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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,118Posts
    • 4,088Thanks
    Special_Saver2
    Regular Savings Accounts: The Best Currently Available List!
    • #1
    • 27th Nov 07, 10:33 PM
    Regular Savings Accounts: The Best Currently Available List! 27th Nov 07 at 10:33 PM
    **THIS THREAD HAS NOW BEEN MOVED TO HERE!!**
    http://forums.moneysavingexpert.com/showthread.php?t=5776240

    I welcome you to join our discussion there.

    SS2
    Last edited by Westie983; 25-02-2018 at 11:44 AM.
Page 322
    • Wheres My Cashback
    • By Wheres My Cashback 12th Oct 17, 8:48 AM
    • 3,013 Posts
    • 37,422 Thanks
    Wheres My Cashback
    When does interest get added? The original info said annual interest got credited on 11 March, and sure enough interest was credited on 11/03/17. Will closing interest be added on maturity? Or do we have to wait until 10/03/18 when it will be added to the maturity account, unless it is closed before then. Original info lacked detail.
    Originally posted by Hattie625
    In addition to the details I posted before, Virgin have responded...

    I can confirm all interest accrued will be added upon transfer to the new account on 20 October 2017.
    • Mee
    • By Mee 12th Oct 17, 9:30 AM
    • 1,104 Posts
    • 1,044 Thanks
    Mee

    Personally I'm favouring Tesco as it is truly instant access - ideal for feeding those greedy RS accounts - whereas Ford has a 24 hour delay, so requires a bit more planning.
    Originally posted by EachPenny
    Each to their own! I find with Tesco [Internet Saver], which I favour in many ways, there is a delay when setting up a new payee for payment which then doesn't allow me to make a same day payment.
    Last edited by Mee; 12-10-2017 at 5:41 PM. Reason: For clarification...
    • EachPenny
    • By EachPenny 12th Oct 17, 11:50 AM
    • 5,803 Posts
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    EachPenny
    Each to their own! I find with Tesco which I favour in many ways there is delay when setting up a new payee for payment which doesn't allow me to make a same day payment.
    Originally posted by Mee
    Do you mean delays in setting up payees from one of the Tesco savings accounts, or from their current account?

    For me transfers from the savings to either of my current accounts is instant, and I then FP from the Tesco current account to my 'hub' current account from where it then goes out to the RS accounts. Granted, it is an extra step in the process but it all happens 'instantly'.

    I've never had a delay in setting up a new payee from the Tesco current account either, so not sure what is going wrong for you. If you don't have a Tesco current account I guess the next question is why not?

    But the Ford money instant access is still useful because it allows instant transfers into the RS account. So I always keep at least 250 in there ready for the next month's payment.
    "In the future, everyone will be rich for 15 minutes"
    • Mee
    • By Mee 12th Oct 17, 12:27 PM
    • 1,104 Posts
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    Mee
    A little didactic, methinks!
    I do have a T c/a. My experience of setting-up new regular payments to external accounts from my T Internet Savers (my preferred option) doesn't allow me to send an instant payment.

    I'm aware that we all use our accounts in different ways (horses for courses)
    I prefer to have little traffic between my T c/a and external accounts, and use the T ISs for dds and fps. My FM accounts are currently used for nesting though I ocassionally move funds between accounts.
    Last edited by Mee; 12-10-2017 at 12:29 PM.
    • EachPenny
    • By EachPenny 12th Oct 17, 3:03 PM
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    EachPenny
    A little didactic, methinks!
    I do have a T c/a. My experience of setting-up new regular payments to external accounts from my T Internet Savers (my preferred option) doesn't allow me to send an instant payment.

    I'm aware that we all use our accounts in different ways (horses for courses)
    I prefer to have little traffic between my T c/a and external accounts, and use the T ISs for dds and fps. My FM accounts are currently used for nesting though I ocassionally move funds between accounts.
    Originally posted by Mee
    I'm not sure I get your previous point then. The Ford Money account always delays a manual external payment until next day (or later), there is apparently no way of getting round that. The Tesco IS account can be used to achieve genuine instant access. Fair enough "Each to their own" and "horses for courses", but it is slightly unfair to offer criticism of an account because of the way you choose to operate it.

    Apologies if my previous post caused some offence and you felt it didactic. But this forum is about helping people solve problems and finding better ways of doing things, so it feels natural to offer advice to someone complaining that their experience of an account is not what others experience.

