The Top Regular Savers Discussion Thread

Born2Save_3

SJMALBA said:

Hanley - will a debit card payment be credited/earn interest today, or should I leave it until Monday?

After a two day wait for the initial transfer by "Faster" payment, I've just made a card deposit.  Was from a CA with £0 balance and an overdraft, and deposit was credited immediately by Hanley. Transaction was shown as pending by CA bank, but because I don't know exactly when this transaction will be posted, I transferred £300 in.

If this goes well, from now on I will only fund Hanley by card.  Best case with faster payment is a days lost interest, as I understand it.

Bridlington1

SJMALBA said:

jaypers said:

clairec666 said:

Monmouthshire - just wondering if I've interpreted this correctly? 



So if I paid in by faster payment on a Friday, it wouldn't be received (and therefore earning interest) until Monday? Or even Tuesday if the Monday is a bank holiday?

If so, best to avoid funding on a Friday, to minimise loss of interest.

I’ve found that you won’t see it until next working day but the ‘posting date’ will be the day you pay it, regardless of weekend or weekday so all should be good. 

It shows as the date sent, but according to page 1 of this thread:

'Deposits on non-working days: Treated as having been received the next working day.'

Page 1 of this thread goes off the Monmouthshire BS's General Ts&Cs, which state:

My interpretation is that even though the money may show in the account if paid in on a non-working day, the money isn't received for interest purposes until the next working day and thus for interest purposes, deposits on non-working days are treated as having been received the next working day.

They are not unlike Skipton BS in this regard.

Zekko

topyam said:

Just went through all mine and made a note of which ones to fund today, and which to leave until Monday

Those i need to leave are: 
AIB
Co-Op
Progressive

Those I can fund:
Principality
Zopa
Newcastle
Manchester

I funded my Co-Op saver today and funds were received and credited today.

Born2Save_3

After doing a number of RS funding transfers, is your bank/building society forcing you to go through further security to complete each transfer ?

I fund most of my RS with manual faster payments with Nationwide.  After doing around 30 transfers now, I have to verify most of the following transfers using a card and the card reader calculator type device.  I find this a complete PITA, it slows me down significantly and I lose the rhythm.  My process involves taking screen shots before and after each transfer and before I do the transfer I double check the account number and amount with my list.

I haven't spoken to Nationwide about this, but I suspect if I did I'll get some fob off answer about security procedures.  I can sort of understand that, however it would be nice if I could some how turn on a higher number of transfers I can do, do them, then turn off and go back to normal.  Bit like self defined transfer limits with some banks and accounts.

What would be really good is to be able to have complete faster payments transfers set up and ready to go.  This would include all the payee details and an amount of money.  Then I can just select and transfer.  No need to enter amounts. Also I control when the transfer happens.

Any suggestions / comments ?  I don't really want to use standing orders because of their unpredictability and other issues.

Bridlington1

Born2Save_3 said:

After doing a number of RS funding transfers, is your bank/building society forcing you to go through further security to complete each transfer ?

I fund most of my RS with manual faster payments with Nationwide.  After doing around 30 transfers now, I have to verify most of the following transfers using a card and the card reader calculator type device.  I find this a complete PITA, it slows me down significantly and I lose the rhythm.  My process involves taking screen shots before and after each transfer and before I do the transfer I double check the account number and amount with my list.

I haven't spoken to Nationwide about this, but I suspect if I did I'll get some fob off answer about security procedures.  I can sort of understand that, however it would be nice if I could some how turn on a higher number of transfers I can do, do them, then turn off and go back to normal.  Bit like self defined transfer limits with some banks and accounts.

What would be really good is to be able to have complete faster payments transfers set up and ready to go.  This would include all the payee details and an amount of money.  Then I can just select and transfer.  No need to enter amounts. Also I control when the transfer happens.

Any suggestions / comments ?  I don't really want to use standing orders because of their unpredictability and other issues.

I seem to recall Santander did this to me a while back but all the payments still went through without issues, just had to enter a OTP and security number each time.

These days I tend to spread my regular saver deposits across multiple different banks/building societies, so currently pay some regular savers from Santander, Nationwide, Co-op, NatWest, RBS, Ulster, First Direct, HSBC and TSB and aim to have roughly an even number of regular savers getting fed from each.

