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The Top Regular Savers Discussion Thread
Comments
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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.
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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.
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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.
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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).
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Hanley Economic BS - Smarter Future Saver (CTAR01)
Account Opening: Branch Only
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Hanley Smarter Future
I don’t know about this account specifically, but I have opened many children’s accounts in the past. They all required child’s ID. Even with mainstream banks (Santander, Halifax etc.) where you can normally open savings accounts online, these accounts were branch only because they want to see child’s ID. I don’t think you will be able to open children’s account for a child that doesn’t exist.
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There were two versions of the Teachers B.Soc regular saver. One with better rates for teachers only. The other with slightly lower rates was freely open to anyone to apply for: there was no need to have any connection with the teaching profesison to have this account:
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All seems like a lot of hassle for a small gain over 12 months period, about 6 quid versus a widely available instant access account. Some might think it worth the effort I guess...
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Ecology App - Not been able to get in since yesterday (iOS), just hangs after user/password. Website seems ok. Anyone else?
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Just tried on android. At first it came up with a message, something is wrong, contact us. I tried again and managed to get in, but it seemed to be stuck on pin for quite a time.
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