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

Born2Save_3

Bridlington1 said:

Born2Save_3 said:

After doing a number of RS funding transfers, is your bank/building society forcing you to go through further security to complete each transfer ?

I fund most of my RS with manual faster payments with Nationwide.  After doing around 30 transfers now, I have to verify most of the following transfers using a card and the card reader calculator type device.  I find this a complete PITA, it slows me down significantly and I lose the rhythm.  My process involves taking screen shots before and after each transfer and before I do the transfer I double check the account number and amount with my list.

I haven't spoken to Nationwide about this, but I suspect if I did I'll get some fob off answer about security procedures.  I can sort of understand that, however it would be nice if I could some how turn on a higher number of transfers I can do, do them, then turn off and go back to normal.  Bit like self defined transfer limits with some banks and accounts.

What would be really good is to be able to have complete faster payments transfers set up and ready to go.  This would include all the payee details and an amount of money.  Then I can just select and transfer.  No need to enter amounts. Also I control when the transfer happens.

Any suggestions / comments ?  I don't really want to use standing orders because of their unpredictability and other issues.

I seem to recall Santander did this to me a while back but all the payments still went through without issues, just had to enter a OTP and security number each time.

These days I tend to spread my regular saver deposits across multiple different banks/building societies, so currently pay some regular savers from Santander, Nationwide, Co-op, NatWest, RBS, Ulster, First Direct, HSBC and TSB and aim to have roughly an even number of regular savers getting fed from each.

It also has the added advantage of ensuring that if one account ever did become unusable for whatever reason, e.g. frozen account, IT meltdown etc the overall impact it is likely to have on me is reduced in comparison to just using the one account to fund everything.

Thanks for your reply and good points.  It made me wonder are there any/many RS accounts that are particular over which account funds it ?  In other words, if you fund a RS with an account other than the nominated account you have set up with the RS organisation, will it bounce ?

masonic

Those who run a large portfolio of RS but do not frequent the "how many do you have thread" might want to review the following post about a suspicious activity investigation a bank launched as a result of the multiple transactions to and from RS: https://forums.moneysavingexpert.com/discussion/comment/81718883/#Comment_81718883

Kim_13

Born2Save_3 said:

Bridlington1 said:

Born2Save_3 said:

After doing a number of RS funding transfers, is your bank/building society forcing you to go through further security to complete each transfer ?

I fund most of my RS with manual faster payments with Nationwide.  After doing around 30 transfers now, I have to verify most of the following transfers using a card and the card reader calculator type device.  I find this a complete PITA, it slows me down significantly and I lose the rhythm.  My process involves taking screen shots before and after each transfer and before I do the transfer I double check the account number and amount with my list.

I haven't spoken to Nationwide about this, but I suspect if I did I'll get some fob off answer about security procedures.  I can sort of understand that, however it would be nice if I could some how turn on a higher number of transfers I can do, do them, then turn off and go back to normal.  Bit like self defined transfer limits with some banks and accounts.

What would be really good is to be able to have complete faster payments transfers set up and ready to go.  This would include all the payee details and an amount of money.  Then I can just select and transfer.  No need to enter amounts. Also I control when the transfer happens.

Any suggestions / comments ?  I don't really want to use standing orders because of their unpredictability and other issues.

I seem to recall Santander did this to me a while back but all the payments still went through without issues, just had to enter a OTP and security number each time.

These days I tend to spread my regular saver deposits across multiple different banks/building societies, so currently pay some regular savers from Santander, Nationwide, Co-op, NatWest, RBS, Ulster, First Direct, HSBC and TSB and aim to have roughly an even number of regular savers getting fed from each.

It also has the added advantage of ensuring that if one account ever did become unusable for whatever reason, e.g. frozen account, IT meltdown etc the overall impact it is likely to have on me is reduced in comparison to just using the one account to fund everything.

Thanks for your reply and good points.  It made me wonder are there any/many RS accounts that are particular over which account funds it ?  In other words, if you fund a RS with an account other than the nominated account you have set up with the RS organisation, will it bounce ?

Progressive are the only one I have currently that insist that payments in come from the nominated account, I think.

I have definitely used multiple accounts to fund Principality, Monmouthshire, Melton and Market Harborough.

Bridlington1

s71hj said:

Bridlington1 said:

Born2Save_3 said:

After doing a number of RS funding transfers, is your bank/building society forcing you to go through further security to complete each transfer ?

I fund most of my RS with manual faster payments with Nationwide.  After doing around 30 transfers now, I have to verify most of the following transfers using a card and the card reader calculator type device.  I find this a complete PITA, it slows me down significantly and I lose the rhythm.  My process involves taking screen shots before and after each transfer and before I do the transfer I double check the account number and amount with my list.