It also has the added advantage of ensuring that if one account ever did become unusable for whatever reason, e.g. frozen account, IT meltdown etc the overall impact it is likely to have on me is reduced in comparison to just using the one account to fund everything.

s71hj

Bridlington1 said:

Born2Save_3 said:

After doing a number of RS funding transfers, is your bank/building society forcing you to go through further security to complete each transfer ?

I fund most of my RS with manual faster payments with Nationwide.  After doing around 30 transfers now, I have to verify most of the following transfers using a card and the card reader calculator type device.  I find this a complete PITA, it slows me down significantly and I lose the rhythm.  My process involves taking screen shots before and after each transfer and before I do the transfer I double check the account number and amount with my list.

I haven't spoken to Nationwide about this, but I suspect if I did I'll get some fob off answer about security procedures.  I can sort of understand that, however it would be nice if I could some how turn on a higher number of transfers I can do, do them, then turn off and go back to normal.  Bit like self defined transfer limits with some banks and accounts.

What would be really good is to be able to have complete faster payments transfers set up and ready to go.  This would include all the payee details and an amount of money.  Then I can just select and transfer.  No need to enter amounts. Also I control when the transfer happens.

Any suggestions / comments ?  I don't really want to use standing orders because of their unpredictability and other issues.

I seem to recall Santander did this to me a while back but all the payments still went through without issues, just had to enter a OTP and security number each time.

These days I tend to spread my regular saver deposits across multiple different banks/building societies, so currently pay some regular savers from Santander, Nationwide, Co-op, NatWest, RBS, Ulster, First Direct, HSBC and TSB and aim to have roughly an even number of regular savers getting fed from each.

It also has the added advantage of ensuring that if one account ever did become unusable for whatever reason, e.g. frozen account, IT meltdown etc the overall impact it is likely to have on me is reduced in comparison to just using the one account to fund everything.

I assume you don't have the money sitting in these banks for a period of time but instead transfer in from feeder accounts paying higher interest? 

Born2Save_3

Bridlington1 said:

Born2Save_3 said:

After doing a number of RS funding transfers, is your bank/building society forcing you to go through further security to complete each transfer ?

I fund most of my RS with manual faster payments with Nationwide.  After doing around 30 transfers now, I have to verify most of the following transfers using a card and the card reader calculator type device.  I find this a complete PITA, it slows me down significantly and I lose the rhythm.  My process involves taking screen shots before and after each transfer and before I do the transfer I double check the account number and amount with my list.

I haven't spoken to Nationwide about this, but I suspect if I did I'll get some fob off answer about security procedures.  I can sort of understand that, however it would be nice if I could some how turn on a higher number of transfers I can do, do them, then turn off and go back to normal.  Bit like self defined transfer limits with some banks and accounts.

What would be really good is to be able to have complete faster payments transfers set up and ready to go.  This would include all the payee details and an amount of money.  Then I can just select and transfer.  No need to enter amounts. Also I control when the transfer happens.

Any suggestions / comments ?  I don't really want to use standing orders because of their unpredictability and other issues.

I seem to recall Santander did this to me a while back but all the payments still went through without issues, just had to enter a OTP and security number each time.

These days I tend to spread my regular saver deposits across multiple different banks/building societies, so currently pay some regular savers from Santander, Nationwide, Co-op, NatWest, RBS, Ulster, First Direct, HSBC and TSB and aim to have roughly an even number of regular savers getting fed from each.

It also has the added advantage of ensuring that if one account ever did become unusable for whatever reason, e.g. frozen account, IT meltdown etc the overall impact it is likely to have on me is reduced in comparison to just using the one account to fund everything.

Thanks for your reply and good points.  It made me wonder are there any/many RS accounts that are particular over which account funds it ?  In other words, if you fund a RS with an account other than the nominated account you have set up with the RS organisation, will it bounce ?

masonic

Those who run a large portfolio of RS but do not frequent the "how many do you have thread" might want to review the following post about a suspicious activity investigation a bank launched as a result of the multiple transactions to and from RS: https://forums.moneysavingexpert.com/discussion/comment/81718883/#Comment_81718883

Kim_13

Born2Save_3 said:

Bridlington1 said:

Born2Save_3 said:

After doing a number of RS funding transfers, is your bank/building society forcing you to go through further security to complete each transfer ?

