Being nosey... How many Regular Saver accounts do you have?

clairec666

masonic said:

Pickledonionlover said:

Anyway, very recently the Account Evidence team from NW have been touch asking all sorts of questions on the source and destination of this money.  

It does make me wonder whether it would be worthwhile to spread these payments out over a number of accounts. So for example, in my case with 25 RS accounts, instead of funding all from my main account, instead use this to send a larger sum out to 5 x sub-accounts, and from each of those fund 5 x RS. Or perhaps that would look even more like layering...

Depends whether it's the quantity of transactions that's attracting their attention, or the total amount of money involved.

I use Nationwide to distribute some of my funds, because my main account with Natwest isn't helpful for accounts like Principality where you need to use different reference numbers. So thanks @Pickledonionlover for the heads up. Hopefully my regular saver exploits won't attract their attention, but if so I can produce my trusty spreadsheet and hopefully that will satisfy them.

Kim_13

Currently funding 3 RS via Nationwide, at £250 + whatever I happen to send to Loughborough that month. Very little money in other than via Skipton Easy Access, so hopefully it would be very simple if they picked on me. 

More and more RS have gone to Chase since their requirement for cashback went from £500 to £1,500. Request to upgrade to NatWest Reward has just gone in now that Halifax Reward is no more, so have been adding my RS filled payee list there.

2 days seems very unfair. We've all had a busy few days, and the more they need, the more time it would reasonably take the customer to collect together copies of the statements/records. 

allegro120

Kim_13 said:

Currently funding 3 RS via Nationwide, at £250 + whatever I happen to send to Loughborough that month. Very little money in other than via Skipton Easy Access, so hopefully it would be very simple if they picked on me. 

More and more RS have gone to Chase since their requirement for cashback went from £500 to £1,500. Request to upgrade to NatWest Reward has just gone in now that Halifax Reward is no more, so have been adding my RS filled payee list there.

2 days seems very unfair. We've all had a busy few days, and the more they need, the more time it would reasonably take the customer to collect together copies of the statements/records. 

I do the same with Chase.  £1500 in and feed some RSs from there.  When my Chase rate was 5% I did most of my RS deposits from Chase Saver.

s71hj

Pickledonionlover said:

Hi folks - long time lurker here.

I signed up to give all you RS fans a word of warning.

I've got a five figure sum of RS leaving my Nationwide Current account each month.

These RS also mature into this C/A which is fed by a third party Easy Access account elsewhere for standing orders at the beginning of each month.

Anyway, very recently the Account Evidence team from NW have been touch asking all sorts of questions on the source and destination of this money.  

They're wanted this information within two days else my account access would be removed.

Luckily I was able to send them spreadsheets of all my RS, statements of the third party Easy Access and also a spreadsheet of interest accrued.

All worked out fine (the account is being used totally legitimately) but it was a worry for two or three days.

So I'd definitely be prepared if I were you as my habits haven't changed over a number of years so no idea why I was suddenly selected.

Take care

This is a post that should probably go in the main RS thread too as it will be a word of caution to those who follow that thread but not this one, speaking as someone who only discovered this thread recently but has been following the main one for years. 

masonic

s71hj said:

Pickledonionlover said:

Hi folks - long time lurker here.

I signed up to give all you RS fans a word of warning.

I've got a five figure sum of RS leaving my Nationwide Current account each month.

These RS also mature into this C/A which is fed by a third party Easy Access account elsewhere for standing orders at the beginning of each month.

Anyway, very recently the Account Evidence team from NW have been touch asking all sorts of questions on the source and destination of this money.  

They're wanted this information within two days else my account access would be removed.

Luckily I was able to send them spreadsheets of all my RS, statements of the third party Easy Access and also a spreadsheet of interest accrued.

All worked out fine (the account is being used totally legitimately) but it was a worry for two or three days.

So I'd definitely be prepared if I were you as my habits haven't changed over a number of years so no idea why I was suddenly selected.

Take care

This is a post that should probably go in the main RS thread too as it will be a word of caution to those who follow that thread but not this one, speaking as someone who only discovered this thread recently but has been following the main one for years. 

There's an easy solution to that...

s71hj

masonic said:

s71hj said:

Pickledonionlover said:

Hi folks - long time lurker here.