    All of us operating multiple regular savers and 'holding' accounts are looking for ways to find better (and faster) options, sharing our experiences and tips is all part of that
    "In the future, everyone will be rich for 15 minutes"
    • Malchester
    • By Malchester 12th Oct 17, 3:57 PM
    • 104 Posts
    • 56 Thanks
    Malchester
    I find Tesco IS a true instant access account, never had a problem transferring money to another Tesco account, or to an account outside Tesco immediately. My only gripe with the account is that when they increase the interest rate they bring out a new account rather than increasing the rate for existing customers. I have complained and get the impression that others have done too. They will not even let existing customers know that there is an increase in the interest rate available if I open a new account. Have opened 5 new accounts this year alone and closed previous ones because of this but you have to keep your eyes open on their website.
    • Speculator
    • By Speculator 12th Oct 17, 4:11 PM
    • 1,778 Posts
    • 1,386 Thanks
    Speculator
    I am not quite sure if you area talking about FPI or FPO. If it is an FPI to Ford money, there is, Try this

    Transfer it about 00:30 (it might be working anytime after 00:00 but have not tried it so can not say).

    After 12:00 midday the same day (might be later) you will notice the money is already on your account for eSaver.

    I have not tried it with FPO from ford money, but it should be working in the same way with FPI, someone needs to try it.

    I have been doing this for several months to feed my ISA RSA with ford money.I am not doing this for the sake of a few pennies but it normally fits to time where I normally go to bed so to me there is not any extra work at all. But you might want to reconsider the benefit of this if you are going to bed earlier.
    Originally posted by adindas
    See post #6422
    • adindas
    • By adindas 12th Oct 17, 4:13 PM
    • 3,563 Posts
    • 2,212 Thanks
    adindas
    I find Tesco IS a true instant access account, never had a problem transferring money to another Tesco account, or to an account outside Tesco immediately. My only gripe with the account is that when they increase the interest rate they bring out a new account rather than increasing the rate for existing customers. I have complained and get the impression that others have done too. They will not even let existing customers know that there is an increase in the interest rate available if I open a new account. Have opened 5 new accounts this year alone and closed previous ones because of this but you have to keep your eyes open on their website.
    Originally posted by Malchester
    And it is only for one year.

    I already have six of them including Instant Access saver. How easy it is to close account ? What process involved could we do it online ??
    • ColdIron
    • By ColdIron 12th Oct 17, 4:19 PM
    • 4,342 Posts
    • 5,523 Thanks
    ColdIron
    And it is only for one year.

    I already have six of them including Instant Access saver. How easy it is to close account ? What process involved could we do it online ??
    Originally posted by adindas
    Easy peasy, give them a ring, takes about 3 minutes. I'm pretty sure you can't do it online
    • EachPenny
    • By EachPenny 12th Oct 17, 5:05 PM
    • 5,803 Posts
    • 15,377 Thanks
    EachPenny
    I went and had a look and one of my two Tescos is paying just 0.25% instead of 1.2% so this is a job I need to do tomorrow - get it closed and then re open a new one

    The most annoying bit is having to re do the direct debits - I've made a note of the account numbers etc
    Originally posted by mhoc
    As far as I can tell there is no reason to close the existing accounts, Tesco allow you to open new ones and keep the existing running.

    So rather than disturbing existing DD arrangements I opened a new account to receive my holding money and scrape the funds from the old ones into the new on a regular basis.

    When the rate on the new one drops after 12 months I'll repeat the process. Because I am keeping it a relatively 'clean' account (only one DD in) it will be less hassle to close it down.
    "In the future, everyone will be rich for 15 minutes"
    • ColdIron
    • By ColdIron 12th Oct 17, 5:06 PM
    • 4,342 Posts
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    ColdIron
    The most annoying bit is having to re do the direct debits - I've made a note of the account numbers etc
    Originally posted by mhoc
    I've had 8 Internet Savers but I've kept the first 2 open for Direct Debits so I never have to set anything back up, obviously I don't keep much cash in these. As a new one becomes available I close the oldest one (apart from 1 and 2) and stick the interest in the new account. I usually keep the newest and the previous one to avoid any problems with the 48 hour period where you can't make payments and don't transfer all the cash until I can. One thing I do like about Tesco is that your list of payees are shared across all accounts so you don't have to re-do these for new accounts
    • ColdIron
    • By ColdIron 12th Oct 17, 5:11 PM
    • 4,342 Posts
    • 5,523 Thanks
    ColdIron
    As far as I can tell there is no reason to close the existing accounts, Tesco allow you to open new ones and keep the existing running.
    Originally posted by EachPenny
    There's a limit of 6 which isn't hard to hit if, like me, you open them at the drop of a hat to chase their best rates
    • EachPenny
    • By EachPenny 12th Oct 17, 5:19 PM
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    EachPenny
    I'm not sure why your posts are aimed at me as I wasn't aware I had 'criticised' an account. I think I made it clear it is how I choose to use accounts and I do not think I was 'complaining' about my experience per se.

