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  • FIRST POST
    • baby_boomer
    • By baby_boomer 30th Mar 08, 12:17 PM
    • 3,771Posts
    • 5,383Thanks
    baby_boomer
    Reg Saver S/O question
    • #1
    • 30th Mar 08, 12:17 PM
    Reg Saver S/O question 30th Mar 08 at 12:17 PM
    With several Reg Savers I have opened the account later in a calendar month and then switched the Standing Order payments to the first of the month in order to take maximum advantage of the high interest rates on offer.

    What happens to bonuses & qualification for the top interest rate if, as a result, you make 13 payments in the first year of the account even though you are only making one S/O payment per calendar month?

    Do any disqualify you and pay you a pittance for 13 "monthly" payments in the first year?

    I am particularly interested in

    Bath
    Halifax
    Ipswich
    Leek Utd
    Skipton
    West Brom
    Yorkshire BS (On YBS I need to know today.)

    Sorry if this is a repeat request.
    Last edited by baby_boomer; 30-03-2008 at 3:43 PM. Reason: Adding Skipton
Page 1
    • Sillychuckie
    • By Sillychuckie 30th Mar 08, 1:15 PM
    • 1,119 Posts
    • 267 Thanks
    Sillychuckie
    • #2
    • 30th Mar 08, 1:15 PM
    • #2
    • 30th Mar 08, 1:15 PM
    It depends on the account.
    Some will not mind (and will pay you a few days pittance) on the 13th payment before 'sweeping' the 3k elsewhere.
    If the account you have allows for money to build up above the 3k (e.g. YBS), then it is no problem at all.

    The one you have to worry about though is Halifax.
    If you pay a 13th payment, they then sweep it (into your nominated savings account), you are then at a 0 balance on the first month of the following years regular saver.
    You aren't allowed to deposit again that month (1 per month only), and you'll find the next years reg saver will only end up with a balance of 2,750 max (which hurts the income).
    You need to adjust the 13th payment date (make it later) so that it falls after they do the sweep. You can then put it back to the 1st again for the 14th payment and on....
    • bristolleedsfan
    • By bristolleedsfan 30th Mar 08, 1:26 PM
    • 7,462 Posts
    • 9,622 Thanks
    bristolleedsfan
    • #3
    • 30th Mar 08, 1:26 PM
    • #3
    • 30th Mar 08, 1:26 PM
    With several Reg Savers I have opened the account later in a calendar month and then switched the Standing Order payments to the first of the month in order to take maximum advantage of the high interest rates on offer.

    What happens to bonuses & qualification for the top interest rate if, as a result, you make 13 payments in the first year of the account even though you are only making one S/O payment per calendar month?

    Do any disqualify you and pay you a pittance for 13 "monthly" payments in the first year?

    I am particularly interested in

    Bath
    Halifax
    Ipswich
    Leek Utd
    West Brom
    Yorkshire BS (On YBS I need to know today.)

    Sorry if this is a repeat request.
    Originally posted by baby_boomer

    Reg Posters on here have asked a number of Building Societies over a period of time, all of whom have said fine to the "13th payments", the ones weve asked have tended to be "ongoing" regular savers which includes Yorkshire BS.

    Bath BS Regular Saver ( The issue that we have) is now only paying 6.4%.
    Last edited by bristolleedsfan; 30-03-2008 at 1:43 PM.
    Often what I dont say is more significant than what i do say ........
    • margaretclare
    • By margaretclare 30th Mar 08, 1:33 PM
    • 10,264 Posts
    • 17,055 Thanks
    margaretclare
    • #4
    • 30th Mar 08, 1:33 PM
    • #4
    • 30th Mar 08, 1:33 PM
    I don't know, but you could phone YBS and ask. 0845 1 200 100 is their main switchboard.

    Ooooooops, not today, Mon - Sat. Sorry - you said it had to be today (Sunday). Can't help then.
    r ic wisdom funde, r wear ic eald.
    Before I found wisdom, I became old.
    • Milarky
    • By Milarky 30th Mar 08, 2:01 PM
    • 6,256 Posts
    • 2,202 Thanks
    Milarky
    • #5
    • 30th Mar 08, 2:01 PM
    • #5
    • 30th Mar 08, 2:01 PM
    I agree with Sillychuckies's reply - the Halifax's 13th S/O payment needs to be adjusted to the date after the anniversary - it's a pain, but there you are. Because of this, an account opening date (which you can't change!) is actually better late in the month rather than earlier!

    But I wasn't previously aware of this:
    Set up a monthly standing order from your bank account - you can make other deposits too, as long as the total per month doesn’t exceed £250
    .....under construction....
    • baby_boomer
    • By baby_boomer 30th Mar 08, 3:56 PM
    • 3,771 Posts
    • 5,383 Thanks
    baby_boomer
    • #6
    • 30th Mar 08, 3:56 PM
    • #6
    • 30th Mar 08, 3:56 PM
    Thanks for all the replies, especially Sillychuckie.