I signed up to give all you RS fans a word of warning.

I've got a five figure sum of RS leaving my Nationwide Current account each month.

These RS also mature into this C/A which is fed by a third party Easy Access account elsewhere for standing orders at the beginning of each month.

Anyway, very recently the Account Evidence team from NW have been touch asking all sorts of questions on the source and destination of this money.  

They're wanted this information within two days else my account access would be removed.

Luckily I was able to send them spreadsheets of all my RS, statements of the third party Easy Access and also a spreadsheet of interest accrued.

All worked out fine (the account is being used totally legitimately) but it was a worry for two or three days.

So I'd definitely be prepared if I were you as my habits haven't changed over a number of years so no idea why I was suddenly selected.

Take care

This is a post that should probably go in the main RS thread too as it will be a word of caution to those who follow that thread but not this one, speaking as someone who only discovered this thread recently but has been following the main one for years. 

There's an easy solution to that...

Yeh, well I'm technically rubbish and have never worked out how to cross link on the MSE app!!! 

masonic

s71hj said:

masonic said:

s71hj said:

Pickledonionlover said:

Hi folks - long time lurker here.

I signed up to give all you RS fans a word of warning.

I've got a five figure sum of RS leaving my Nationwide Current account each month.

These RS also mature into this C/A which is fed by a third party Easy Access account elsewhere for standing orders at the beginning of each month.

Anyway, very recently the Account Evidence team from NW have been touch asking all sorts of questions on the source and destination of this money.  

They're wanted this information within two days else my account access would be removed.

Luckily I was able to send them spreadsheets of all my RS, statements of the third party Easy Access and also a spreadsheet of interest accrued.

All worked out fine (the account is being used totally legitimately) but it was a worry for two or three days.

So I'd definitely be prepared if I were you as my habits haven't changed over a number of years so no idea why I was suddenly selected.

Take care

This is a post that should probably go in the main RS thread too as it will be a word of caution to those who follow that thread but not this one, speaking as someone who only discovered this thread recently but has been following the main one for years. 

There's an easy solution to that...

Yeh, well I'm technically rubbish and have never worked out how to cross link on the MSE app!!! 

I've just done it.

gt94sss2

Pickledonionlover said:

Anyway, very recently the Account Evidence team from NW have been touch asking all sorts of questions on the source and destination of this money.  

They're wanted this information within two days else my account access would be removed.

Luckily I was able to send them spreadsheets of all my RS, statements of the third party Easy Access and also a spreadsheet of interest accrued.

I've had something similar with Santander who wanted information about payments to/from my account.

This was when I was actively moving money between savings accounts to maximise interest (as the rates where changing a lot) and using Santander as my nominated account. 

The only issue was that they didn't want information about recent transactions but those from a couple of years before..!

dcs34

I had to politely explain to NatWest that I wasn't using my personal account for business purposes, and that if they actually looked at the 30+ payments going out on the 1st of each month they were to accounts in my name, not me running payroll or paying invoices etc.

Took a week for them to look into it and they were fine about it. Upgraded me to Premier to say sorry for the inconvenience.

Born2Save_3

Many transfers over a few hours...

Today with Nationwide I've done around 70 faster payments over around 4 hours.  After about 30 transfers Nationwide force me to go through extra security using a card and the card reader calculator device to complete most subsequent transfers.  After being logged on for I think either an hour or maybe two hours, I am forced off and have to log back in to continue.

This extra security transfer verification is a PITA and triples or more the time taken for each transfer.

Following @Pickledonionlover experience, I'm wondering if a call to the Account Evidence team to explain what I'm doing and request a better way to do faster payments, may help or hinder me ?

I could spread transfers to RS over several CA.  This would add a little extra effort but may be more resilient.

Trouble is, to the best of my knowledge, most consumer/retail banks don't have an easy way of importing and setting up payees. Deliberately, they don't make setting up a payee a one step process and incorporate several checks. I perfectly understand that. But in the situation where you need to set up several payees on the first of the month because one of the banks used for transfers to a portion of your RS collection, has gone down, is not going to be easy or quick.

Seems that RS aficionados are caught between a rock and a hard place; you want more, yet the system makes it harder for you the more you have.