The Top Regular Savers Discussion Thread

RG2015

Middle_of_the_Road said:

Kim_13 said:

Just tried to part pay January’s Skipton RS payment via Debit Card and it rejects it saying the amount is greater than the maximum allowed. I’m sure I’ve managed to do it before when the 1st was a non-working day, but it must be because the monthly allowance hasn’t reset yet.

I knew an internal transfer wouldn’t work (the remainder of the £250 is waiting in an EA.)

Seems they're having issues today. Internal transfer also failed for me, with the same message.

re SKIPTON RS.

I have just paid in £250 and so far it has not been rejected. Curiously though it shows the transaction date as 31st December 2024 (ie yesterday). Note, I had already paid in £250 on 1st December 2024

I have also just noticed the following message on my "Recent Transactions" page.

"Please note payment transactions made to this account on a non-working day will start earning interest from the next working day. Payments made by cheque or debit card will start to earn interest from the third working day after you have paid in.
The date displayed above is the transaction date."

So there really wasn't much point in me making the transaction today.

That aside, they do appear to be having some software problems today.

Edit. I just checked back on my Sunday 1st December £250 payment from RBS and this is recorded as 2nd December in RBS and 1st December in Skipton.

enterprising2016

where_are_we said:

I will be doing my first deposit to my new MH 1 Year RS issue 2 (31/03/26) tommorow. I already have MH 1 Year Fixed Term RS issue 1 (31/11/25) was going to obey the T&C`s that state: 

"Customers may only have two Fixed Term Regular Saver accounts open at a time, either solely or jointly, with a combined maximum deposit of £250 per month not exceeding the maximum balance of £3,750.00"

It seems that MSE`s are depositing £250 in both issues.

I suppose you could argue that Issue 1 and Issue 2 are different named accounts and that £250 in Issue 1 and £250 in Issue 2 will be allowed each month?

It is very tempting if the T&C are not enforced to have two regular savers funded with £250 each. 

Thought of giving it a go, but always balk at the possibility of being given a CIFAS marker for "misuse of facility" or a lifelong ban. 

Presumably, it is not a significant offence to attempt to do this, since the building society can always stop customers doing this in the very first place.

happybagger

I only have the 31/03/26 version but by putting in £250 pm I will not be able to comply with the terms "must deposit between £10 and £250 per month" as in doing so will fall foul of the upper limit of £3750 once a March 2026 deposit is made. 16 months at £250 is £4k.

They need to sort their terms out.

ForumUser7

enterprising2016 said:

where_are_we said:

I will be doing my first deposit to my new MH 1 Year RS issue 2 (31/03/26) tommorow. I already have MH 1 Year Fixed Term RS issue 1 (31/11/25) was going to obey the T&C`s that state: 

"Customers may only have two Fixed Term Regular Saver accounts open at a time, either solely or jointly, with a combined maximum deposit of £250 per month not exceeding the maximum balance of £3,750.00"

It seems that MSE`s are depositing £250 in both issues.

I suppose you could argue that Issue 1 and Issue 2 are different named accounts and that £250 in Issue 1 and £250 in Issue 2 will be allowed each month?

It is very tempting if the T&C are not enforced to have two regular savers funded with £250 each. 

Thought of giving it a go, but always balk at the possibility of being given a CIFAS marker for "misuse of facility" or a lifelong ban. 

Presumably, it is not a significant offence to attempt to do this, since the building society can always stop customers doing this in the very first place.

Anyone who worked in this area have any ideas around the CIFAS part please? Personally, I feel MHBS are responsible for enforcing their terms, and at worst they could bounce deposits/close accounts opened in excess of the terms. But I’m not sure this would meet the required standard for CIFAS.

chris_the_bee

happybagger said:

I only have the 31/03/26 version but by putting in £250 pm I will not be able to comply with the terms "must deposit between £10 and £250 per month" as in doing so will fall foul of the upper limit of £3750 once a March 2026 deposit is made. 16 months at £250 is £4k.

They need to sort their terms out.

Market Harborough
Their terms do state "maximum deposit of £250 per month not exceeding the maximum balance of £3,750."
15 payments Jan 2025 to March 2026 inclusive.

masonic

ForumUser7 said:

enterprising2016 said:

where_are_we said:

I will be doing my first deposit to my new MH 1 Year RS issue 2 (31/03/26) tommorow. I already have MH 1 Year Fixed Term RS issue 1 (31/11/25) was going to obey the T&C`s that state: 

"Customers may only have two Fixed Term Regular Saver accounts open at a time, either solely or jointly, with a combined maximum deposit of £250 per month not exceeding the maximum balance of £3,750.00"

It seems that MSE`s are depositing £250 in both issues.

