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

Growingold

https://forums.moneysavingexpert.com/discussion/comment/81894482#Comment_81894482

In the same position as you. It was a nightmare submitting proof of deposit for all the different RS's. Most of the online RS's don't show both your name and address as well as the account number in the statements you can print off. If I knew 6 months ago I'd be buying I'd have put all my money into one account to make life easy but life is never easy.

masonic

In my case, it may be wishful thinking, but I'm hoping I can divert them from the circus of regular savers by presenting them with a boring S&S ISA that has sat their growing and I can flexibly withdraw from to fund my purchase. Then I can backfill the ISA over the course of the next tax year as RS accounts mature without implicating them in the transaction itself. But who knows.

If I'd planned for this I would have knocked the RS stuff on the head well in advance, but even then you do hear stories of AML checks only getting stricter, with some being asked for several years worth of statements. There are no prescriptive rules, so it depends on interpretation, YMMV. Making it tempting to opt for a fixed fee conveyancing service 😁

clairec666

I should be able to fund the purchase from three ISAs and the big Monmouthshire RS, and hopefully not touch any of the others.

As masonic says, it's hard to know how far to go back for AML checks. Even if you simplify your savings 1 year in advance of buying property, it might not be long enough.

My solicitors fee should be fixed, but their terms do refer to "unusual circumstances, which necessitate work over and above what we would expect to see in such a transaction" - not sure if obsessive regular saver collections count!

Anyway…. this thread is supposed to be a celebration of regular savers, so apologies for turning it into a conversation about the downsides!

Bobblehat

https://forums.moneysavingexpert.com/discussion/comment/81894667#Comment_81894667

No apology need … in fact the conversation, so far, is good for balance.

I, for one, had not thought about possible AML consequences of a dozen plus RSs (and other accounts in addition) as fund sources when contemplating a potential property purchase (for example), so am happy to be made aware.

If there were enough interest in this topic, given that multiple RSs are just one of the fund types that could be problematic from an AML perspective … it would suggest that a new thread would probably be appreciated by those interested.

Not that I'm trying to deliberately divert the conversation from this thread in particular … just thinking it might have broader interest than those with RSs?

Growingold

https://forums.moneysavingexpert.com/discussion/comment/81895453#Comment_81895453

Anyone fancy starting a new thread about this? How to transfer the existing posts about it over I don't know how to do.

clairec666

There are several AML threads over on the "House buying, renting & selling" board… but I hadn't ventured onto that board until a couple of weeks ago!

The issue does spread beyond regular savers of course, but I think RS-based exploits might look more fishy because (in my case anyway) the amount of money being moved around each month could be greater than your income from salary etc. I.e. maturing regular savers being re-distributed elsewhere. £5000+ being moved each month when your salary is only £2500 probably looks a bit suspicious.

Advice I'd give to others - keep things as simple as possible, ideally keep one current account for all your RS exploits, separate from the one your salary is paid into. And don't move the money around between different current accounts (I often shift it between Natwest and Nationwide because it's easier to manage payees with different references from Nationwide). I don't actually need my RS funds for buying my flat, so if I'd kept things nice and separate there would be no need for AML checks to dig around in all my accounts.

Oh well, we live and learn.

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/81895574#Comment_81895574

I’d just assumed they’d check your credit file and want statements for every current account on it - and therefore pull in every RS even if you didn’t need it for the purchase. Is this not the case?

Separating RS across different CAs might save blocked payments in the short term, but bring long term AML pain. It definitely feels a good thing to simplify in advance if you know you will be making a purchase.

snookerloopy96

https://forums.moneysavingexpert.com/discussion/comment/81895574#Comment_81895574

Maybe I'll get some hassle as I use 2 different banks for my payments and juggle money quite a bit. Still if everything is in my own name I'd hope its not an issue.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/81895673#Comment_81895673

You may be right - I'm not applying for a mortgage though, so there may be less scrutiny into my credit file?

I'm giving myself a head-start by downloading all statements, and quickly working out which ones are more difficult, e.g. having to apply to get it posted to you (Principality) and where you have to jump through hoops to get statements for closed accounts (typical for regular savers which close on maturity).

Bobblehat

https://forums.moneysavingexpert.com/discussion/comment/81895574#Comment_81895574

Thanks for the heads-up on that board …. I'll have a look.

I take your points about RS maturity movements having a particularly potential fishy look …. both the frequency and the amounts being greater than income (monthly) …… a pensioner with a 2 dozen+ RS ladder could trip up on both counts!