The Top Regular Savers Discussion Thread

masonic

friolento said:

masonic said:

friolento said:

masonic said:

friolento said:

masonic said:

friolento said:

Slinky said:

clairec666 said:

mon3ysav3r said:

Slinky said:

Sorry to ask, I'm a bit late to set up a new Monmouth account. I'm about to try to fund it, do I set it up as a Personal or Business account from my funding account please?

Good timing I just received a letter from them with this info, their instructions say:

Select Business account - even though you're paying into your account, you're paying it to MBS first

Account Name use "Monmouthshire Building Society"

Sort code 40 05 30 - will show as HSBC

Account Number 14576608

Payment Reference - your MBS savings account number

flaneurs_lobster said:

Slinky said:

Sorry to ask, I'm a bit late to set up a new Monmouth account. I'm about to try to fund it, do I set it up as a Personal or Business account from my funding account please?

Personal.   

Standing Orders and Electronic Transfer
 
To set up a standing order or make a single electronic payment to your savings account, you will need to provide the following details to your bank:

Account Name: Your full name (the account holder)

Sort Code: 40-05-30

Account Number: 14576608

Reference: XXXXXXXXXX (Please make sure there are no spaces or hyphens - use the Monmouthshire Building Society account number you want to credit).

Contradictory advice here - not just whether to use "Business" or "Personal", but also whether to us your own name or "Monmouthshire Building Society" as the account name.

I think I'll stick MBS in as the payee, I've got loads of others in my payees with my name on, so at least this will stand out a bit if it works!

I always use - with all providers - a unique "name" in the payee name field of transfers to my own accounts. Format: My initials - bank/BS initials - last 4 digits of account number.

Predictably, this leads to CoP failure, so where I am unsure about my payee details, I first get the CoP check done with my actual name, and once confirmed, I go back and change the account name to my preferred nomencalture.

It is disappointing that in this day and age there are still current account providers that do not have the capacity for you to give a separate nickname to payees in addition to the account name.

I think it is the norm that there are no nickname fields. Only one or two providers have them, the vast majority don't. I would personally also not gain anything if I had a list of several dozens of payees, all with my name, in addition to the nickname which I can give those payees already (in the payee name field).

It would be nice to have but I reckon it would be way down the priority list of systems changes for most providers, and there are many other much more important improvements they can make. Dare I mention the ability to instantly close a current account or easy access savings account as just one example of more important improvements.........

Banks are starting to refuse to complete transactions where they check the name and it does not match 

Which banks are doing this? I use well over two dozen providers very regularly, and I make nearly a hundred payments to my own accounts every month. None of them has ever refused a transaction. The only one who keeps nagging me for every payment to one of my nicks is Starling but I can simply discard their warning. 

It may have been discussed in this thread, but there were a few banks where this was an issue, IIRC Natwest was one of them. People had to wait until they could get a CoP match before they could make a payment to their newly opened account. There was no option to ignore the warning and continue.

Starling allows you to choose a separate "Display name", so you could avoid that warning if you wanted.

Natwest (and RBS) is one of the accounts I use regularly, for their RS and other purposes. Never once had a payment declined by them (or others) because of my payee naming approach. I strongly suspect that any reports about refusals are from people who mistook warning messages as refusals of payments. I have certainly seen some of those on this forum.

It was after COP was extended to cover accounts identified by sort code + account number + reference. It was several people, including those I would trust not to be mistaken about warnings, adamant that there was no way to continue to make the initial payment for their newly opened regular saver (I forget which one). They had to wait until they could get a COP match. I fear this is the direction of travel.

mon3ysav3r

Darlington BS have an issue 2 of their regular saver which is 6% (rather than the 5% of their issue 1).
https://www.darlington.co.uk/savings-account/12-month-regular-saver/

I am 6 months into funding their issue 1 with the full 250 a month.

Their documents say "A maximum of one account can be opened per person", but not clear as to this means per issue, or simply only one "Regular Saver", does anyone know if I can have an issue 1 and issue 2?

It looks like I can close the issue 1 at anytime if I can only have one, and I want to open an issue 2.

Edit - I have opened a "90 Day eNotice" account with them with a quid in to keep the online alive in case I close the issue 1.

schiff

JamesRobinson48 said:

schiff said:

HHUK said:

HHUK said:
I submitted my closure form online about a week ago, since when I've heard nothing ... I tried the online chat but found it worse than useless, so decided to call the number mentioned at the end of the chat: 0800 028 4836.

Spoke with an extremely pleasant, friendly and helpful agent, who was unable to locate my closure request. She said she'd action the closure again from scratch, and that it could take 3-5 working days, on account of the volume of such requests they've received. If it happens quicker than that, it will be because the form had in fact turned up and been processed.

Virgin RS Final Interest Payment

Interest of £24.94 has just arrived in my Virgin M Plus current account, less than four hours after I called them. As much as I would love to believe this was down to my irresistible charm on the phone, I imagine it's more likely that the form I submitted last weekend eventually found its way through their systems.

I've been expecting mine and I've had £25.78 (about what I was expecting) just credited to my nominated account. But the sender is named as Yb Customer Servic (sic) which sounds like Yorkshire BS. Is your 'sender' the same?

More likely to be Yorkshire Bank I feel.

I'm not expecting anything from YBS though!

chris_the_bee

mon3ysav3r said:

Darlington BS have an issue 2 of their regular saver which is 6% (rather than the 5% of their issue 1).
https://www.darlington.co.uk/savings-account/12-month-regular-saver/

I am 6 months into funding their issue 1 with the full 250 a month.

