The Top Regular Savers Discussion Thread

Bobblehat

So am I right in thinking that looking at the messages above, we should ignore the T&C's and play roulette with the deposits?

A line from the Dirty Harry movie comes to mind .... guess which one :-)

Born2Save_3

Bobblehat said:

chris_the_bee said:

Bridlington1 said:

jifmoose said:

Dumb question that doesn't deserve it's own thread: are monthly limits on Regular Savers generally calendar months, or are do they apply from the monthly anniversary of when the account was opened? For example, if I opened an RS on the 18th of August and payed in in August, can I now pay in for September - or do I have to wait until after the 18th?

The majority of the time they operate on a calendar month basis but there are some notable exceptions, e.g. First Direct, Zopa, Santander etc.

The listings on page 1 of this thread state whether the account runs on a calendar month or account monthly basis.

And Coventry

Isn't it a mixed bag with Coventry, some calendar monthly, some account monthly?

Santander is account monthly.

Bridlington1's page 1 is your friend here!

Edit: Bridlington1 beat me to it!

Has anyone had any negative feedback or actions from putting all in with Santander on the 1st ?

clairec666

Bobblehat said:

So am I right in thinking that looking at the messages above, we should ignore the T&C's and play roulette with the deposits?

A line from the Dirty Harry movie comes to mind .... guess which one :-)

Some accounts have T&Cs which they don't bother enforcing. I've been playing roulette with my Natwest deposits for the last couple of months. They specifically say that you can't pay in more than £150 per month, and if you repeatedly pay in more they will close your account. I've been taking money out to fund other regular savers and putting a lump sum back in on payday. It seems that Natwest don't even notice this, as long as your balance doesn't increase by more than £150 each month.

Born2Save_3

Bobblehat said:

So am I right in thinking that looking at the messages above, we should ignore the T&C's and play roulette with the deposits?

A line from the Dirty Harry movie comes to mind .... guess which one :-)

So far, to the best of my knowledge, when caught, no organisation has been particularly harsh, yet !  For example, declining or withholding interest or imposing penalties on capital, severing or limiting relationship, or what other possibilities may there be ?  Beginning to sound like the actions of HMRC now...

masonic

kermchem said:

Bridlington1 said:

The listings on page 1 of this thread state whether the account runs on a calendar month or account monthly basis.

Note that the T&C's for the Principality 6 month RS Bond say "To make sure we receive the standing order payments by the end of each month you should ensure they leave your bank or building society account by the 20th of the month".

And the Club Lloyds Monthly Saver has "You can save £25 to £400 every month by one standing order or a bank transfer. This needs to reach your account before the 25th of the month".

My experience is that neither of these is true, irrespective of whether there are 28, 30 or 31 days in the month, for both accounts late afternoon on the last working day of the month works as a deadline, and perhaps even weekends.

The deadline is the end of month, but a faster payment can be held up until the end of the next working day, sometimes longer, so they will not make an exception if it is not received on the same day as it is sent. This is the clause they will point at if you argue. Though the 20th seems rather extreme.

Bridlington1

Born2Save_3 said:

Bobblehat said:

So am I right in thinking that looking at the messages above, we should ignore the T&C's and play roulette with the deposits?

A line from the Dirty Harry movie comes to mind .... guess which one :-)

So far, to the best of my knowledge, when caught, no organisation has been particularly harsh, yet !  For example, declining or withholding interest or imposing penalties on capital, severing or limiting relationship, or what other possibilities may there be ?  Beginning to sound like the actions of HMRC now...

In the case of LBG it didn't end well for me when I took the Michael so I'd be cautious of going too far:
https://forums.moneysavingexpert.com/discussion/6433933/lbg-closing-all-my-accounts-on-18th-may/p1

Born2Save_3

Bridlington1 said:

Born2Save_3 said:

Bobblehat said:

So am I right in thinking that looking at the messages above, we should ignore the T&C's and play roulette with the deposits?

A line from the Dirty Harry movie comes to mind .... guess which one :-)

So far, to the best of my knowledge, when caught, no organisation has been particularly harsh, yet !  For example, declining or withholding interest or imposing penalties on capital, severing or limiting relationship, or what other possibilities may there be ?  Beginning to sound like the actions of HMRC now...

