The Top Regular Savers Discussion Thread

where_are_we

What is the best policy with regards to RS postal applications requiring first deposit by cheque. I have lost at least £1 in interest and mounting keeping my EA current account (usual balance near zero) paying 0% interest topped up to cover these cheques. If I kept the balance at near zero does the cheque bounce when it goes through, or as in the case of standing orders do I get a bank warning text asking me to top up my balance to cover the payments before a certain time later that day?

allegro120

potlings said:

allegro120 said:

s71hj said:

allegro120 said:

Dizzycap said:

Hattie627 said:

trickydicky14 said:

Bridlington1 said:

trickydicky14 said:

I will be sooo glad when a new topic comes along. I'm going to lay down in a dark room until it goes away.

I would imagine Scottish BS'll come to your rescue at some point then, when I spoke to them they said they were hoping to launch their online RS either this week or next week.

Thanks Bridlington but I've applied for the postal version so I can't now get excited about the upcoming online one as I can only have the one, unless you know different you old boundary pusher.

Knowing the habits of the old lags on here, we'll all apply for the Scottish BS online version and hope for the best.

I certainly will be as 8 days after posting my application form for the Scottish BS RS, the monies still have been drawn from the cheque I also sent, so I've moved it back into an account that gets a higher interest rather than my current account. IMHO, 8 days is more than long enough for a BS to get themselves organised and either accept or reject an application, especially after sending off the application along with ID via email & then reciving an email of confirmation to send a cheque & including a completed print out form and ID again!

Scottish BS
It's about 10 days now since I've posted mine.  Few people who sent theirs on the same day reported that their cheques have been cleared a few days ago, but mine is still not cleared.  If not cleared tomorrow I'll have to call them.  If my envelope was lost or any other problems I will wait until they release the online version.

I don't keep funds in my current account in waiting for a cheque to be cleared.  When it's cleared I get notification on my phone and bring my balance back to zero.  It's better this way, no loss of interest. 

Do all banks do this? I'm with Santander and their notification system seems to have stopped. 

I think most of them do.  I get them from FD, HSBC, Natwest/RBS, Halifax... I don't get notifications from Santander because I never set it up.  If yours have stopped it may be worth trying to set it up again.

I remember getting a message from Santander saying they were stopping some  notifications, but in the  event they seem to have stopped them all. I can't see anywhere to set them up either.

Santander
I've just tried to set it up now and learned that they have stopped most notifications including transactions in May this year.  It's a shame, notifications are quite useful. 

gt94sss2

where_are_we said:

What is the best policy with regards to RS postal applications requiring first deposit by cheque. I have lost at least £1 in interest and mounting keeping my EA current account (usual balance near zero) paying 0% interest topped up to cover these cheques. If I kept the balance at near zero does the cheque bounce when it goes through, or as in the case of standing orders do I get a bank warning text asking me to top up my balance to cover the payments before a certain time later that day?

Depends on the bank and how they are feeling that day. 

You could consider having an overdraft facility on your current account so such payments don't bounce.

If you keep such a close eye on your finances as your post suggests than you can ensure that there is not a negative balance at the end of the day.

clivep

gt94sss2 said:

Dizzycap said:

Hattie627 said:

trickydicky14 said:

Bridlington1 said:

trickydicky14 said:

I will be sooo glad when a new topic comes along. I'm going to lay down in a dark room until it goes away.

I would imagine Scottish BS'll come to your rescue at some point then, when I spoke to them they said they were hoping to launch their online RS either this week or next week.

Thanks Bridlington but I've applied for the postal version so I can't now get excited about the upcoming online one as I can only have the one, unless you know different you old boundary pusher.

Knowing the habits of the old lags on here, we'll all apply for the Scottish BS online version and hope for the best.

I certainly will be as 8 days after posting my application form for the Scottish BS RS, the monies still have been drawn from the cheque I also sent, so I've moved it back into an account that gets a higher interest rather than my current account. IMHO, 8 days is more than long enough for a BS to get themselves organised and either accept or reject an application, especially after sending off the application along with ID via email & then reciving an email of confirmation to send a cheque & including a completed print out form and ID again!

Why would you include a copy of your form and id again? If I was Scottish BS, I would be treating it as a second application.

Scottish BS

I enclosed a copy of the form (but not a copy of my id) with the cheque to assist in matching my emailed application. I used a highlighter pen to write on the form that it was a copy of the emailed application.

It was sent on 4th October to the freepost address but has not yet been processed. I've just emailed them to ask if they received it OK.

Edit 11.30...

Reply back from SBS to say cheque received and credited to my a/c.

friolento

where_are_we said:

What is the best policy with regards to RS postal applications requiring first deposit by cheque. I have lost at least £1 in interest and mounting keeping my EA current account (usual balance near zero) paying 0% interest topped up to cover these cheques. If I kept the balance at near zero does the cheque bounce when it goes through, or as in the case of standing orders do I get a bank warning text asking me to top up my balance to cover the payments before a certain time later that day?

IMO, there is not much point in having a policy for this because it’s vanishingly rare that you must make an initial deposit by cheque. 

