The Top Regular Savers Discussion Thread

ForumUser7

ESBS

If there was no punishment stated when we applied, they couldn't start applying one without notice. Am I the only one wondering why we are trying to get a punishment for missed deposits codified?

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/82103364#Comment_82103364

I haven't contacted them and have no intention of doing so, I am simply curious as to the outcome given that others have brought inconsistent/incomplete/incorrect information to their attention. Wanting certainty as to what would happen is a perfectly reasonable approach and less stressful than unknowingly ending up in the situation where you then needed to argue the point with them.

dcs34

Hanley Economic BS - Smarter Future Saver

5.5% var - £100 / m max - max two penalty-free withdrawals per tax year (any additional withdrawals will be subject to 30 days’ loss of interest on the amount withdrawn) - branch opening only - operated by passbook (online visibility TBC)

https://www.thehanley.co.uk/savings/products/smarter-future-saver-ctar01

Hadn't seen this posted before and noted - although the product description makes it clear this is aimed at parents opening for their children, there doesn't seem to by any restrictions on anyone else doing so?

avocado1988

Hanley Economic BS - Smarter Future Saver

I am meant to be going there tomorrow to open their main regular saver! Any thoughts on if I can open this up too if I’m not a parent (I don’t feel right about doing it - but then again lots of non-teachers opened up the teacher regular saver!). So any thoughts about non-parents opening this up?

dcs34

https://forums.moneysavingexpert.com/discussion/comment/82103464#Comment_82103464

I can't see anything on the product page saying you definitely can't have one as an adult. The 'how do I manage' section seems to assume a parent opening for a child but doesn't seem to say that is a mandatory requirement. The 'smarter future' naming implies a child account. But then the page says minimum age is 17, so this could mean it is:

• only for 17 year olds to hold (but must be opened by an adult > 18 yo),
• only for adults over 17 to open for their child (of any age), or
• open to anyone aged 17 and over and for anyone below 17 (provided it is opened and operated by an adult)

Maybe you can ask them in the branch if there are any age restrictions on this account?

Enzo_L

https://forums.moneysavingexpert.com/discussion/comment/82103464#Comment_82103464

My thoughts are that it would be a silly and dishonest thing to do.

Well you did ask. 😇

dcs34

https://forums.moneysavingexpert.com/discussion/comment/82103476#Comment_82103476

How is it dishonest to ask if one can open the account in one's own name? One isn't pretending to have a child or work in a different profession to open the account.

Assuming no fictional child is invented in the process, it's simply a question of clarifying whether Hanley want to strictly enforce the account to children (in which case, they would benefit from making this far clearer on the product page), or if they are offering it to the general market whilst marketing/targeting it at younger savers, again confirming this specifically.

masonic

https://forums.moneysavingexpert.com/discussion/comment/82103481#Comment_82103481

Enzo_L wasn't saying it is dishonest to ask, rather it is dishonest to do.

"This account is intended solely for the child’s benefit, and all funds deposited legally belong to the child. The trustee is responsible for managing the account in the child’s best interests and withdrawals must be made for the benefit of the child."

As we should all know by now, this line of discussion is prohibited by forum rules.

nottsphil

https://forums.moneysavingexpert.com/discussion/comment/82103310#Comment_82103310

Skipton is the only one that allows in excess of the monthly limit AFAIK and even then, only to make up past shortfalls.In fact you can leave it unfunded for 11 months then put the whole £2400 in then! I'm not sure if they also allow redeposits of withdrawals though. It might be prudent for somebody to open one now if they're expecting a lump sum in a few months time.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82103530#Comment_82103530

Actually, you can do something similar with First Direct (i.e. under-fund it and make up the shortfall in later months), but it's a bit trickier because you have to change the standing order.

Also, buried deep in Nationwide's T&Cs:

"You can take money out of your account and pay it back in without affecting your monthly limit, as long as you do this in the same Calendar Month. If you pay the money back in during a later Calendar Month, it will count towards your limit for that Calendar Month."

and

"You can’t increase the amount of money in your account (the balance) by more than £200 at any time during a Calendar Month. For example, if your balance is £400 at the beginning of a Calendar Month, you can’t increase it to more than £600 during that Calendar Month."

So not as flexible as Skipton, but you can withdraw and replace within the same month (note the limit on withdrawals - 4 or more and the interest rate drops).