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

AndyTh_2

https://forums.moneysavingexpert.com/discussion/comment/81874953#Comment_81874953

Only thing I'm not keen on is how randomly ordered the SOs end up showing on list rather than alphabetical, which makes checking they still match my pay out spreadsheet a bit more effort.

It's been brilliant though in itself giving notice the day before of total £ of SOs and DDs due to be paid out the next day (DD's is because of the 3 day BACS debit process gives them time to show it the day before taken).

An app push notification helps remind me to fund the account if I forget. So I only suffer the 2.25% interest one day (night).

masonic

https://forums.moneysavingexpert.com/discussion/comment/81874819#Comment_81874819

It would be a dream to be able to feed like this directly from a top paying easy access saver. Alas, Chase no longer considers me a valuable enough customer to offer me a decent rate.

Though I am wary of hitting any AML triggers, given reports of others being pulled up on the volume of payments they were making out of their account. So it is probably best to stick to the places where a normal pattern of behaviour has been established.

AndyTh_2

https://forums.moneysavingexpert.com/discussion/comment/81874978#Comment_81874978

My Chase Saver is effectively my current account (minus debit card, other than the Chase current account I can move money instantly into) due to these features though, so the paper trail leads to and from it for where money comes and goes, so not difficult for them to see its paid with my savings and income.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81874991#Comment_81874991

That didn't stop Nationwide haranguing another forumite when their number of RS exceeded a limit. I believe it was posted as a cautionary tale in this very thread a few weeks back.

What tends to matter in these situations is what the algorithms determine to be unusual behaviour for the customer. You build a profile with every account, and I have a long-standing one where I never get any trouble. Long may that continue.

Bobblehat

Thanks for the heads up about the AML possibility! The bulk of my cash (yet to be shifted into ISAs and more RSs) is getting the 4.5% Boosted Rate until August … so I was pondering why I'm bothering to top up 2 CA's from there if maturing RSs leave a small shortfall for the next month's SOs coming out of those CAs. I could do the SOs direct from the Chase Saver and feed the maturing RS funds into there too? Would ~20 SOs and a couple of maturing RSs per month cause Chase to get uppity?

masonic

https://forums.moneysavingexpert.com/discussion/comment/81875052#Comment_81875052

I don't like to speculate on these things. Chase was all over the place in the first couple of years. I remember a period when they were holding all sorts of payments up. Abrupt changes in behaviour are often linked to such events, a gradual accumulation of payments is less likely to be an issue. If it does happen then it is an annoyance, but not the end of the world as you'll be able to explain the activity and provide any evidence required. At least Chase won't have to option of summoning you to a branch.

I'm gradually moving over to a more distributed approach. I already cycle money around a few accounts, and need to generate some transactions in my Nationwide account to qualify for fairer share, so my Nationwide now funds 4 RS (including the internal one), while I already feed Lloyds/Halifax/BoS from my Club Lloyds account using the £2k I need to pay in anyway. So this gets me down into the teens at least.

AndyTh_2

Just to add, I've been using Chase a long time like this and so started when I just had mostly just Lloyds group regular savers at the time, so it built up, like you say, in a way that seemed natural.

I've also since moved from funding most of them via SO to just funding the <= £500 ones that i don't have a current account with, to, as masonic says manage the Club Lloyds pay in requirement and (when in Dec-March) the Nationwide fairer share expected criteria too.

Since Lloyds banks started showing all group accounts in each app this made it easy for me to pay from the £2k to them from just Lloyds app.

So currently only 10 of my RS get funded using SO now

Bobblehat

https://forums.moneysavingexpert.com/discussion/comment/81875062#Comment_81875062

Snap! I'm doing the Lloyds and Nationwide shuffles too, along with the requirements for the last £25 bonus of a Co-op switch! (Mrs Bobble wonders why there is a grand supply of carrots and bananas in the house as we have no pet donkeys or apes! 😀)

Seriously though …. does any LT contributor use Chase Saver as their main source of funding a dozen plus RSs via repeated external payments (SOs)?

Appreciate your cautionary comments.

allegro120

https://forums.moneysavingexpert.com/discussion/comment/81874436#Comment_81874436

You can mitigate this concern by opening joint accounts (whenever possible) and switching from SOs to manual deposits.

s71hj

Just a reminder to anyone who has discovered this thread and regular savers recently and is unaware of it, there is a fantastic and hugely useful thread covering most aspects of regular savers, very carefully maintained on a very regular basis by Bridlington1 and accessible here

https://forums.moneysavingexpert.com/discussion/6652858/the-top-regular-savers-discussion-thread/p39