If you are concerned about losing £1 in interest, perhaps use a much smaller amount for the initial deposit, or pass on the particular RS altogether.

To avoid a cheque (or other unusual payment) bouncing, a small agreed overdraft might be an idea. Banks will usually notify you immediately if you go overdrawn and give you a few hours to bring your balance back into the black and avoid charges

kermchem

Scottish BS Regular Saver
I sent application form (paper, wet signature), photograph of front of driving licence, and cheque, 1st class post (trying to get ahead of the rush!) Thursday 2nd October. Cheque cleared from current account Friday 10 October. Today, Monday 13 October, postman has delivered a thick A5 envelope (franked large letter second class) with covering letter, FSCS Iinformation sheet, Customer Service and details of charges booklet, Terms and Conditions booklet (which is generic, but page 9 does include the instructions on how to pay into your account), and Customer Privacy Notice booklet, plus a passbook showing my cheque was credited on 9 October.
For those thinking postal or online, go online when it is available.

flaneurs_lobster

kermchem said:

Scottish BS Regular Saver
I sent application form (paper, wet signature), photograph of front of driving licence, and cheque, 1st class post (trying to get ahead of the rush!) Thursday 2nd October. Cheque cleared from current account Friday 10 October. Today, Monday 13 October, postman has delivered a thick A5 envelope (franked large letter second class) with covering letter, FSCS Iinformation sheet, Customer Service and details of charges booklet, Terms and Conditions booklet (which is generic, but page 9 does include the instructions on how to pay into your account), and Customer Privacy Notice booklet, plus a passbook showing my cheque was credited on 9 October.
For those thinking postal or online, go online when it is available.

Now that you have your account number you can apply (online) for online access. You will (of course) then have to wait for your postperson to deliver the UserID/ActivationKey in order to log in.

Rudyson

qbadger said:

Born2Save_3 said:

Kent Reliance Regular Savings Account 5.1%A, £500 a month

Has anyone had any success opening an account without having to visit a branch ?

I happened to be in Canterbury last year so opened one to establish a relationship but didn't fund it much till the latter months.  KR seem to have been fairly good keeping the rate at 5.1%A for a while and through a number of BoE reductions.

Whenever I've called them I keep asking if I can open an account by post, over the phone, online, with a telephone appointment or any way apart from visiting, without success.  Sadly, they have a call centre so it is not as easy as some other organisations to find a helpful person in a branch.

Even if someone did manage to open this account without a visit, it can only be operated in branch (according to its terms).

The KR regular saver has to be opened in branch, but can be operated online, including withdrawals. I've had several, including the current one, and only ever had to visit a branch to open them

fuzzzzy

allegro120 said:

potlings said:

allegro120 said:

s71hj said:

allegro120 said:

Dizzycap said:

Hattie627 said:

trickydicky14 said:

Bridlington1 said:

trickydicky14 said:

I will be sooo glad when a new topic comes along. I'm going to lay down in a dark room until it goes away.

I would imagine Scottish BS'll come to your rescue at some point then, when I spoke to them they said they were hoping to launch their online RS either this week or next week.

Thanks Bridlington but I've applied for the postal version so I can't now get excited about the upcoming online one as I can only have the one, unless you know different you old boundary pusher.

Knowing the habits of the old lags on here, we'll all apply for the Scottish BS online version and hope for the best.

I certainly will be as 8 days after posting my application form for the Scottish BS RS, the monies still have been drawn from the cheque I also sent, so I've moved it back into an account that gets a higher interest rather than my current account. IMHO, 8 days is more than long enough for a BS to get themselves organised and either accept or reject an application, especially after sending off the application along with ID via email & then reciving an email of confirmation to send a cheque & including a completed print out form and ID again!

Scottish BS
It's about 10 days now since I've posted mine.  Few people who sent theirs on the same day reported that their cheques have been cleared a few days ago, but mine is still not cleared.  If not cleared tomorrow I'll have to call them.  If my envelope was lost or any other problems I will wait until they release the online version.

I don't keep funds in my current account in waiting for a cheque to be cleared.  When it's cleared I get notification on my phone and bring my balance back to zero.  It's better this way, no loss of interest. 

Do all banks do this? I'm with Santander and their notification system seems to have stopped. 

I think most of them do.  I get them from FD, HSBC, Natwest/RBS, Halifax... I don't get notifications from Santander because I never set it up.  If yours have stopped it may be worth trying to set it up again.

I remember getting a message from Santander saying they were stopping some  notifications, but in the  event they seem to have stopped them all. I can't see anywhere to set them up either.

Santander
I've just tried to set it up now and learned that they have stopped most notifications including transactions in May this year.  It's a shame, notifications are quite useful. 

Yes I used to like the text alert to remind me when my edge saver interest had been paid and the account had gone over £4k.

Newly_retired

I have applied online on Saturday for the Scottish BS RS as a new customer. I have a generic account number but have been promised an email with my actual account number to use as a reference number. Still waiting.

Meanwhile on sending maturity instructions for my Principality Christmas RS, I have been refused another RS4. Just saying.