The Top Regular Savers Discussion Thread

RosieRooBear

Monmouthshire R/S 8
Finally managed to get access to husband’s app by using daughter’s mobile number. Noticed that he has two R/S’s Issue 8 although currently only one funded. Has anyone else who ended up with two issue 8’s opened funded both and not had their payments returned?

Speculator

WillPS said:

nomorekids said:

clairec666 said:

WillPS said:

With regards to LBG account closures.

I started employment at a bank back in January (not LBG), and had to undertake AML (anti money laundering) training. The training advised that a common sign of 'layering' is suddenly opening several accounts and/or bouncing money in and out of them "for no apparent reason".

On the good side - it helped me realise my fears that banks were permabanning customers on the grounds of poor profitability were unfounded.

On the bad side - it did cause me to think that if I was a member of staff in a bank, having undergone the same training, would I report my own activity?

Their idea of "no apparent reason" is different from ours!

I realise that my own money movement may appear strange to anyone who doesn't play the regular saver game; luckily I've only once had a transaction held up as "suspicious" (by Coop) and have not been banned by any banks. Yet.

Ditto, so this " layering " is money laundering? I too got closed down by Lloyds and lost halifax and BoS too shorting after, all for a hobby we all share, very harsh IMHO as my letter said its forever 

No, layering is a technique commonly used by money launderers to disguise the true source of funds. 

The problem is that it looks rather like what many of us on here do (albeit probably to a lesser extent).

similar to bouncing £1500/2000  between Halifax Reward/Club Lloyds/Chase accounts each month?

Speculator

RosieRooBear said:

Monmouthshire R/S 8
Finally managed to get access to husband’s app by using daughter’s mobile number. Noticed that he has two R/S’s Issue 8 although currently only one funded. Has anyone else who ended up with two issue 8’s opened funded both and not had their payments returned?

yes, currently £1500 in both

csw5780

RosieRooBear said:

Monmouthshire R/S 8
Finally managed to get access to husband’s app by using daughter’s mobile number. Noticed that he has two R/S’s Issue 8 although currently only one funded. Has anyone else who ended up with two issue 8’s opened funded both and not had their payments returned?

Yes both funded. 

Dizzycap

Hattie627 said:

HSBC Regular Saver

My HSBC 7% fixed RS matures today. Interest (£115.95) has been added to the balance of £3000 and the interest rate is showing at 1,30% (the rate applicable to the account into which the RS is due to change on maturity). However the account is stubbornly showing still as "Regular Saver 1" which means I can't move the money out (yet). Has anyone had recent experience of an HSBC RS maturity and can say when the account will become accessible?
Thanks

Yes! Try transfering monies between your HSBC accounts after 24 hours. I managed to transfer all my funds + interest from my RS out into my HSBC current account & fully withdrawn whilst the RS is still showing it's a RS!   

Kim_13

A valid reason for bouncing funds through accounts would be meeting minimum monthly pay ins on various accounts, when getting paid into an account might directly tick off one (if you get paid enough.) If the bank don't talk to the customer when they are unsure, then it could go down as 'no apparent reason' even though the bank must be aware that they, and also competitors, have these stipulations.

I've long thought the rules are badly drafted ... if a bank suddenly won't communicate and your access is blocked, it's a sure sign they suspect something, thereby tipping off anyone who has used their account for an illegal purpose. 

I do try to meet as many pay ins as I can via varying where RS maturities are paid and labelling them as such, in case the bank wondered. Unfortunately for me I nominated Halifax at MHBS, not expecting them to make the account unworthy of monthly funding before it matured. Anyone know if that's easy to change or whether I'll just have to bounce the funds on and hope the banks don't take exception?

friolento

HSBC RS

After mine had matured the other day, I withdrew the balance via my HSBC Advance account, and then contacted them on chat to ask for the weirdly named maturity account (something "RS" with a very low interest rate) to be closed. They told me that closure was already in progress and that the account would no longer show the next day. It has indeed gone now.

surreysaver

RosieRooBear said:

Monmouthshire R/S 8
Finally managed to get access to husband’s app by using daughter’s mobile number. Noticed that he has two R/S’s Issue 8 although currently only one funded. Has anyone else who ended up with two issue 8’s opened funded both and not had their payments returned?

I've got two, but haven't funded the second one. It's still showing as open, so if others haven't had their funds returned, then perhaps I ought to fund my second one?

CRAIGSVILLE1

Hi,

Re. The Monmouthshire regular 7% app saver.
Can I add new monthly saver amount on 1st of every month, or on the date opened, the following month ?

Thanks 

Kim_13

CRAIGSVILLE1 said:

Hi,

Re. The Monmouthshire regular 7% app saver.
Can I add new monthly saver amount on 1st of every month, or on the date opened, the following month ?

Thanks 

On the 1st.