In the case of LBG it didn't end well for me when I took the Michael so I'd be cautious of going too far:
https://forums.moneysavingexpert.com/discussion/6433933/lbg-closing-all-my-accounts-on-18th-may/p1

I've had a quick look and I think I have a lot to learn from this.  Thank you for highlighting.  I hope that anything negative has concluded now and that you've been able to gain explanations.

When T&C's are not enforced it becomes easier to cross the line and go further later.

clairec666

Bridlington1 said:

Born2Save_3 said:

Bobblehat said:

So am I right in thinking that looking at the messages above, we should ignore the T&C's and play roulette with the deposits?

A line from the Dirty Harry movie comes to mind .... guess which one :-)

So far, to the best of my knowledge, when caught, no organisation has been particularly harsh, yet !  For example, declining or withholding interest or imposing penalties on capital, severing or limiting relationship, or what other possibilities may there be ?  Beginning to sound like the actions of HMRC now...

In the case of LBG it didn't end well for me when I took the Michael so I'd be cautious of going too far:
https://forums.moneysavingexpert.com/discussion/6433933/lbg-closing-all-my-accounts-on-18th-may/p1

Wow.... I never thought any of my banking exploits could get me banned. Without reading the full 32 pages of that thread, did you ever get a reason for them closing your accounts?

As for "being a profitable customer", I reckon I'm particularly unprofitable to all of the 18 banks and building societies I use, because most of the accounts I hold are high-paying regular savers.

masonic

clairec666 said:

Bridlington1 said:

Born2Save_3 said:

Bobblehat said:

So am I right in thinking that looking at the messages above, we should ignore the T&C's and play roulette with the deposits?

A line from the Dirty Harry movie comes to mind .... guess which one :-)

So far, to the best of my knowledge, when caught, no organisation has been particularly harsh, yet !  For example, declining or withholding interest or imposing penalties on capital, severing or limiting relationship, or what other possibilities may there be ?  Beginning to sound like the actions of HMRC now...

In the case of LBG it didn't end well for me when I took the Michael so I'd be cautious of going too far:
https://forums.moneysavingexpert.com/discussion/6433933/lbg-closing-all-my-accounts-on-18th-may/p1

Wow.... I never thought any of my banking exploits could get me banned. Without reading the full 32 pages of that thread, did you ever get a reason for them closing your accounts?

As for "being a profitable customer", I reckon I'm particularly unprofitable to all of the 18 banks and building societies I use, because most of the accounts I hold are high-paying regular savers.

Bridlington isn't alone in having facilities removed. It has happened to others. Ultimately something a bank or banking group can do without entitling you to an explanation. Something in practice they will only do to those pushing the boundaries. So it pays to moderate ones behaviour somewhat.

Born2Save_3

clairec666 said:

Bridlington1 said:

Born2Save_3 said:

Bobblehat said:

So am I right in thinking that looking at the messages above, we should ignore the T&C's and play roulette with the deposits?

A line from the Dirty Harry movie comes to mind .... guess which one :-)

So far, to the best of my knowledge, when caught, no organisation has been particularly harsh, yet !  For example, declining or withholding interest or imposing penalties on capital, severing or limiting relationship, or what other possibilities may there be ?  Beginning to sound like the actions of HMRC now...

In the case of LBG it didn't end well for me when I took the Michael so I'd be cautious of going too far:
https://forums.moneysavingexpert.com/discussion/6433933/lbg-closing-all-my-accounts-on-18th-may/p1

Wow.... I never thought any of my banking exploits could get me banned. Without reading the full 32 pages of that thread, did you ever get a reason for them closing your accounts?

As for "being a profitable customer", I reckon I'm particularly unprofitable to all of the 18 banks and building societies I use, because most of the accounts I hold are high-paying regular savers.

Wouldn't it be nice to have an RS linked to the top overdraft or mortgage rates ?  I think all the organisations that offer RS have loans at rates higher than their RS offerings.  Multiple RS'ers, I think, are very much in the minority amongst the general population, maybe because of the effort and discipline required ?  RS accounts are a carrot for new and other custom.