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Principality Reg Savers - no 13th payment

edited 30 November -1 at 1:00AM in Savings & Investments
6 replies 2.4K views
ctdctdctdctd Forumite
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edited 30 November -1 at 1:00AM in Savings & Investments
Just a heads up for those, like me, who have a Principality 7% or 6% RS due to mature in the next couple of months.

The T&C's specifically say you can only make the opening deposit plus 11 further monthly payments so do not try and squeeze a 13th one in!.

If you do, you get 0.1% for the whole term.:eek:

"You must make a minimum investment into the Regular Saver Bond Issue 5 of £20 each calendar month an a maximum of £500 each calendar month by cash, cheque or standing order. You also have to make an opening deposit by cash or cheque. Eleven further deposits are required by standing order, cash or cheque. The maximum limit of £500 per month will still apply if the account is in joint names."
Do Money Saving sites make you buy more bargains - and spend more money?

Replies

  • edited 25 October 2009 at 10:11AM
    MilarkyMilarky Forumite
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    edited 25 October 2009 at 10:11AM
    ctdctd wrote: »
    "You must make a minimum investment into the Regular Saver Bond Issue 5 of £20 each calendar month an a maximum of £500 each calendar month by cash, cheque or standing order. You also have to make an opening deposit by cash or cheque. Eleven further deposits are required by standing order, cash or cheque. The maximum limit of £500 per month will still apply if the account is in joint names."
    "Eleven further deposits are required by standing order, cash or cheque" is not the same thing as saying a 12th Standing order would not be accepted - not unless the terms also state "£6000 maximum total deposit". But, actually that is what they are saying in common sense terms, but they should have said: "only.." and "..are allowed".
    .....under construction....
  • ctdctdctdctd Forumite
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    Yep, I agree the RS 5 terms were not that clear.

    Here are the current T&C's taken from their general savings terms.

    "You must make a minimum investment into the Regular Saver Bond of £20 each calendar
    month and a maximum of £500 each calendar month by cash, cheque or standing order.
    The initial monthly deposit of between the minimum and maximum amount must be made
    by cash or cheque. Eleven further deposits are required by standing order, cash or cheque.
    The maximum limit of £500 per month will still apply if the account is in joint names. You
    can invest a maximum of £6,000 in a Regular Saver Bond. (A maximum of £500 each
    month"
    Do Money Saving sites make you buy more bargains - and spend more money?
  • sham63sham63 Forumite
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    Many thanks for the heads up. I've just been sitting here pondering whether to make the 13th payment as my reg saver 'matures' on 17th Dec and my 12th deposit went in at the start of November.

    Decided I'd let the 13th deposit go in (it worked with the Halifax reg saver) but then thought I'd better just do a quick search on MSE :beer:

    I'll cancel the standing order now!
  • edited 12 November 2009 at 5:51PM
    Old_SlapheadOld_Slaphead Forumite
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    edited 12 November 2009 at 5:51PM
    Hardly worth it.

    Transferring at beginning of Dec would lose minimum of 6 days interest (ie 3 days each way), probably longer as I think PBS only do transfers out as cheques....all for just a few extra days at 6 or 7%.
  • lucky77lucky77 Forumite
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    I hadn't realised a maximum of £6000 was allowed. My 13th payment last month was returned by cheque.
  • Hardly worth it.

    Transferring at beginning of Dec would lose minimum of 6 days interest (ie 3 days each way), probably longer as I think PBS only do transfers out as cheques....all for just a few extra days at 6 or 7%.

    I'd agree even if ya could make a 13th one if it's not going to be in the account many days, it's not worth doing. If you make your other eleven payments early in the month it'll help you make the most of Regular Savers ;)
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