait for the activation code to arrive in the post. And when I wanted to add an external account to withdraw to, I had to provide proof by post - they provided a prepaid envelope so I just sent off an old bank statement, all quick and painless. So, a little postal correspondence needed, but not too much hassle.

Bobblehat

clairec666 said:

jaypers said:

Monmouthshire…..apologies for the question but this is a very busy thread and I can’t find the specific answer I’m looking for. Not currently a Monmouthshire customer so looking to open the 6% RS via the app…….fingers crossed on the exclusive one later. I’ve seen loads of posts about postal correspondence…..is that required as to be honest if I need to send postal applications I can’t be bothered?!

In addition, when eligible, can you hold an exclusive RS as well as the normal one?

TIA.

I opened via the app, but to get online access (as the app is pretty annoying) I had to wait for the activation code to arrive in the post. And when I wanted to add an external account to withdraw to, I had to provide proof by post - they provided a prepaid envelope so I just sent off an old bank statement, all quick and painless. So, a little postal correspondence needed, but not too much hassle.

Ditto! Longest wait was for Royal Mail to make their once-a-week letter delivery for the activation code, then for RM again to deliver the letter for the external withdrawal account, and (you guessed it!) wait for RM again for the paper CA statement I had to order as proof for the nominated account!

Luckily I had plenty of time (pre-planned!) from opening the Mon account to the point I wanted to fund it. So not a big deal, just slightly frustrating knowing it wasn't just Mon holding things up!

jaypers

Bobblehat said:

clairec666 said:

jaypers said:

Monmouthshire…..apologies for the question but this is a very busy thread and I can’t find the specific answer I’m looking for. Not currently a Monmouthshire customer so looking to open the 6% RS via the app…….fingers crossed on the exclusive one later. I’ve seen loads of posts about postal correspondence…..is that required as to be honest if I need to send postal applications I can’t be bothered?!

In addition, when eligible, can you hold an exclusive RS as well as the normal one?

TIA.

I opened via the app, but to get online access (as the app is pretty annoying) I had to wait for the activation code to arrive in the post. And when I wanted to add an external account to withdraw to, I had to provide proof by post - they provided a prepaid envelope so I just sent off an old bank statement, all quick and painless. So, a little postal correspondence needed, but not too much hassle.

Ditto! Longest wait was for Royal Mail to make their once-a-week letter delivery for the activation code, then for RM again to deliver the letter for the external withdrawal account, and (you guessed it!) wait for RM again for the paper CA statement I had to order as proof for the nominated account!

Luckily I had plenty of time (pre-planned!) from opening the Mon account to the point I wanted to fund it. So not a big deal, just slightly frustrating knowing it wasn't just Mon holding things up!

Thanks for the info (to all). So I don’t want to fund it for a couple of weeks but by the sounds of things it’s worth setting the wheels in motion now? 

Bobblehat

jaypers said:

Bobblehat said:

clairec666 said:

jaypers said:

Monmouthshire…..apologies for the question but this is a very busy thread and I can’t find the specific answer I’m looking for. Not currently a Monmouthshire customer so looking to open the 6% RS via the app…….fingers crossed on the exclusive one later. I’ve seen loads of posts about postal correspondence…..is that required as to be honest if I need to send postal applications I can’t be bothered?!

In addition, when eligible, can you hold an exclusive RS as well as the normal one?

TIA.

I opened via the app, but to get online access (as the app is pretty annoying) I had to wait for the activation code to arrive in the post. And when I wanted to add an external account to withdraw to, I had to provide proof by post - they provided a prepaid envelope so I just sent off an old bank statement, all quick and painless. So, a little postal correspondence needed, but not too much hassle.

Ditto! Longest wait was for Royal Mail to make their once-a-week letter delivery for the activation code, then for RM again to deliver the letter for the external withdrawal account, and (you guessed it!) wait for RM again for the paper CA statement I had to order as proof for the nominated account!