I fund most of my RS with manual faster payments with Nationwide.  After doing around 30 transfers now, I have to verify most of the following transfers using a card and the card reader calculator type device.  I find this a complete PITA, it slows me down significantly and I lose the rhythm.  My process involves taking screen shots before and after each transfer and before I do the transfer I double check the account number and amount with my list.

I haven't spoken to Nationwide about this, but I suspect if I did I'll get some fob off answer about security procedures.  I can sort of understand that, however it would be nice if I could some how turn on a higher number of transfers I can do, do them, then turn off and go back to normal.  Bit like self defined transfer limits with some banks and accounts.

What would be really good is to be able to have complete faster payments transfers set up and ready to go.  This would include all the payee details and an amount of money.  Then I can just select and transfer.  No need to enter amounts. Also I control when the transfer happens.

Any suggestions / comments ?  I don't really want to use standing orders because of their unpredictability and other issues.

I seem to recall Santander did this to me a while back but all the payments still went through without issues, just had to enter a OTP and security number each time.

These days I tend to spread my regular saver deposits across multiple different banks/building societies, so currently pay some regular savers from Santander, Nationwide, Co-op, NatWest, RBS, Ulster, First Direct, HSBC and TSB and aim to have roughly an even number of regular savers getting fed from each.

It also has the added advantage of ensuring that if one account ever did become unusable for whatever reason, e.g. frozen account, IT meltdown etc the overall impact it is likely to have on me is reduced in comparison to just using the one account to fund everything.

Thanks for your reply and good points.  It made me wonder are there any/many RS accounts that are particular over which account funds it ?  In other words, if you fund a RS with an account other than the nominated account you have set up with the RS organisation, will it bounce ?

Progressive are the only one I have currently that insist that payments in come from the nominated account, I think.

I have definitely used multiple accounts to fund Principality, Monmouthshire, Melton and Market Harborough.

Bridlington1

s71hj said:

Bridlington1 said:

Born2Save_3 said:

After doing a number of RS funding transfers, is your bank/building society forcing you to go through further security to complete each transfer ?

I fund most of my RS with manual faster payments with Nationwide.  After doing around 30 transfers now, I have to verify most of the following transfers using a card and the card reader calculator type device.  I find this a complete PITA, it slows me down significantly and I lose the rhythm.  My process involves taking screen shots before and after each transfer and before I do the transfer I double check the account number and amount with my list.

I haven't spoken to Nationwide about this, but I suspect if I did I'll get some fob off answer about security procedures.  I can sort of understand that, however it would be nice if I could some how turn on a higher number of transfers I can do, do them, then turn off and go back to normal.  Bit like self defined transfer limits with some banks and accounts.

What would be really good is to be able to have complete faster payments transfers set up and ready to go.  This would include all the payee details and an amount of money.  Then I can just select and transfer.  No need to enter amounts. Also I control when the transfer happens.

Any suggestions / comments ?  I don't really want to use standing orders because of their unpredictability and other issues.

I seem to recall Santander did this to me a while back but all the payments still went through without issues, just had to enter a OTP and security number each time.

These days I tend to spread my regular saver deposits across multiple different banks/building societies, so currently pay some regular savers from Santander, Nationwide, Co-op, NatWest, RBS, Ulster, First Direct, HSBC and TSB and aim to have roughly an even number of regular savers getting fed from each.

It also has the added advantage of ensuring that if one account ever did become unusable for whatever reason, e.g. frozen account, IT meltdown etc the overall impact it is likely to have on me is reduced in comparison to just using the one account to fund everything.

I assume you don't have the money sitting in these banks for a period of time but instead transfer in from feeder accounts paying higher interest? 

Funds get transferred into the current accounts the same day I feed the regular savers, even when paying out DDs I typically pay the money in the same day. My current accounts are rather like many tills in that no cash is left in there overnight.

This is also another reason why I've a preference for manual payments into RSs, if I'm pulling funds from other regular savers to feed regular savers I'll often set the withdrawal to be made on 1st of the month so often end up feeding regular savers manually over my dinner break at work.

Born2Save_3 said:

Bridlington1 said:

Born2Save_3 said:

After doing a number of RS funding transfers, is your bank/building society forcing you to go through further security to complete each transfer ?

