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

Bridlington1

Born2Save_3 said:

Many transfers over a few hours...

Today with Nationwide I've done around 70 faster payments over around 4 hours.  After about 30 transfers Nationwide force me to go through extra security using a card and the card reader calculator device to complete most subsequent transfers.  After being logged on for I think either an hour or maybe two hours, I am forced off and have to log back in to continue.

This extra security transfer verification is a PITA and triples or more the time taken for each transfer.

Following @Pickledonionlover experience, I'm wondering if a call to the Account Evidence team to explain what I'm doing and request a better way to do faster payments, may help or hinder me ?

I could spread transfers to RS over several CA.  This would add a little extra effort but may be more resilient.

Trouble is, to the best of my knowledge, most consumer/retail banks don't have an easy way of importing and setting up payees. Deliberately, they don't make setting up a payee a one step process and incorporate several checks. I perfectly understand that. But in the situation where you need to set up several payees on the first of the month because one of the banks used for transfers to a portion of your RS collection, has gone down, is not going to be easy or quick.

Seems that RS aficionados are caught between a rock and a hard place; you want more, yet the system makes it harder for you the more you have.

You don't even need to move them all en masse if you don't want to. If you wish to move to funding your regular savers spread from multiple current accounts I'd just be inclined to start setting up payees for any new regular savers on different current accounts and leave the rest as they are.

I've just had a quick look at my regular savers and over half of them mature in the next year so if your collection is anything like mine you'd end up with most of your regular savers payees set up on non-Nationwide accounts within a year without needing to set up any more payees than you normally would.

Edited to add:
I probably wouldn't contact their account evidence team unless they contact you, I would just start setting up regular saver payees on different current accounts instead and leave it at that.

friolento

s71hj said:

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. 

I agree, the waking up in hospital scenario could be an issue for me too. I am reluctant to change to manual, however, since I have a very large number of monthly transfers. Like you, I use Santander as my hub account and making one-off payments even to existing payees requires going through multiple warning screens - just the thought of doing this several dozen times on the same day puts me off. Will have to think about this a bit more. 

clairec666

Quick Principality question - I submitted my maturity instructions, but there doesn't appear to be a way of going back and editing/checking them. Having a bit of a panic that I've opted to send the funds to a current account that doesn't exist any more... Does anyone remember, when you choose option 4 and choose which external account to send to, does it automatically suggest your linked current account, or do you have to input the sort code and account number manually?

Thanks everyone

friolento

clairec666 said:

Quick Principality question - I submitted my maturity instructions, but there doesn't appear to be a way of going back and editing/checking them. Having a bit of a panic that I've opted to send the funds to a current account that doesn't exist any more... Does anyone remember, when you choose option 4 and choose which external account to send to, does it automatically suggest your linked current account, or do you have to input the sort code and account number manually?

Thanks everyone

IIRC, they COP-check the external account, don’t they?

If you CASS-switched the external account, your money will still arrive with you, as it gets redirected to an existing account (unless you closed it…)

If in doubt, call Principality and get your instructions changed 

ThePirates

clairec666 said:

Does anyone remember, when you choose option 4 and choose which external account to send to, does it automatically suggest your linked current account, or do you have to input the sort code and account number manually?

Thanks everyone

You have to enter the data manually and then it does a COP check.

masonic

clairec666 said:

Quick Principality question - I submitted my maturity instructions, but there doesn't appear to be a way of going back and editing/checking them. Having a bit of a panic that I've opted to send the funds to a current account that doesn't exist any more... Does anyone remember, when you choose option 4 and choose which external account to send to, does it automatically suggest your linked current account, or do you have to input the sort code and account number manually?

Thanks everyone

I got a letter in the post confirming the external account details a few days after submitting instructions. But I think I provided the details when completing the instructions.

flaneurs_lobster

masonic said:

clairec666 said:

Quick Principality question - I submitted my maturity instructions, but there doesn't appear to be a way of going back and editing/checking them. Having a bit of a panic that I've opted to send the funds to a current account that doesn't exist any more... Does anyone remember, when you choose option 4 and choose which external account to send to, does it automatically suggest your linked current account, or do you have to input the sort code and account number manually?

Thanks everyone

I got a letter in the post confirming the external account details a few days after submitting instructions. But I think I provided the details when completing the instructions.

I did this yesterday, you do have to provide full external account details and yes, they are CoP verified.

clairec666

Thanks all for replying. Nothing to worry about. It's a quiet day so I was over-thinking things!

ToastLady

friolento said:

clairec666 said:

Quick Principality question - I submitted my maturity instructions, but there doesn't appear to be a way of going back and editing/checking them. Having a bit of a panic that I've opted to send the funds to a current account that doesn't exist any more... Does anyone remember, when you choose option 4 and choose which external account to send to, does it automatically suggest your linked current account, or do you have to input the sort code and account number manually?

Thanks everyone

IIRC, they COP-check the external account, don’t they?

If you CASS-switched the external account, your money will still arrive with you, as it gets redirected to an existing account (unless you closed it…)

If in doubt, call Principality and get your instructions changed 

I've recently given instructions for 2 different maturing accounts. I had to put sort code and account number for money to be paid to external account, from memory there was no box to put to nominated account. As friolenta said, they COP-check the external account. There isn't any way to amend your instructions, other than contacting Principality. 

luci

The hospital scenario is a valid one and much more likely than being hit by a bus.

I was hospitalised in Tenerife for 2 weeks in January totally out of the blue. I was grateful that all my bill payments and transfers were automated and it was one less thing to worry about.