I haven't spoken to Nationwide about this, but I suspect if I did I'll get some fob off answer about security procedures.  I can sort of understand that, however it would be nice if I could some how turn on a higher number of transfers I can do, do them, then turn off and go back to normal.  Bit like self defined transfer limits with some banks and accounts.

What would be really good is to be able to have complete faster payments transfers set up and ready to go.  This would include all the payee details and an amount of money.  Then I can just select and transfer.  No need to enter amounts. Also I control when the transfer happens.

Any suggestions / comments ?  I don't really want to use standing orders because of their unpredictability and other issues.

I seem to recall Santander did this to me a while back but all the payments still went through without issues, just had to enter a OTP and security number each time.

These days I tend to spread my regular saver deposits across multiple different banks/building societies, so currently pay some regular savers from Santander, Nationwide, Co-op, NatWest, RBS, Ulster, First Direct, HSBC and TSB and aim to have roughly an even number of regular savers getting fed from each.

It also has the added advantage of ensuring that if one account ever did become unusable for whatever reason, e.g. frozen account, IT meltdown etc the overall impact it is likely to have on me is reduced in comparison to just using the one account to fund everything.

I assume you don't have the money sitting in these banks for a period of time but instead transfer in from feeder accounts paying higher interest? 

Funds get transferred into the current accounts the same day I feed the regular savers, even when paying out DDs I typically pay the money in the same day. My current accounts are rather like many tills in that no cash is left in there overnight.

This is also another reason why I've a preference for manual payments into RSs, if I'm pulling funds from other regular savers to feed regular savers I'll often set the withdrawal to be made on 1st of the month so often end up feeding regular savers manually over my dinner break at work.

Born2Save_3 said:

Bridlington1 said:

Born2Save_3 said:

After doing a number of RS funding transfers, is your bank/building society forcing you to go through further security to complete each transfer ?

I fund most of my RS with manual faster payments with Nationwide.  After doing around 30 transfers now, I have to verify most of the following transfers using a card and the card reader calculator type device.  I find this a complete PITA, it slows me down significantly and I lose the rhythm.  My process involves taking screen shots before and after each transfer and before I do the transfer I double check the account number and amount with my list.

I haven't spoken to Nationwide about this, but I suspect if I did I'll get some fob off answer about security procedures.  I can sort of understand that, however it would be nice if I could some how turn on a higher number of transfers I can do, do them, then turn off and go back to normal.  Bit like self defined transfer limits with some banks and accounts.

What would be really good is to be able to have complete faster payments transfers set up and ready to go.  This would include all the payee details and an amount of money.  Then I can just select and transfer.  No need to enter amounts. Also I control when the transfer happens.

Any suggestions / comments ?  I don't really want to use standing orders because of their unpredictability and other issues.

I seem to recall Santander did this to me a while back but all the payments still went through without issues, just had to enter a OTP and security number each time.

These days I tend to spread my regular saver deposits across multiple different banks/building societies, so currently pay some regular savers from Santander, Nationwide, Co-op, NatWest, RBS, Ulster, First Direct, HSBC and TSB and aim to have roughly an even number of regular savers getting fed from each.

It also has the added advantage of ensuring that if one account ever did become unusable for whatever reason, e.g. frozen account, IT meltdown etc the overall impact it is likely to have on me is reduced in comparison to just using the one account to fund everything.

Thanks for your reply and good points.  It made me wonder are there any/many RS accounts that are particular over which account funds it ?  In other words, if you fund a RS with an account other than the nominated account you have set up with the RS organisation, will it bounce ?

Very few will bounce, off the top of my head Manchester BS, Gatehouse and Aldermore want funds to come from a nominated account, Saffron state they do but I seem to recall some have reported them not enforcing this.

Very few of my regular savers end up getting funded from their nominated accounts.

Kim_13 said:

Born2Save_3 said:

Bridlington1 said:

Born2Save_3 said:

After doing a number of RS funding transfers, is your bank/building society forcing you to go through further security to complete each transfer ?

I fund most of my RS with manual faster payments with Nationwide.  After doing around 30 transfers now, I have to verify most of the following transfers using a card and the card reader calculator type device.  I find this a complete PITA, it slows me down significantly and I lose the rhythm.  My process involves taking screen shots before and after each transfer and before I do the transfer I double check the account number and amount with my list.