    Of course you are right that there's little point (or worse) making a 13th payment on the accounts which end after 1 year due to the lost interest in transit, and sometimes in the first few days following deposit.

    Thanks for clearing up the situation at Yorkshire BS and alerting me to the Halifax trick, which hadn't occurred to me at all.
    • butterfly72
    • By butterfly72 30th Mar 08, 10:15 PM
    • 1,194 Posts
    • 1,129 Thanks
    butterfly72
    • #7
    • 30th Mar 08, 10:15 PM
    • #7
    • 30th Mar 08, 10:15 PM
    The one you have to worry about though is Halifax.
    If you pay a 13th payment, they then sweep it (into your nominated savings account), you are then at a 0 balance on the first month of the following years regular saver.
    You aren't allowed to deposit again that month (1 per month only), and you'll find the next years reg saver will only end up with a balance of 2,750 max (which hurts the income).
    You need to adjust the 13th payment date (make it later) so that it falls after they do the sweep. You can then put it back to the 1st again for the 14th payment and on....
    Originally posted by Sillychuckie

    Mines just matured and I didnt change the date. That means I'll end up with a balance of 2750 as stated. Ummm... what should I do now then?
    Saving towards my house deposit
    Spending on my passions - dressage & eventing
    Selling my unused stuff - 70.60 so far
    • Special_Saver2
    • By Special_Saver2 5th Apr 08, 5:43 PM
    • 1,088 Posts
    • 3,670 Thanks
    Special_Saver2
    • #8
    • 5th Apr 08, 5:43 PM
    • #8
    • 5th Apr 08, 5:43 PM
    To butterfly72, I am afraid there is nothing else you can do. Just wait until next month and keep paying 250 from next month, maximum 2,750 for the year.

    Actually, there is one thing you can do... you can close your current Halifax regular saver account and open a new one, then make the first deposit by the 28th of this month. Be careful though - I just did this and the account was not ready to accept a deposit on the day it was opened - it took 1 business day. See my updated entry in post 4 in this long-running thread of mine.

    I fell into the Halifax problem myself in the past. I tried to make 2 payments in the month of maturity but it did not work. I made a payment on 1st November, my account matured on 9th November (sweeping out 3,250 plus interest with it), I tried to make another 250 deposit but it got swept straight back into my current account (where the payment had come from).

    I stopped using my old Halifax regular saver last November and have recently opened a new one so that it will sweep the money out just in time for the new ISA year.

    This seems like quite a useful thread so I am going to put a link to it in the list at the beginning of my own regular savings thread.
    • butterfly72
    • By butterfly72 5th Apr 08, 5:54 PM
    • 1,194 Posts
    • 1,129 Thanks
    butterfly72
    • #9
    • 5th Apr 08, 5:54 PM
    • #9
    • 5th Apr 08, 5:54 PM
    Thanks Special Saver2,
    I think I might close it and open another. My current account is with the halifax so transfer times are quick and it shouldn't be too much bother to sort out (well, shouldn't be!). I'm sure my Leek Utd account is maturing soon.. i'll have to check that out!
    Saving towards my house deposit
    Spending on my passions - dressage & eventing
    Selling my unused stuff - 70.60 so far
  • LongTermLurker
    Abbey has a potentially painful catch
    This isn't to do with 13 payments, but the Abbey Fixed Rate Monthly Saver has a painful catch if you inadvertantly pay in more than 250 in a month:

    "Fixed Rate Monthly Saver (Issue 7) offers you a really high 7.25% gross p.a./AER fixed for 12 months as long as you pay in between 20 and 250 a month by standing order. If you pay in less than 20, miss a payment or make any withdrawals, the rate drops to 0.10% gross p.a./AER on the total savings balance for that month only. If you pay in more than 250 in a calendar month the rate drops to 0.10% gross p.a./AER on the total savings balance for the remainder of the term."

    Ouch!
    You've never seen me, but I've been here all along - watching and learning...
  • EalingSaver
    The one you have to worry about though is Halifax.
    If you pay a 13th payment, they then sweep it (into your nominated savings account), you are then at a 0 balance on the first month of the following years regular saver.
    You aren't allowed to deposit again that month (1 per month only),...
    Originally posted by Sillychuckie
    Thanks. Useful. I had something niggling at the back of my mind on this when I opened the account and set up s/o from external account. But had forgotten it. This assumes of course that they automatically open a following years one for you. Hadn't realised they did that either.

    By the way, this may be covered on another thread, but do we know whether Halifax is going to allow you to take out both their new reg saveer product and maintain the existing one?

