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

Pickledonionlover

Pickledonionlover said:

Pickledonionlover said:

Bobblehat 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

Interesting! So the fact they could see that the SO's were going into savings accounts in your name (presumably!) each month was still not enough for them, and required more information? Where they specific in the type of information they required?

They were very mixed in their 'specifiness'.

One of their questions was what a four letter abbreviation was for the source of a matured account (a simple Google search would have given them this information).

Other questions were pretty vague like - x amount of money was credited to your Current Account in the last n months can you detail where this is from,    y amount of money was credited to your Current Account in the last nx2 months can you detail where this is from,  z amount of money was credited to your Current Account in the last nx3. months can you detail where this is from.

It took three emails and three phone calls to ensure they were happy.  But if I hadn't been totally honest and didn't have all the accounts information to hand I fear things may have been different.

I remember you've had issues with Banks putting you on the naughty step so you'll be sympathetic to the stress this caused.

PS thanks for all the work you personally do around this subject - it's very appreciated by us lurkers.

Sorry I can't see an edit function on here.

Other questions were around what my job was, what I was using the account for and if it was my primary account.

Anyway take care.

PS the spreadsheets I supplied to them will have shown that the total money I juggle around isn't gaining any traction. I.e. I have aost the same balance I did ten years ago.  Just a few more RS and S.Os.

masonic

My updated stats are (all sole accounts in my name):

Number of accounts: 25 (up from 20, thanks mainly to Principality maturities)

Current balance: £46,250 (realised I missed a couple when totting up last month)

Monthly commitment: £8,000 (up from £6,125)

Weighted average rate based on current balances: 6.23% (equivalent to annual interest of £2,881)

masonic

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...

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.