I fund most of my RS with manual faster payments with Nationwide.  After doing around 30 transfers now, I have to verify most of the following transfers using a card and the card reader calculator type device.  I find this a complete PITA, it slows me down significantly and I lose the rhythm.  My process involves taking screen shots before and after each transfer and before I do the transfer I double check the account number and amount with my list.

I haven't spoken to Nationwide about this, but I suspect if I did I'll get some fob off answer about security procedures.  I can sort of understand that, however it would be nice if I could some how turn on a higher number of transfers I can do, do them, then turn off and go back to normal.  Bit like self defined transfer limits with some banks and accounts.

What would be really good is to be able to have complete faster payments transfers set up and ready to go.  This would include all the payee details and an amount of money.  Then I can just select and transfer.  No need to enter amounts. Also I control when the transfer happens.

Any suggestions / comments ?  I don't really want to use standing orders because of their unpredictability and other issues.

I seem to recall Santander did this to me a while back but all the payments still went through without issues, just had to enter a OTP and security number each time.

These days I tend to spread my regular saver deposits across multiple different banks/building societies, so currently pay some regular savers from Santander, Nationwide, Co-op, NatWest, RBS, Ulster, First Direct, HSBC and TSB and aim to have roughly an even number of regular savers getting fed from each.

It also has the added advantage of ensuring that if one account ever did become unusable for whatever reason, e.g. frozen account, IT meltdown etc the overall impact it is likely to have on me is reduced in comparison to just using the one account to fund everything.

Thanks for your reply and good points.  It made me wonder are there any/many RS accounts that are particular over which account funds it ?  In other words, if you fund a RS with an account other than the nominated account you have set up with the RS organisation, will it bounce ?

Very few will bounce, off the top of my head Manchester BS, Gatehouse and Aldermore want funds to come from a nominated account, Saffron state they do but I seem to recall some have reported them not enforcing this.

Very few of my regular savers end up getting funded from their nominated accounts.

Kim_13 said:

Born2Save_3 said:

Bridlington1 said:

Born2Save_3 said:

After doing a number of RS funding transfers, is your bank/building society forcing you to go through further security to complete each transfer ?

I fund most of my RS with manual faster payments with Nationwide.  After doing around 30 transfers now, I have to verify most of the following transfers using a card and the card reader calculator type device.  I find this a complete PITA, it slows me down significantly and I lose the rhythm.  My process involves taking screen shots before and after each transfer and before I do the transfer I double check the account number and amount with my list.

I haven't spoken to Nationwide about this, but I suspect if I did I'll get some fob off answer about security procedures.  I can sort of understand that, however it would be nice if I could some how turn on a higher number of transfers I can do, do them, then turn off and go back to normal.  Bit like self defined transfer limits with some banks and accounts.

What would be really good is to be able to have complete faster payments transfers set up and ready to go.  This would include all the payee details and an amount of money.  Then I can just select and transfer.  No need to enter amounts. Also I control when the transfer happens.

Any suggestions / comments ?  I don't really want to use standing orders because of their unpredictability and other issues.

I seem to recall Santander did this to me a while back but all the payments still went through without issues, just had to enter a OTP and security number each time.

These days I tend to spread my regular saver deposits across multiple different banks/building societies, so currently pay some regular savers from Santander, Nationwide, Co-op, NatWest, RBS, Ulster, First Direct, HSBC and TSB and aim to have roughly an even number of regular savers getting fed from each.

It also has the added advantage of ensuring that if one account ever did become unusable for whatever reason, e.g. frozen account, IT meltdown etc the overall impact it is likely to have on me is reduced in comparison to just using the one account to fund everything.

Thanks for your reply and good points.  It made me wonder are there any/many RS accounts that are particular over which account funds it ?  In other words, if you fund a RS with an account other than the nominated account you have set up with the RS organisation, will it bounce ?

Progressive are the only one I have currently that insist that payments in come from the nominated account, I think.

I have definitely used multiple accounts to fund Principality, Monmouthshire, Melton and Market Harborough.

Progressive BS let you fund from non-nominated accounts in my experience. My first RS got funded from my nominated account but the rest have got funded from different accounts without issues.