The Top Regular Savers Discussion Thread

CeliaSeas

I want to get the Mansfield too, have just ordered a cheque book.

Bob2000

https://forums.moneysavingexpert.com/discussion/comment/81997480#Comment_81997480

Was in the same boat never had a cheque book but after being on the forum for awhile l ordered one earlier this year and here l am with a freshly new Regular saver account. 😀

From asking for a book and receiving one took under a fortnight. So you got nothing to lose and everything (Regular Saver) to gain. 😉

Bob2000

https://forums.moneysavingexpert.com/discussion/comment/81997603#Comment_81997603

Now l know this! 😆

CeliaSeas

On the subject of cheques, should we post via special delivery, or would tracked 24 be sufficient?

Would it be permissible to send a cheque for a small amount (just to get a foot in the door) and then send the rest of the deposit for month one electronically?

ForumUser7

https://forums.moneysavingexpert.com/discussion/comment/81997778#Comment_81997778

Personally I used to just send in the society's prepaid envelopes, but I now steer clear of postal accounts more often than not, due to the ongoing service issues/delays at Royal Mail.

Bigwheels1111

My FD reg saver matured on the 13th, just paid out 90 minutes ago.

Just waiting for new one to open.

Update, new reg saver open. One day later is very good.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/81997778#Comment_81997778

1. I've only ever sent cheques in the normal post* and never had a problem but it's up to you.
2. That'll depend on the T&Cs.
   

*To improve security, make the cheque out to, "<building society's name> a/c <your name>". This should keep the cheque from being deposited in an account at any other institution.

allegro120

https://forums.moneysavingexpert.com/discussion/comment/81997778#Comment_81997778

I always send them 2nd class or in whatever envelope a building society has provided me with. Never used "special delivery" or "track" for this.

If you ask, Mansfield will send you application forms and prepaid envelopes.

Section62

https://forums.moneysavingexpert.com/discussion/comment/81997778#Comment_81997778

On the subject of cheques, should we post via special delivery, or would tracked 24 be sufficient?

As others have said, just sending it in the normal postal service should be fine.

If a cheque is "crossed" (two vertical lines through the "Pay" details) then it can only be paid into a bank account. If the words "Account Payee" are written between the crossing lines (now pre-printed by most banks by default) it can normally only be paid into a bank account which matches the details on the cheque. Because the volume of personal cheques has decreased so much, someone trying to cash or pay in a cheque contrary to the instructions on the cheque is going to stick out like a sore thumb, and if your bank pays out in such a situation then you are likely to be refunded.

Would it be permissible to send a cheque for a small amount (just to get a foot in the door) and then send the rest of the deposit for month one electronically?

It depends on the account T&C's. Some accounts might only allow one deposit per month.

If I'm making an application near to the month end I'd normally make the cheque deposit the full amount. If there is plenty of time before the month end I'd make the cheque for a pound or two less than the monthly deposit, so I can then send a 'test' faster payment of a pound or two ready to make the full faster payment the following month.

If the T&C's allow it, there's nothing wrong with sending a cheque for a token amount. But it is likely you won't be able to maximise your interest that way, unless you can get the paying in details for the new account as soon as it is open, rather than having to wait for the details to arrive in the post.

allegro120

https://forums.moneysavingexpert.com/discussion/comment/81997778#Comment_81997778

Mansfield

From summary box - "You can vary the amount and pay more than one deposit per month into the account". So sending a cheque for a small amount and depositing the rest electronically should be fine.

Most regular savers allow multiple deposits as long as they don't exceed the maximum allowance in total. In cases where multiple deposits are not allowed it will be clearly stated in summary box/key features.