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    • Dewpoint
    • By Dewpoint 14th Oct 16, 6:55 AM
    • 80 Posts
    • 20 Thanks
    Dewpoint
    Day 4: my FD Regular savings account was finally opened, but only after they were prompted to do it.
    Day 5: the regular savings account still not showing in the online system.

    When I opened a similar regular savings account with Nationwide, all this was done and dusted within 24hrs, and the deposit was earning interest from day1!

    I have no particular affiliation or loyalty to Nationwide, but I do know when I'm getting good and shoddy service. BTW - NW pays the same 5% for regular savings, so FD is not the "market leader".
    The fact remains, banks answer to shareholders while building societies are accountable to their members!
    Last edited by Dewpoint; 14-10-2016 at 7:00 AM.
    • EarthBoy
    • By EarthBoy 14th Oct 16, 8:09 AM
    • 1,608 Posts
    • 939 Thanks
    EarthBoy
    Day 5: the regular savings account still not showing in the online system.
    Originally posted by Dewpoint
    It does take a couple of days before it shows in online banking. Mine was showing on the FD app for two days before it was visible online.
    • Dewpoint
    • By Dewpoint 14th Oct 16, 8:56 AM
    • 80 Posts
    • 20 Thanks
    Dewpoint
    It has taken 5 days so far and my new account is still not visible online. I think we (and MSE) should stop making excuses for shoddy service. Their customer service, and online system from my experience is sub-standard.
    • Dewpoint
    • By Dewpoint 16th Oct 16, 5:38 PM
    • 80 Posts
    • 20 Thanks
    Dewpoint
    Day 7: Still no visibility of my Regular Saver on FD website even though they promised it would be visible "with 48 hrs" on the 13th Oct.
    A similar Regular Savings account opened last month with Nationwide was done and dusted in 24 hrs.
    So, I'm beginning to take MSE recommendations on "Customer Feedback" surveys with a rather large pinch of salt!
    • elcloud
    • By elcloud 20th Oct 16, 6:34 PM
    • 1 Posts
    • 1 Thanks
    elcloud
    Just noticed this on the Leeds BS website :-

    Maximum operating balance £6,000 (excluding accrued interest). If the balance exceeds £6,000 (excluding accrued interest) the interest rate that shall apply to the whole balance will be 0.50% Gross‡p.a/AER† (variable).

    Presumably that means after 2 years of paying in £250 per month, you would have to use your one annual withdrawal to remove £3000 every year!

    Also the MSE page says it can be opened AND operated online. The Leeds page says it can only be operated in branch or by post.
    • mhg
    • By mhg 8th Feb 17, 10:22 AM
    • 8 Posts
    • 6 Thanks
    mhg
    Maximise yield on Regular Savings
    Can't think I am the first to spot this:

    If you put £250/mth into a 1 year 4% RS you may asssume you earn just 2% effectively over the year on the final balance amount (i.e. 4% on an average balance of £1,500).

    You will however earn closer to 2.17% effectively over the year on your final balance of £3,000. Interest accrues on the daily balance (tho' not compounded) so the fact payments are made at the start of a month (from when the account opened) means the average daily balance over the year is more like £1,625 than £1,500.

    Many RS accounts allow monthly payments in during each calendar month or some have an artfiicial cut-off for a month end/start (eg. Lloyds is something like 25th of each month). If you are drip feeding your account and open it near the end of a 'month', you could pay your second payment in as soon as the new 'month' starts and keep to that day in each subsequent month. E.g. open a monthly saver on 31 Dec with £250 and then add £250/month on 1 Jan thru 1 November and your average monthly balance from 31 Dec to 30 Dec the following year gets close to £1,854 and the effective interest rate on the £3,000 final balance becomes 2.47%.

    This is not a mistaken assumption about 'compounding', which is not applicable to a 1 year account. It is just that you have taken your money away from whatever else it was doing and held, in effect, an extra £250 in this account throughout the year earning 4% on that extra bit.

    Don't tell anyone else about this otherwise the banks will change the rules.
    Last edited by mhg; 08-02-2017 at 10:24 AM. Reason: typo
    • mhoc
    • By mhoc 8th Feb 17, 10:36 AM
    • 14,860 Posts
    • 178,077 Thanks
    mhoc
    Just noticed this on the Leeds BS website :-

    Maximum operating balance £6,000 (excluding accrued interest). If the balance exceeds £6,000 (excluding accrued interest) the interest rate that shall apply to the whole balance will be 0.50% Gross‡p.a/AER† (variable).

    Presumably that means after 2 years of paying in £250 per month, you would have to use your one annual withdrawal to remove £3000 every year!

