Regular Savings Accounts: The Best Currently Available List!
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Wheres_My_Cashback wrote: »I think we know you it can be today or any other day you choose to open the account, but not whether you can change once set up
The answer is no, you cannot change it once it has been setup, according to the agent I spoke to this morning.0 -
The answer is no, you cannot change it once it has been setup, according to the agent I spoke to this morning.
The answer is YES. You can change the standing order date but you can't amend the date of an existing standing order. As with the HSBC regular saver, you can delete a standing order and setup a new one later.
The terms and conditions state:
You can stop a standing order that has been set up to your M&S Monthly Saver account and set up a new standing order at a later date.0 -
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Well there you are. As I said earlier, agents are not always reliable with their information.The answer is YES. You can change the standing order date but you can't amend the date of an existing standing order. As with the HSBC regular saver, you can delete a standing order and setup a new one later.
The terms and conditions state:
You can stop a standing order that has been set up to your M&S Monthly Saver account and set up a new standing order at a later date.0 -
Unfortunately, Marks & Spencer define a month as a statement month, not a calendar month. Therefore, although you can cancel a standing order from the current account to the monthly saver and restart later, the date of the next payment must not be within one month of the previous payment.
For example, the regular saver in my case was opened on the 20th January, with the first payment being by direct transfer from the current account. The second payment will be on 20th February by standing order. I could then stop the standing order and set up a new one, but if it were to be the 1st March, it would break the T&Cs, as that payment would be within the same month (i.e. statement month) as the previous payment on 20th February.0 -
lightbulb2760 wrote: »Unfortunately, Marks & Spencer define a month as a statement month, not a calendar month. Therefore, although you can cancel a standing order from the current account to the monthly saver and restart later, the date of the next payment must not be within one month of the previous payment.
For example, the regular saver in my case was opened on the 20th January, with the first payment being by direct transfer from the current account. The second payment will be on 20th February by standing order. I could then stop the standing order and set up a new one, but if it were to be the 1st March, it would break the T&Cs, as that payment would be within the same month (i.e. statement month) as the previous payment on 20th February.
A month is defined as a statement month maybe but a calendar month is what it is - a calendar month.
The terms and conditions of the regular saver say a standing order can be deleted and a new one set up at any stage during the term, as long as only one standing order payment is made in any one calendar month. The first standing order payment must be made at least one calendar month from account opening. So if the account was opened on 31st January, the first standing order payment can be on 1st February as that is in the next calendar month.
Statement month is for the current account not the regular saver.0 -
So if the account was opened on 31st January, the first standing order payment can be on 1st February as that is in the next calendar month.
Statement month is for the current account not the regular saver.
But that isn't what's defined as a calendar month which is ' The period of duration from the same date of one month to the same date of the next month'
I wish these things weren't so bloody ambiguous !0 -
Wheres_My_Cashback wrote: »But that isn't what's defined as a calendar month which is ' The period of duration from the same date of one month to the same date of the next month'
I wish these things weren't so bloody ambiguous !
That's a month.
A calendar month is defined to be each of the 12 named months of the year.0 -
I reckon Specialsaver knew just how complicated and misunderstood the term 'month' is and hence why she created the thread title as a 'Regular' saver rather than get into the 'Monthly' saver minefield.
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I see the Leeds regular saver issue 2 withdrawal has been picked up by the Mail.
http://www.thisismoney.co.uk/money/saving/article-2928030/Leeds-BS-chops-3-05-rate-regular-savings-account-just-0-85-blocks-customers-moving-better-deal.html
"Leeds Building Society has written to thousands of customers to tell them the rate on its regular savings account is crashing by 2.2 percentage points.
Those who have either Regular Saver Issue 1 or 2 will see their rate plummet from a meaty 3.05 per cent to 0.85 per cent, with money being automatically transferred into its Flexible Tracker account from March.
Leeds have an Issue 3 available which still pays 3.05 per cent. However, Britain's fifth biggest building society will not allow those with Issue 1 and 2 accounts to transfer into this as the maximum starting investment is £250......
Peter Hill, Leeds BS chief executive, saw his bonus rise five per cent in 2013 to reach £610,000, according to figures last year.
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