    ...another universe, another planet...
    Originally posted by Mee
    Post #6433, before you made it clear what you were doing.

    But lets not argue about it, it isn't really the place.
    "In the future, everyone will be rich for 15 minutes"
    • Malchester
    • By Malchester 13th Oct 17, 7:40 AM
    • 104 Posts
    • 56 Thanks
    Malchester
    adindas - it is easy to close an account but you have to ring up to do it, it cannot be done online. They will add any interest owed and transfer it to the new account instantly. In my contact with Tesco I said that it would be better to be able to close an account online and they said they would look into it. However, having to ring to close an account means they can try to persuade you to change your mind especially if you are leaving Tesco altogether
    • Malchester
    • By Malchester 13th Oct 17, 7:42 AM
    • 104 Posts
    • 56 Thanks
    Malchester
    And it is only for one year
    You are right adindas, it is only for 1 year but if you keep upgrading the account the 1 year starts again. I took my first account out in Jan 17 but by moving each time they bring out a higher rate the 1 year starts again so I am now OK up to Oct 18
    • EachPenny
    • By EachPenny 13th Oct 17, 2:37 PM
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    EachPenny
    Yes, ditto #6417. Agree to disagree, and I'll try not to give a view which is counter to your's in future.

    My posts seems to have caused offence which was not my intention. Apologies to whoever felt they needed to report me.
    Originally posted by Mee
    I wasn't going to respond to your post yesterday because I felt it wouldn't add value. But in light of your edit and apology I would just like to say that it wasn't me who reported you, and no apology was required. As much as I found some of your side comments like "...another universe, another planet..." unhelpful, I wasn't offended to the point of reporting it.

    You should also have no concerns about expressing views counter to mine. Things we say on here are usually a matter of opinion or preference, unless it relates to technical details of accounts. We are all entitled to our views, so long as they are accurate or appropriately qualified.

    I said in post #6417 that personally I favour the Tesco account because "it is truly instant access". That is an opinion, which I feel is relevant where the account is used as a feeder to Regular Savers.

    For example, if Virgin launched a new RS this afternoon it could be opened and funded from a Tesco IS account within minutes. If the same money was in Ford Money account, since the 2pm deadline has now passed the funds wouldn't be available to transfer into the new Virgin RS until some time on Tuesday, possibly not until close of business. To me that is far from being 'instant' access. Even though the interest loss is marginal.


    So I would stand by my opinion that personally I favour the Tesco account because "it is truly instant access" - and the slightly higher interest rate is also currently a factor.

    But that, and also nothing I've said, was intended to be a criticism of they way you prefer to do things or your personal choices. All I sought to do was to clarify why your experience of the Tesco IS account was that you couldn't do same day payments, and offer advice if appropriate.


    I hope that has cleared things up and we can go back to looking out for the best regular saver accounts
    "In the future, everyone will be rich for 15 minutes"
    • Archi Bald
    • By Archi Bald 13th Oct 17, 5:39 PM
    • 9,368 Posts
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    Archi Bald
    There's a limit of 6 which isn't hard to hit if, like me, you open them at the drop of a hat to chase their best rates
    Originally posted by ColdIron
    Blimey, I better do some housekeeping and close some of the older ones if that is true. I have 5 right now, might need some new ones if their rates improve again.

    Are you 100% certain 6 is the limit?
    • Archi Bald
    • By Archi Bald 13th Oct 17, 5:43 PM
    • 9,368 Posts
    • 7,425 Thanks
    Archi Bald
    I find Tesco IS a true instant access account, never had a problem transferring money to another Tesco account, or to an account outside Tesco immediately.
    Originally posted by Malchester
    I agree in principle - although I have never-ending trouble with the Tesco app. Transfers out to non-Tesco accounts sometimes work, sometimes they don't. I have particular issues with Barclays Bank and Nationwide.

    Tesco have not been able to fix that bug for months. There is a reliable bypass though: transfers from online banking always work like clockwork, including to the accounts the app cannot send any money to.
    • ColdIron
    • By ColdIron 13th Oct 17, 5:48 PM
    • 4,342 Posts
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    ColdIron
    Are you 100% certain 6 is the limit?
    Originally posted by Archi Bald
    As certain as I can be. I've asked the question when closing the last 3 accounts and that was the unprompted response each time
    • glider3560
    • By glider3560 13th Oct 17, 5:50 PM
    • 3,613 Posts
    • 2,294 Thanks
    glider3560
    Any chance that the discussion here could be more focussed on regular savers?

    I keep getting excited about a new market beating product when I see the number of replies, only to be disappointed.

    I'm sure the discussion of Tesco accounts is worthy of it's own thread

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