    Also the MSE page says it can be opened AND operated online. The Leeds page says it can only be operated in branch or by post.
    Originally posted by elcloud
    I had a Leeds BS issue 3 regular saver opened about April 2016. I've been told I can keep it open until the end of October and then I have to close it. In the meantime its earning 2.30% which is better than nothing. It was opened online, just needed to send off the cheque. It is no longer accepting any money in.
    Last month I opened a Leeds BS issue 4 regular saver which again I didn't online and I just sent a cheque.
    The £6000 limit is slightly worrying but is it likely that this account will still be functioning in 2 years time?
    “Create all the happiness you are able to create; remove all the misery you are able to remove. Every day will allow you, --will invite you to add something to the pleasure of others, --or to diminish something of their pains.”
    • mary
    • By mary 8th Feb 17, 10:37 AM
    • 1,545 Posts
    • 440 Thanks
    mary
    No, some of us "oldies" have been aware of this for a long time. Open at the end of the month and then put in a second payment a couple of days later in the subsequent month.
    • Stompa
    • By Stompa 8th Feb 17, 11:42 AM
    • 7,494 Posts
    • 3,618 Thanks
    Stompa
    I've just had a call from Santander reminding me that my Regular eSaver will mature in a month or so. Does anybody know if you can open a new Regular eSaver (Issue 3) before the old one has matured?

    Thanks
    Stompa
    • schiff
    • By schiff 8th Feb 17, 12:47 PM
    • 17,208 Posts
    • 8,504 Thanks
    schiff
    You can't have two as an individual. I think many of us have tried that! I did a couple of weeks ago.

    It's a pity you missed the opportunity to ask when they phoned.
    • Vortigern
    • By Vortigern 8th Feb 17, 1:51 PM
    • 2,126 Posts
    • 1,357 Thanks
    Vortigern
    Last month I opened a Leeds BS issue 4 regular saver which again I didn't online and I just sent a cheque.
    The £6000 limit is slightly worrying but is it likely that this account will still be functioning in 2 years time?
    Originally posted by mhoc
    If the account is still functioning, the solution is to make use of your one permitted annual withdrawal to create space in the account for future minimum subscriptions without breaching the £6000 limit.
    • Stompa
    • By Stompa 9th Feb 17, 7:04 PM
    • 7,494 Posts
    • 3,618 Thanks
    Stompa
    You can't have two as an individual. I think many of us have tried that! I did a couple of weeks ago.

    It's a pity you missed the opportunity to ask when they phoned.
    Originally posted by schiff
    Yes I know, he caught me at a busy moment unfortunately. I know he said it could be opened in branch or by phone, but not online. And since I assumed he was angling to get me in branch (to sell me something or other) I said I'd open it by phone..
    Stompa
    • dekkard
    • By dekkard 11th Feb 17, 1:16 PM
    • 46 Posts
    • 5 Thanks
    dekkard
    Virgin Money Regular E-Saver
    fyi, anyone can open multiple Regular E-Savers with Virgin Money as long as the accounts have different issue numbers.

    I had an issue 1 account and just also opened an issue 3. Virgin Money themselves confirmed that doing this is allowed.
    • badger09
    • By badger09 11th Feb 17, 4:17 PM
    • 4,446 Posts
    • 3,664 Thanks
    badger09
    fyi, anyone can open multiple Regular E-Savers with Virgin Money as long as the accounts have different issue numbers.

    I had an issue 1 account and just also opened an issue 3. Virgin Money themselves confirmed that doing this is allowed.
    Originally posted by dekkard

    Discussed here some time ago (post 4869 onwards)

    http://forums.moneysavingexpert.com/showthread.php?t=608697&page=244

    It would have been possible to have all 3 Virgin Regular E Savers, and the 2 branch based versions, if you had been quick.
    • mhoc
    • By mhoc 21st Feb 17, 10:04 AM
    • 14,860 Posts
    • 178,077 Thanks
    mhoc
    fyi, anyone can open multiple Regular E-Savers with Virgin Money as long as the accounts have different issue numbers.

    I had an issue 1 account and just also opened an issue 3. Virgin Money themselves confirmed that doing this is allowed.
    Originally posted by dekkard
    thanks for this, after reading this I did the same.

