The Top Regular Savers Discussion Thread

fabsaver

https://forums.moneysavingexpert.com/discussion/comment/82057634#Comment_82057634

I wouldn't be so keen to accept their decision. Yes they have the right to delay payments and make the checks they feel are necessary to prevent fraud. However in your case they stated they were "certain this is a scam".

This was clearly the wrong conclusion and you could argue that they failed to do the most basic of checks before arriving at this conclusion. Their poorly trained fraud team demonstrated a lack of understanding of how savings accounts work.

It's not hard to verify that it is a genuine building society, authorised and regulated by the FCA.

The sort code and account number you were using appears in several places in the FAQ on the Buckinghamshire website. https://www.bucksbs.co.uk/faqs/

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/82058157#Comment_82058157

You can't undo it, but you can avoid making it a repeated and persistent breaching of the terms. It would be unreasonable to punish after one mistake, but arguably not if it becomes a pattern (although some/all Loughborough and Furness accounts will downgrade an account for a single missed payment.)

With that said, while you would have to accept them downgrading the account if that is what they do - it's not like you can force them to reinstate it - it would be your perogative to file a complaint about that fact on the basis that choosing only to enforce the terms after a prolonged period is unreasonable. Or to reopen the account if still available and follow the terms to the letter, since you wouldn't have a Regular Saver at that point (though there is a small chance Santander could block you from opening further accounts or decide that they will no longer offer you banking services.)

Hattie627

Still looking for anyone who has actually suffered the downgrading of a Santander RS as a result of (accidental or deliberate) mis-timed funding (whether a one-off or repeated over a part/the whole of the life of the account)? Did you get forewarning of the downgrade? Did you appeal and what was the outcome of the appeal? Were you able to open a new Santander RS after the downgrade or were you barred for a period/indefinitely?

janusd

does anyone know if deposits to Dudley BS on a Saturday should appear same day or will it be Monday before it appears ?

I made a deposit to their Loyalty RS this morning - still not matching CoP, but unusually for me, I went ahead anyway (£50 to test)… sadly, Dudley's site has been flaky today and i'm often getting 504 Timeouts when asking for the OTP to be sent… just managed to login, but still not showing.

ironically, their letter arrived in the post this afternoon - it says the payee name is my Initial plus Surname, though I used the normal First / Surname when depositing - all other details are correct.

also, the letter states that the minimum opening deposit is both £50 and £500 - not very helpful!

Kim_13

Dudley Suspect it was a typo saying the minimum was both £50 (standard Dudley opening amount as it was that for the Festive RS too) and £500. £500 was the maximum for the previous issue of the Loyalty Regular Saver. Teachers were an anomaly in that the opening minimum was a full monthly deposit.

Santander I do wonder if they might be more likely to choose to enforce their terms for an 8% account than a 5% one, especially if rates start dropping. Then they don't have to give 30 days notice or whatever it is.

intalex

https://forums.moneysavingexpert.com/discussion/comment/82058467#Comment_82058467

Indeed, I am only violating it the 1 time in the first "month" per their definition, with 2 payments in that month, but otherwise I am sticking to only 1 payment per "month" per their definition 😉

allegro120

https://forums.moneysavingexpert.com/discussion/comment/82058190#Comment_82058190

"With the Santander 8% rate, I plan to abide by the terms and conditions and keep things simple. I'll stick to the monthly anniversary date and fund the account via my Santander Current Account, continuing this until the annual milestone. I doubt they will reduce the rate to an unacceptable level in the first 12 months, anyway. I’m happy with what the account offers and don't feel like crossing the line for a small gain with the potential to end up on a blacklist.

Good luck to those who snuck in an extra payment. There were reports on here a while ago confirming that going over the limit happened without any repercussions, so there's a chance you'll get away with it.

allegro120

https://forums.moneysavingexpert.com/discussion/comment/82058492#Comment_82058492

Dudley

I don't know about weekends, but I've sent mine yesterday (Friday) morning and it was showing later in the day. I couldn't get CoP working for two days, so I ignored it and sent £500. My letter arrived next day after I emailed my application, so they have processed it on the same day.

pecunianonolet

A simpe risk benefit analysis tells me that just because you may get away with it doesn't justify doing it. I am not that desperate for a little extra given the risk. Have a pint less at your next pub visit, good for your pocket and your health 😋

thefrank

https://forums.moneysavingexpert.com/discussion/comment/82058632#Comment_82058632

Lovely to read something clever every now and then