I haven't spoken to Nationwide about this, but I suspect if I did I'll get some fob off answer about security procedures.  I can sort of understand that, however it would be nice if I could some how turn on a higher number of transfers I can do, do them, then turn off and go back to normal.  Bit like self defined transfer limits with some banks and accounts.

What would be really good is to be able to have complete faster payments transfers set up and ready to go.  This would include all the payee details and an amount of money.  Then I can just select and transfer.  No need to enter amounts. Also I control when the transfer happens.

Any suggestions / comments ?  I don't really want to use standing orders because of their unpredictability and other issues.

I seem to recall Santander did this to me a while back but all the payments still went through without issues, just had to enter a OTP and security number each time.

These days I tend to spread my regular saver deposits across multiple different banks/building societies, so currently pay some regular savers from Santander, Nationwide, Co-op, NatWest, RBS, Ulster, First Direct, HSBC and TSB and aim to have roughly an even number of regular savers getting fed from each.

It also has the added advantage of ensuring that if one account ever did become unusable for whatever reason, e.g. frozen account, IT meltdown etc the overall impact it is likely to have on me is reduced in comparison to just using the one account to fund everything.

Thanks for your reply and good points.  It made me wonder are there any/many RS accounts that are particular over which account funds it ?  In other words, if you fund a RS with an account other than the nominated account you have set up with the RS organisation, will it bounce ?

Progressive are the only one I have currently that insist that payments in come from the nominated account, I think.

I have definitely used multiple accounts to fund Principality, Monmouthshire, Melton and Market Harborough.

Progressive BS let you fund from non-nominated accounts in my experience. My first RS got funded from my nominated account but the rest have got funded from different accounts without issues.

drphila

Zekko said:

topyam said:

Just went through all mine and made a note of which ones to fund today, and which to leave until Monday

Those i need to leave are: 
AIB
Co-Op
Progressive

Those I can fund:
Principality
Zopa
Newcastle
Manchester

I funded my Co-Op saver today and funds were received and credited today.

But I think it will be Monday for interest to start being earned (as Bridlington1's summary) as per the T&Cs:

"All other electronic transfers (including standing
orders, Faster Payments and CHAPS)
Immediately.
(If the payment is received after 9pm or on a
non-Business Day, it will count for interest on the
next Business Day."

Dizzycap

mon3ysav3r said:

Monmouthshire BS 

I have 3 Monmouthshire Regular Savers (Issue 8, App Exclusive and "Branch" Exclusive).

I also have a Monmouthshire Instant Saver Issue 4.

Has anyone here tried funding Monmouthshire Regular Savers from the Monmouthshire Instant Saver Issue 4? 

Because if they allow it that would simplify my bank transfers this weekend.

It may seem an odd question as to whether internal transfers are allowed, but I have had money returned before from other BS such as Chorley as they don't allow (some of?) their RS to be funded from anything other than the external linked bank account.

Yes, I load my Monmouth Instant Saver & then distribute the funds into my Monmouth RS's once the funds arrive. Easy & simple to do and not had any issues.

orange-juice

drphila said:

Zekko said:

topyam said:

Just went through all mine and made a note of which ones to fund today, and which to leave until Monday

Those i need to leave are: 
AIB
Co-Op
Progressive

Those I can fund:
Principality
Zopa
Newcastle
Manchester

I funded my Co-Op saver today and funds were received and credited today.

But I think it will be Monday for interest to start being earned (as Bridlington1's summary) as per the T&Cs:

"All other electronic transfers (including standing
orders, Faster Payments and CHAPS)
Immediately.
(If the payment is received after 9pm or on a
non-Business Day, it will count for interest on the
next Business Day."

Good to know.  I think principality is the same too. 

topyam

Do you all wait to add £ until the first working day, or just add on the 1st of the month (for those accounts which don't recognise non working days?)

s71hj

I must confess I'm being won round to the manual payments approach having been up to this point wedded to the standing order approach. I think the whole waking up on the 2nd in hospital with some dim but growing awareness there is a problem associated with the date thing, combined with having a little more time on my hands to manage the financial affairs more sensibly are clinching it. I think I'll have to transition to it though as I have about £15000 of standing orders between me and my wife, and they are with Santander, so no nicknames to make it easy to cancel and switch to manual. That said £4500 is across only 6 Monmouthshire accounts so I guess I could easily identify and polish off those at least. 

Born2Save_3

Bulk Faster Payments

This would be nice to have, but this is a bank for businesses : 

https://www.unity.co.uk/business-banking/bulk-faster-payments-2/

Notably, up to 100 transfers can be authorised at once...  100 RS faster payment transfers in one shot, sweet !  Well, till there is a colossal SNAFU.  One by one transfers does mitigate that prospect.