    Oops, forget this second part...I've just noticed the whole subject is done to death on the appropriate thread....
    Last edited by EalingSaver; 08-06-2008 at 6:10 PM.
  • JohalaReewi
    The Skipton xmas saver is a good one for 13 payments. You can open one early November and it matures late November a year later so you have 13 months in which to make payments and the final payment on 1st November gets a good 3 weeks interest added. They are also set up to receive faster payments.
    • anna42hmr
    • By anna42hmr 16th Jan 09, 8:01 PM
    • 2,407 Posts
    • 970 Thanks
    anna42hmr
    so glad i found this thread as i have got 3 reg savers running at the moment, halifax, barclays and skipton xmas saver

    any one know what barclays are like for a 13th payment??
    MFW # 105

    2015 Target 7000/ Overpaid 8095
    2016 Target 6000 / Overpaid 6983.24
    2017 Target 3500 / 3367.86 so far as at November
  • Exceller8
    13th payment
    any one know what Barclays are like for a 13th payment??
    Looking @ Special_Saver2's regular saving thread you are only allowed 12 monthly deposits for Barclays RS acc.XLR8

    Matures After 12 Months

    Barclays Monthly Savings

    Interest rate: 5.84% gross p.a. / 6% gross AER fixed
    Monthly payment: 20-250
    Miss any payments: Yes, miss as many as you like, no penalties
    Penalty-free withdrawals: No, your savings get 2.99% gross p.a. for that month if any withdrawals
    How to open account: Online (only if you have a Barclays current account) or in branch
    Special conditions: After 12 months, the account will be changed to a savings account paying a lower rate of interest. Only 12 deposits can be made per year. Applicants must be 16 or over.
  • rb10
    Looking @ Special_Saver2's regular saving thread you are only allowed 12 monthly deposits for Barclays RS acc.XLR8

    Matures After 12 Months

    Barclays Monthly Savings

    Interest rate: 5.84% gross p.a. / 6% gross AER fixed
    Monthly payment: 20-250
    Miss any payments: Yes, miss as many as you like, no penalties
    Penalty-free withdrawals: No, your savings get 2.99% gross p.a. for that month if any withdrawals
    How to open account: Online (only if you have a Barclays current account) or in branch
    Special conditions: After 12 months, the account will be changed to a savings account paying a lower rate of interest. Only 12 deposits can be made per year. Applicants must be 16 or over.
    Originally posted by Exceller8
    Not necessarily. Halifax advertise as only allowing 12 monthly deposits, but in reality will allow a 13th.
    • Lady_K
    • By Lady_K 27th Sep 09, 11:24 AM
    • 4,405 Posts
    • 855 Thanks
    Lady_K
    Can anyone advise me on getting 13 payments into halifax reg saver in these circumstances please?

    Present reg saver 250 a month matured on 4th Sept next due payment is set at 1st October but I'm going to increase it to 500 a month

    As it matured and was swooped into my nominated account on 4th Sept could I sneak a 500 in now 27th or tomorrow 28th and then get another one in on 1st? October to get 1000 in quickly?
    Thanx

    Lady_K
    • noh
    • By noh 27th Sep 09, 11:29 AM
    • 5,134 Posts
    • 3,452 Thanks
    noh
    If there has not already been a payment into your regular saver in the month of September you can do what you propose.
    • Lady_K
    • By Lady_K 27th Sep 09, 11:39 AM
    • 4,405 Posts
    • 855 Thanks
    Lady_K
    If there has not already been a payment into your regular saver in the month of September you can do what you propose.
    Originally posted by noh
    I just checked and there was a payment into the account on 1st sept, is there no way I can get 13 payments in?
    Thanx

    Lady_K
    • anna42hmr
    • By anna42hmr 27th Sep 09, 12:17 PM
    • 2,407 Posts
    • 970 Thanks
    anna42hmr
    I just checked and there was a payment into the account on 1st sept, is there no way I can get 13 payments in?
    Originally posted by Lady_K
    if the account was swept on 4th september, you would now be into the new 12 month account so cant see why you cant make a payment in september as it would be the first payment into the new 12 month period. (as the old account has matured so effectivly starting a new account)

    My halifax one is due to mature on 18th december, so my last payment into that account is due to go in on 1st december, but once the account has been swept on 19th december, i intend to fund the new 12 month term in december on 20/21st december
    Last edited by anna42hmr; 27-09-2009 at 12:23 PM.
    MFW # 105

    2015 Target 7000/ Overpaid 8095
    2016 Target 6000 / Overpaid 6983.24
    2017 Target 3500 / 3367.86 so far as at November
    • Lady_K
    • By Lady_K 27th Sep 09, 12:25 PM
    • 4,405 Posts
    • 855 Thanks
    Lady_K
    if the account was swept on 4th september, you would now be into the new 12 month account so cant see why you cant make a payment in september as it would be the first payment into the new 12 month period.

    My halifax one is due to mature on 18th december, so my last payment into that account is due to go in on 1st december, but once the account has been swept on 19th december, i intend to fund the new 12 month term in december on 19th/20th december
    Originally posted by anna42hmr
    Thats what I was wondering but I don't want them to penalize me for it in any way... I know they refused a payment by sending it back to my account last year and I cant remember exactly how it happened I'm not sure if I tried it last year and it failed

    Has anyone done this sucessfully?
    Thanx

    Lady_K
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