Luckily I had plenty of time (pre-planned!) from opening the Mon account to the point I wanted to fund it. So not a big deal, just slightly frustrating knowing it wasn't just Mon holding things up!

Thanks for the info (to all). So I don’t want to fund it for a couple of weeks but by the sounds of things it’s worth setting the wheels in motion now? 

Yep! But the nominated account paperwork doesn't really hold anything up, if you are not planning to withdraw shortly after depositing! 

badger09

WillPS said:

With regards to LBG account closures.

I started employment at a bank back in January (not LBG), and had to undertake AML (anti money laundering) training. The training advised that a common sign of 'layering' is suddenly opening several accounts and/or bouncing money in and out of them "for no apparent reason".

On the good side - it helped me realise my fears that banks were permabanning customers on the grounds of poor profitability were unfounded.

On the bad side - it did cause me to think that if I was a member of staff in a bank, having undergone the same training, would I report my own activity?

Thanks for posting. 

BIB
I can’t help wondering how you would avoid falling foul of the ‘tipping off’ rules if you did decide to report your own activity🤐🤯🫣

WillPS

nomorekids said:

clairec666 said:

WillPS said:

With regards to LBG account closures.

I started employment at a bank back in January (not LBG), and had to undertake AML (anti money laundering) training. The training advised that a common sign of 'layering' is suddenly opening several accounts and/or bouncing money in and out of them "for no apparent reason".

On the good side - it helped me realise my fears that banks were permabanning customers on the grounds of poor profitability were unfounded.

On the bad side - it did cause me to think that if I was a member of staff in a bank, having undergone the same training, would I report my own activity?

Their idea of "no apparent reason" is different from ours!

I realise that my own money movement may appear strange to anyone who doesn't play the regular saver game; luckily I've only once had a transaction held up as "suspicious" (by Coop) and have not been banned by any banks. Yet.

Ditto, so this " layering " is money laundering? I too got closed down by Lloyds and lost halifax and BoS too shorting after, all for a hobby we all share, very harsh IMHO as my letter said its forever 

No, layering is a technique commonly used by money launderers to disguise the true source of funds. 

The problem is that it looks rather like what many of us on here do (albeit probably to a lesser extent).

RosieRooBear

Monmouthshire R/S 8
Finally managed to get access to husband’s app by using daughter’s mobile number. Noticed that he has two R/S’s Issue 8 although currently only one funded. Has anyone else who ended up with two issue 8’s opened funded both and not had their payments returned?

Speculator

WillPS said:

nomorekids said:

clairec666 said:

WillPS said:

With regards to LBG account closures.

I started employment at a bank back in January (not LBG), and had to undertake AML (anti money laundering) training. The training advised that a common sign of 'layering' is suddenly opening several accounts and/or bouncing money in and out of them "for no apparent reason".

On the good side - it helped me realise my fears that banks were permabanning customers on the grounds of poor profitability were unfounded.

On the bad side - it did cause me to think that if I was a member of staff in a bank, having undergone the same training, would I report my own activity?

Their idea of "no apparent reason" is different from ours!

I realise that my own money movement may appear strange to anyone who doesn't play the regular saver game; luckily I've only once had a transaction held up as "suspicious" (by Coop) and have not been banned by any banks. Yet.

Ditto, so this " layering " is money laundering? I too got closed down by Lloyds and lost halifax and BoS too shorting after, all for a hobby we all share, very harsh IMHO as my letter said its forever 

No, layering is a technique commonly used by money launderers to disguise the true source of funds. 

The problem is that it looks rather like what many of us on here do (albeit probably to a lesser extent).

similar to bouncing £1500/2000  between Halifax Reward/Club Lloyds/Chase accounts each month?

Speculator

RosieRooBear said:

Monmouthshire R/S 8
Finally managed to get access to husband’s app by using daughter’s mobile number. Noticed that he has two R/S’s Issue 8 although currently only one funded. Has anyone else who ended up with two issue 8’s opened funded both and not had their payments returned?

yes, currently £1500 in both