I suppose you could argue that Issue 1 and Issue 2 are different named accounts and that £250 in Issue 1 and £250 in Issue 2 will be allowed each month?

It is very tempting if the T&C are not enforced to have two regular savers funded with £250 each. 

Thought of giving it a go, but always balk at the possibility of being given a CIFAS marker for "misuse of facility" or a lifelong ban. 

Presumably, it is not a significant offence to attempt to do this, since the building society can always stop customers doing this in the very first place.

Anyone who worked in this area have any ideas around the CIFAS part please? Personally, I feel MHBS are responsible for enforcing their terms, and at worst they could bounce deposits/close accounts opened in excess of the terms. But I’m not sure this would meet the required standard for CIFAS.

I think the CIFAS bit is way off the mark. It is a breach of an agreement, not financial crime. There are provisions in the T&Cs that can be used if desired (account closure). Making multiple monthly overpayments could reach the threshold for persistent breaches. I don't see anything stopping them closing both accounts involved.

GlasgowExpat2

I’ve paid too much into my Progressive Regular Saver. How long does it take for the overpayment to be returned?

ni_saver

Newcastle BS Reg Saver

Probably a long shot as I think it was only launched in October but has anyone tried closing and re-opening this account (or ‘refreshing’ as some have coined it)? I’m at the stage where I need to empty some of my 5.5% accounts to fund higher ones. I know the account allows withdrawals so I’m trying to decide whether to just withdraw the money or whether to try to close and re-open as it might be useful to me later in the year so extending the term could be useful. I know by closing early I would get the interest in this tax year instead of next.

RG2015

RG2015 said:

Middle_of_the_Road said:

Kim_13 said:

Just tried to part pay January’s Skipton RS payment via Debit Card and it rejects it saying the amount is greater than the maximum allowed. I’m sure I’ve managed to do it before when the 1st was a non-working day, but it must be because the monthly allowance hasn’t reset yet.

I knew an internal transfer wouldn’t work (the remainder of the £250 is waiting in an EA.)

Seems they're having issues today. Internal transfer also failed for me, with the same message.

re SKIPTON RS.

I have just paid in £250 and so far it has not been rejected. Curiously though it shows the transaction date as 31st December 2024 (ie yesterday). Note, I had already paid in £250 on 1st December 2024

I have also just noticed the following message on my "Recent Transactions" page.

"Please note payment transactions made to this account on a non-working day will start earning interest from the next working day. Payments made by cheque or debit card will start to earn interest from the third working day after you have paid in.
The date displayed above is the transaction date."

So there really wasn't much point in me making the transaction today.

That aside, they do appear to be having some software problems today.

Edit. I just checked back on my Sunday 1st December £250 payment from RBS and this is recorded as 2nd December in RBS and 1st December in Skipton.

Just to update this, my Skipton RS account is now showing the correct date for today’s transaction.

Bobblehat

chris_the_bee said:

happybagger said:

I only have the 31/03/26 version but by putting in £250 pm I will not be able to comply with the terms "must deposit between £10 and £250 per month" as in doing so will fall foul of the upper limit of £3750 once a March 2026 deposit is made. 16 months at £250 is £4k.

They need to sort their terms out.

Market Harborough
Their terms do state "maximum deposit of £250 per month not exceeding the maximum balance of £3,750."
15 payments Jan 2025 to March 2026 inclusive.

I guess they can make up any T&C's they want and expect people to adhere to them. I have to question their logic though that allows them to create an account that can be opened and funded in December 2024 and run through to 31st March 2026 (i.e. spanning 16 months) with £250pm but then limit it to £3750 max. Why not either allow £4000 max, or just make it span 15 months from opening to maturity. They have created unnecessary complications!

They demonstrated their lack of forethought with the first issue, and "had" to increase the max from £3000 to £3750 because of less than iron-clad T&C's.

I won't try to bend their T&C's myself, or criticise those that attempt to interpret them in an alternative way, but would encourage Banks and BS's to write T&C's that don't include omissions, lack of clarity, contradictions, or duplications.