    Do any Virgin Money experts know if you have 2 online regular savers if you can also open one in branch?
    “Create all the happiness you are able to create; remove all the misery you are able to remove. Every day will allow you, --will invite you to add something to the pleasure of others, --or to diminish something of their pains.”
    • mhoc
    • By mhoc 21st Feb 17, 10:06 AM
    • 14,860 Posts
    • 178,077 Thanks
    mhoc
    For anyone with a very old Yorkshire Building Society regular saver issue 2 the interest rate is decreasing from 7th March 2017 – probably all of the YBS savings accounts are doing the same.
    It was 0.75% with 2% conditional bonus total 2.75% gross but it will now be 0.50% with 2% conditional bonus total 2.50% so still a very good rate.
    This is a closed account but the conditions were that you had to save at least £10 a month for at least 11 months out of 12 and only one withdrawal in any account year to keep the bonus. You also could only close your account at the end of your account year or you would lose the bonus.
    The good news is that the maximum you can save each month is now increasing from £250 to £500 from March 1st.
    The bad news is that the account has a maximum holding balance of £20,000 which includes any interest or bonus. As you get over the £19 mark then it’s worth doing your one annual withdrawal and/or reducing down your monthly standing order. If you go over £20K you won’t get your full interest or bonus.
    I did an amusing calculation as to which year it would be that my YBS account would get to that £19K point and made a note of it on the Google calendar for future housekeeping.
    But then I thought I have a 4 year fixed rate ISA which will be reaching its final days next year and the contents of it will either have to be re invested somewhere (or spent!) ….
    YBS only has this regular saver open now paying 1.75% - open in branch or by post, up to £500 a month for up to 2 years, one withdrawal per year, one account per person. It is through open to anyone over the age of 11.
    I think only one regular saver is allowed
    http://www.ybs.co.uk/savings/regular/index.html
    http://www.ybs.co.uk/savings/regular/monthly-regular-saver.html
    “Create all the happiness you are able to create; remove all the misery you are able to remove. Every day will allow you, --will invite you to add something to the pleasure of others, --or to diminish something of their pains.”
    • Westie983
    • By Westie983 21st Feb 17, 10:26 AM
    • 3,419 Posts
    • 13,212 Thanks
    Westie983
    thanks for this, after reading this I did the same.

    Do any Virgin Money experts know if you have 2 online regular savers if you can also open one in branch?
    Originally posted by mhoc
    Yes you can,

    I have branch Issue 1 and 2, and online issue 1, 2, and 3...

    Each have different maturing dates,
    Save 12k in 2017 #16 Total £4725/£12000 39.37%
    Sealed Pot Challenge ~ 10 #97 Total (£252) +£98/£500 = 70.00% ( x 10)
    Xmas 2017 £1 a Day #6 Total £65.00/£365 = 17.80%
    Virtual Sealed Pot #1 Total £300/£1000 = 30.00%
    £2 Savers Club 2017 #3 Total (£1450)+£50/£2000 = 75.00%
    Total £6940.00/£15865 = 43.74%
    • mhoc
    • By mhoc 21st Feb 17, 10:35 AM
    • 14,860 Posts
    • 178,077 Thanks
    mhoc
    Yes you can,

    I have branch Issue 1 and 2, and online issue 1, 2, and 3...

    Each have different maturing dates,
    Originally posted by Westie983
    thanks for this - very useful to know
    “Create all the happiness you are able to create; remove all the misery you are able to remove. Every day will allow you, --will invite you to add something to the pleasure of others, --or to diminish something of their pains.”
    • dekkard
    • By dekkard 21st Feb 17, 4:39 PM
    • 46 Posts
    • 5 Thanks
    dekkard
    Yes you can,

    I have branch Issue 1 and 2, and online issue 1, 2, and 3...

    Each have different maturing dates,
    Originally posted by Westie983
    Also, I contacted Virgin Money to ask about the next Issue (number 4) of their Regular E-saver. They said it is coming but couldn't specify when.

    The intervals between Issues 1-3 suggest it will come in March this year.
    • mhoc
    • By mhoc 21st Feb 17, 5:05 PM
    • 14,860 Posts
    • 178,077 Thanks
    mhoc
    Also, I contacted Virgin Money to ask about the next Issue (number 4) of their Regular E-saver. They said it is coming but couldn't specify when.

    The intervals between Issues 1-3 suggest it will come in March this year.
    Originally posted by dekkard
    We might have to be quick off the mark with this one if and when it goes live.

    Leeds building society closed its regular saver issue 3 in January, no new deposits after 31/01 but you can keep the account open and earning interest until the end of October.
    They were promoting the regular saver issue 4 as a replacement but this account closed to new customers on February 10th
    So some people will have been caught out by this and will be looking for a new regular saver
    “Create all the happiness you are able to create; remove all the misery you are able to remove. Every day will allow you, --will invite you to add something to the pleasure of others, --or to diminish something of their pains.”
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