The Top Regular Savers Discussion Thread

happybagger

elkyfer said:

Thank you, I am gonna try to get a cheque.

Just to avoid further queries, the bottom of their application form states:

"For postal applications, your first deposit to the account must be made by cheque and must be issued from a UK Bank or Building Society Account in your name."

This would seem to discount you asking someone else to write a cheque for you.

kermchem

And make the cheque payable to you or, slightly more secure, to "Scottish Building Society account your name". 

elkyfer

I opened the other RS ​​accounts, about which I remember someone saying something about needing a cheque to open them, but they finally opened the RS accounts and I made the bank transfer.

I order a checkbook from Barclays.

happybagger

@Bridlington1

MHBS have relaunched a RS with a different maturity date:
Fixed Term RS to 3/11/26, 5.8% fixed, no withdrawals.
£10 to £250 p/m, usual rules on limits
Info here

Kim_13

happybagger said:

Kim_13 said:

happybagger said:

elkyfer said:

I emailed the documents to open a regular savings account with the Scottish Building Society, but they are asking me to send a cheque by post to open it.

In fairness to SBS this is what the application form says to do.

It says that for a postal application,

....

For those who don’t have a chequebook 

And as SBS say, it's an account that can be opened in person or by post, maybe they should just not have bothered to allow emailing bits and pieces and then there would be no cause for these grumbles.

If people have chosen to not have an account with a cheque book, then so be it. I choose not to use apps so don't get the benefit of opening accounts with app-only providers, that's life. I don't go contacting them for alternative methods to get an account, I move on.

For those with a chequebook, you could open the account. And to do so, stick it in an envelope with an application form.

For those without a chequebook, the account is not available to you (save a personal visit with cash)

That much I understood form the account terms.

I hadn't even thought of app only accounts when I posted and don't see anything wrong with the account not being available to someone who is unwilling to get a cheque, however I do think it could be made clear on the form that an emailed application is considered a postal application (and therefore will require a cheque.)

The poster is now requesting a chequebook from Barclays, which with the postal service as it is, might not reach them and the cheque make it to SBS in the time that they will keep the application open for. Had it been as clear that a cheque is required with an emailed application as it is with a posted one, they could have requested a chequebook in advance of sending in the application in order to speed up the process.

Very few will only have accounts (app only/basic) incapable of having a cheque drawn on them, but many more won't have a chequebook and will need to ask for one. Any account I've opened from the 2010s onwards did not issue a chequebook as a matter of course. The banks know that usage has declined and so they will save money by only issuing them on request.

masonic

They probably shouldn't accept an emailed application, especially if it encourages people to send ID insecurely by email. I'd question whether that is a breach of their legal obligations under UK GDPR. If the data was misdirected or intercepted, they could be considered responsible for the data breach, since they instigated the insecure transfer method.

Perversely, it would be rather less risky to accept a photograph of the cheque by email.

chris_the_bee

elkyfer said:

I emailed the documents to open a regular savings account with the Scottish Building Society, but they are asking me to send a cheque by post to open it.

The opening deposit for the account must be made within 14 days, by cheque made payable to yourself as this is treated as a postal application.

How did you guys open this RS?

Scottish
As requested, sent a cheque.

Section62

masonic said:

They probably shouldn't accept an emailed application, especially if it encourages people to send ID insecurely by email. I'd question whether that is a breach of their legal obligations under UK GDPR. If the data was misdirected or intercepted, they could be considered responsible for the data breach, since they instigated the insecure transfer method.

Perversely, it would be rather less risky to accept a photograph of the cheque by email.

Hanley Economic recently asked me to reply to a non-secure email attaching a scan of my passport/driving licence and a 'selfie' holding the same document.

Their lax approach to data protection made me less keen to do business with them.

Needs to be some education/regulatory action against banks and building societies who don't think about the implications of what they are asking customers to do.

masonic

Section62 said:

masonic said:

They probably shouldn't accept an emailed application, especially if it encourages people to send ID insecurely by email. I'd question whether that is a breach of their legal obligations under UK GDPR. If the data was misdirected or intercepted, they could be considered responsible for the data breach, since they instigated the insecure transfer method.

Perversely, it would be rather less risky to accept a photograph of the cheque by email.

Hanley Economic recently asked me to reply to a non-secure email attaching a scan of my passport/driving licence and a 'selfie' holding the same document.

Their lax approach to data protection made me less keen to do business with them.

Needs to be some education/regulatory action against banks and building societies who don't think about the implications of what they are asking customers to do.

All the more surprising as HEBS has invested in a secure email system where this could have been done more safely. Possibly a staff training issue.

chris_the_bee

happybagger said:

@Bridlington1

MHBS have relaunched a RS with a different maturity date:
Fixed Term RS to 3/11/26, 5.8% fixed, no withdrawals.
£10 to £250 p/m, usual rules on limits
Info here

MHBS
Shame it is "open in Branch" only