The Top Regular Savers Discussion Thread

Bridlington1

DRS1 said:

Bridlington1 said:

Anyone else unable to make deposits into Manchester BS's regular savers?

I was able to make my initial deposit last month but this month's has bounced.

They've since said a letter sent to my address was returned and that they shan't accept deposits into the account until they've verified a copy of my passport and proof of address, which I sent over a week ago and have heard nothing back since then.

Well my first payment made today bounced back (not that it has arrived back yet) because I sent it from an account which was not my nominated account.  You can only have one nominated account for all your Manchester Building Society accounts.  And when you change it you need to authorise it so it will be another week or so before I can make a payment   I don't really understand why payments IN have to come from a single account.  Very odd.

In my case though I sent all payments from the same nominated account. The first payment was accepted, the following ones made from the same account to the same payee bounced.

I submitted the code received in the post to authenticate my nominated account, the code was accepted.

I then got a secure message days later (after the payments had bounced) telling me that a letter they sent to my address had been returned, which seems odd as they'd sent the letter to the same address the code had been sent to and that had arrived without issues, and that they can't accept any payments into the account until they've verified my ID and my address.

They also said they'd send me a prepaid envelope in the post to send copies of these documents to if I wished but that I could also send them by email.

I'll see what they come up with.

Bridlington1

GetRichOrDieSaving said:

Bridlington1 said:

GetRichOrDieSaving said:

Manchester BS & Newcastle BS

I'm sure this has been discussed before and apologies for not wanting to scroll back through 785 pages, but can someone confirm the following:

- Can you hold both accounts (I assume yes)?
- Are you limited to £500/per month even if you have withdrawn some, i.e can you put it back in? (I assume no)?

You can hold both accounts, withdrawn funds can not be replaced.

Account can also be held alongside their regular saver issue 1, which remains available at 5.25%.

Thank you. Not so sure I’m attracted to or have a need for the 5.25% as I only occasionally have funds over £4,000 in my 6% Santander Edge (apologies for mentioning it haha) but was thinking of opening these to keep any overflow cash between funding my RS’s to avoid using any lower paying EA’s.

I have all other RS available to be me above 5.5% 👍🏼

I've sometimes funded the 5.25% version if I've had excess cash, same goes for quite a few of my lower rate regular savers I've got.

It's rare I have to keep money in EA accounts these days, I just have regular savers I actively fund and then a smaller collection of lower rate ones that act as a sort of ``dripping tray" for excess funds. 

YBS's Loyalty RS became another that took on this function last month (prior to its rate being cut recently).

Cweb

masonic said:

I think I'm going to risk it still being around at the end of the month. 

 Unless MSE floods the applications I wouldn't be overly concerned on missing out. Newcastle BS current interest rates states it launched on 7th July 25 (same day as branch opened) but we must have all been too busy discussing other business to have noticed this regular saver.

clairec666

GetRichOrDieSaving said:

Cweb said:

judgingjudy said:

I’d like to open the Monument saver before it’s pulled, but can someone tell me if it needs to be funded straightaway, or if I’ve got a few days to do it? Thanks if you can. 

The literature you receive in online banking states 14 days to fund otherwise will be closed.

Do you know if the maturity date is from opening or first deposit? 

Newcastle Monument: It's on the anniversary of opening. This is different from the Manchester account, which specifies on the anniversary of your first deposit. I hadn't noticed that before - I thought the two accounts were identical.

allegro120

friolento said:

mon3ysav3r said:

clivep said:

Newcastle/Monument

Just applied and have received email with application reference.

As existing Newcastle BS member I tried the login route but once in my a/c there was no option to open the Monument regular saver, so I applied using the "Start application" as if I were a new customer.

I just did this got to and filled out step 7 of 7 with the passwords when 

Sorry, our website is currently unavailable.