Their documents say "A maximum of one account can be opened per person", but not clear as to this means per issue, or simply only one "Regular Saver", does anyone know if I can have an issue 1 and issue 2?

It looks like I can close the issue 1 at anytime if I can only have one, and I want to open an issue 2.

It is one Regular Saver of any issue only.
So you would need to close issue 1 first which you can do any time, then open issue 2
BTW, Darlington pays the next working day provided instruction is recd. before 2.30pm.

orange-juice

Opened a new Lloyds club regular saver just in case of any future rate cuts, even though the rate isnt the greatest for me right now.

Also, I did have two nationwide regular savers, until one of them matured recently. Tried to open up a new one but computer says no due to already having one opened. I have two current accounts with two different customer numbers. Maybe they’ve tightened up the restrictions or fixed the bugs 😂

judgingjudy

schiff said:

JamesRobinson48 said:

schiff said:

HHUK said:

HHUK said:
I submitted my closure form online about a week ago, since when I've heard nothing ... I tried the online chat but found it worse than useless, so decided to call the number mentioned at the end of the chat: 0800 028 4836.

Spoke with an extremely pleasant, friendly and helpful agent, who was unable to locate my closure request. She said she'd action the closure again from scratch, and that it could take 3-5 working days, on account of the volume of such requests they've received. If it happens quicker than that, it will be because the form had in fact turned up and been processed.

Virgin RS Final Interest Payment

Interest of £24.94 has just arrived in my Virgin M Plus current account, less than four hours after I called them. As much as I would love to believe this was down to my irresistible charm on the phone, I imagine it's more likely that the form I submitted last weekend eventually found its way through their systems.

I've been expecting mine and I've had £25.78 (about what I was expecting) just credited to my nominated account. But the sender is named as Yb Customer Servic (sic) which sounds like Yorkshire BS. Is your 'sender' the same?

More likely to be Yorkshire Bank I feel.

I'm not expecting anything from YBS though!

Just FYI, YBS (Yorkshire Building Society) is entirely separate to what was Yorkshire Bank.

Yorkshire Bank was subsumed into Virgin Money and doesn’t exist as a standalone brand any more, but VM still use a lot of back office systems from Yorkshire and Clydesdale Banks (I think Clydesdale may still exist as a brand in Scotland). 

So what the poster is saying is that it’s likely that this is the payment from Virgin but it’s been processed using a legacy Yorkshire Bank system. 

allegro120

mon3ysav3r said:

Darlington BS have an issue 2 of their regular saver which is 6% (rather than the 5% of their issue 1).
https://www.darlington.co.uk/savings-account/12-month-regular-saver/

I am 6 months into funding their issue 1 with the full 250 a month.

Their documents say "A maximum of one account can be opened per person", but not clear as to this means per issue, or simply only one "Regular Saver", does anyone know if I can have an issue 1 and issue 2?

It looks like I can close the issue 1 at anytime if I can only have one, and I want to open an issue 2.

Edit - I have opened a "90 Day eNotice" account with them with a quid in to keep the online alive in case I close the issue 1.

I have issue 1 and was able to open issue 2 without closing issue 1.

gt94sss2

lyic said:

Darlington BS 12 Month Regular Saver (https://www.darlington.co.uk/savings-account/12-month-regular-saver/)

Now available at 6%

Does anyone know if you can open this is you already have the 5% version?

I don't think they are increasing rates for existing customers...

ForumUser7

chris_the_bee said:

mon3ysav3r said:

Darlington BS have an issue 2 of their regular saver which is 6% (rather than the 5% of their issue 1).
https://www.darlington.co.uk/savings-account/12-month-regular-saver/

I am 6 months into funding their issue 1 with the full 250 a month.

Their documents say "A maximum of one account can be opened per person", but not clear as to this means per issue, or simply only one "Regular Saver", does anyone know if I can have an issue 1 and issue 2?

It looks like I can close the issue 1 at anytime if I can only have one, and I want to open an issue 2.

It is one Regular Saver of any issue only.
So you would need to close issue 1 first which you can do any time, then open issue 2
BTW, Darlington pays the next working day provided instruction is recd. before 2.30pm.

Do you have a source for one of any issue please? That’s not how I interpreted it, and have been able to open an RS2 while still holding an RS1

chris_the_bee

ForumUser7 said:

chris_the_bee said:

mon3ysav3r said:

Darlington BS have an issue 2 of their regular saver which is 6% (rather than the 5% of their issue 1).
https://www.darlington.co.uk/savings-account/12-month-regular-saver/

I am 6 months into funding their issue 1 with the full 250 a month.

Their documents say "A maximum of one account can be opened per person", but not clear as to this means per issue, or simply only one "Regular Saver", does anyone know if I can have an issue 1 and issue 2?

It looks like I can close the issue 1 at anytime if I can only have one, and I want to open an issue 2.

It is one Regular Saver of any issue only.
So you would need to close issue 1 first which you can do any time, then open issue 2
BTW, Darlington pays the next working day provided instruction is recd. before 2.30pm.

Do you have a source for one of any issue please? That’s not how I interpreted it, and have been able to open an RS2 while still holding an RS1

From issue 1 T's&C's
 • A maximum of one account can be opened per person. Accounts can be opened in joint names, but only one account, whether in single or joint names can be held per person. 

Issue 2 T's&C's are identical. So maybe I have interpreted it wrongly.