Same happened to me but I do have a confirmation email with an application reference. Whether they’ll accept my application remains to be seen 

Mine went through without any problems.  Confirmation email came in about a minute and the account was showing in my app.  

surreysaver

MSE_JC said:

Hello,

The Forum Team have been inundated with a huge number of reports/complaints from multiple users about this thread going off topic (specifically, about an Edge account).

If it was simply one or two posts we wouldn't necessarily intervene, but given the scale of the issue the team will be splitting out any posts that refer to the Edge account and moving them to The New Top Easy Access Savings Discussion Area, as well as removing any posts that breach the rules on unfriendly behaviour.

I'd like to encourage all Forumites to try and stay on topic, or at least avoid veering off track too much. Please also try to refrain from long arguments about staying on topic, which then escalate the matter. This is a valuable, large and popular thread, and surgically extracting numerous off topic posts to keep it a useful discussion is a significant draw on the team's resources which could have been easily avoided.

Regards.

MSE JC

Thought we'd all forgotten about it. That was yesterday 

Cweb

clairec666 said:

GetRichOrDieSaving said:

Do you know if the maturity date is from opening or first deposit? 

Newcastle Monument: It's on the anniversary of opening. This is different from the Manchester account, which specifies on the anniversary of your first deposit. I hadn't noticed that before - I thought the two accounts were identical.

Just an observation given I've only opened and funded on the same day with Newcastle BS, but Account Opened is displayed in Account Details section as soon as the account appears, but the Maturity Date field only seems to populate after first deposit. Obviously I cannot comment given both are the same date for me on this account, but if anyone else's first deposit is later than their opening date cares to check and confirm if maturity aligns to 24 months from opening or first deposit?

Bridlington1

Cweb said:

clairec666 said:

GetRichOrDieSaving said:

Do you know if the maturity date is from opening or first deposit? 

Newcastle Monument: It's on the anniversary of opening. This is different from the Manchester account, which specifies on the anniversary of your first deposit. I hadn't noticed that before - I thought the two accounts were identical.

Just an observation given I've only opened and funded on the same day with Newcastle BS, but Account Opened is displayed in Account Details section as soon as the account appears, but the Maturity Date field only seems to populate after first deposit. Obviously I cannot comment given both are the same date for me on this account, but if anyone else's first deposit is later than their opening date cares to check and confirm if maturity aligns to 24 months from opening or first deposit?

I've opened the account today but not funded. I may experiment.

GetRichOrDieSaving

Cweb said:

clairec666 said:

GetRichOrDieSaving said:

Do you know if the maturity date is from opening or first deposit? 

Newcastle Monument: It's on the anniversary of opening. This is different from the Manchester account, which specifies on the anniversary of your first deposit. I hadn't noticed that before - I thought the two accounts were identical.

Just an observation given I've only opened and funded on the same day with Newcastle BS, but Account Opened is displayed in Account Details section as soon as the account appears, but the Maturity Date field only seems to populate after first deposit. Obviously I cannot comment given both are the same date for me on this account, but if anyone else's first deposit is later than their opening date cares to check and confirm if maturity aligns to 24 months from opening or first deposit?

I’ve opened both just now but don’t intend to fund until 24th Oct once my Principality XMAS RS has matured so I’ll find out either way. If nobody has confirmed by then, I will. 

clairec666

The Manchester and Newcastle T&Cs are mostly a copy-paste job of one another, with the subtle difference of when interest is paid: 12 months from receiving initial deposit for Manchester, and 12 months from account opening for Newcastle.

However there's a slight contradiction/confusion for Manchester, where it says "On the 2nd Annual Anniversary of your account opening date, your account will mature into an easy access account", i.e. counting from opening rather than first deposit. Mine was opened on the 15th, funded on the 16th, and it now says maturity date 16th (Oct 2027). Will see what happens in two years time. Hardly worth losing sleep over.

Meanwhile, if you were unaware of the connection between Manchester and Newcastle building societies you'd be confused that Manchester's postal address in the "Contact us" page on the website gives an address in Wallsend.