Chesire 8% Coming to a End Soon

gogsboy

Can someone explain the ethos behind this regular saver accounts....in simplified terms

Dagobert

gogsboy wrote:

Can someone explain the ethos behind this regular saver accounts...

There's a thread dedicated to regular savings discussions in general, which also links to Martin's article: Regularly Beat The Best Savings Account Rates Article Discussion Area.

mary

Dagobert wrote:

I wish I could figure out how to get the Stroud & Swindon r/s. I am venturing down to North Wales next week. But that's as far South as I'll get.

I've just checked on their website, not only do they list their branches, but also agencies
http://www.ssbsonline.co.uk/article/393,362,display.html.
You can also ring them on 0800 61 81 61 and see if there is an unlisted agency nearer to you.

Failing that, you will have to continue south down the M5 from your trip to North Wales and probably the closest is Cheltenham. You might use up your gains on the petrol I suspect, down here it's 99p per litre!

Innys

Just rang the Cheshire after they wrote to me saying my account would mature in a month's time.

Not surprisingly, the letter they sent me made no mention of how I could take the money out. Instead, I could leave it with them and earn a desirory rate of interest - errrrr, no thanks.

The woman I spoke to said I would have to write to their Head Office asking them for a cheque. I would also have to send the passbook and no need to send any ID. I asked if I could transfer the direct to another bank account. Yes, she said but it would cost £25.

While I know banks and b socs try to make as much money from their customers as possible, has anyone else been told this when trying to close their account?

rangers_fc

Just got the mailshot from the Cheshire I can confirm the funds accumulated in the Regular Saver get swept into a easy saver account paying a poor interest rate. You can withdraw this after anniversary of youre Regular Saver, without penalty by requesting a withdrawal form via the telephone or visiting youre branch.The regular Saver can be continued for another year earning a interest rate of 6% not as good as the 8% offer however a good rate.

Afahmaep

Dagobert wrote:

• 5.00% Derbyshire
• 5.25% Principality (Monthly Saver)
• 6.00% Principality (Regular Savers Bond)
• 6.00% Leek
• 6.00% Scarborough
• 7.00% Halifax
• 7.00% Chorley
• 7.00% Leeds
• 8.00% Ipswich
• 8.00% HSBC
• 8.00% Norwich & Peterborough
• 8.00% Cheshire
• 8.00% TSB
• 8.00% Abbey
• 10.00% Bradford & Bingley
• 10.00% Barclays

First time I've seen the Derbyshire mentioned in some time.
I rang up to close mine on August 1st (it matured 31st July), sent off my passbook and received my closure cheque yesterday.(3 Days turnaround; very impressive)
Also reading the smallprint it appears you can have 2 Ipswich Target Savers as long as you are the second named holder on one joint account ( do you trust your partner?) and finally you can have unlimited Principality Regular Saver Bonds

Kazza242

rangers_fc wrote:

Just got the mailshot from the Cheshire I can confirm the funds accumulated in the Regular Saver get swept into a easy saver account paying a poor interest rate...

I got a letter from Cheshire this morning too.

The balance together with the August deposit and all the interest you've earned will be transferred into your Easy Saver account on ## September 2006.

After the balance and interest is swept into the Easy Saver, you then have instant access to your money. I will mail a withdrawal form to them on the day that my regular saver matures.

Fellow Cheshire RS issue 3 holders: Following my August SO my balance is now £6,000, which is, I believe, the maximum account balance. What are you doing about your September SO? If you allow it to transfer in another £25-£500, at the beginning of September, won't this breach the T&C's and might it also be swept out into the Easy Saver? Are you going to stop your Sep SO or delay it until after your RS matures?

Regarding the September SO issue, the letter I received today states:

You can start to build another lump sum in your Regular Saver 3 account by continuing to deposit up to the maximum of £500 every month. You may need to check with your bank/building society that your standing order will continue to make payments into your Regular Saver 3.

Milarky

Mine matures 12th September (final payment was sent 1st August) and I 've set up a SO (for min amounts only) to cover the period 1 October - 1 August only. The initial (minmum) payment I've set up for 12th September* (it will get there on 14th) under a different 'single payment' authority. They would have two options if the a September payment was made which fell before the anniversary as I see it:

- leave it there and sweep the rest on 12th (but pay the 8% on that also upto 12th)
-sweep it out also (as part of the 'matured' balance) allow the account to continue, but with no further payments in September. However this account does allow multiple payments between the limits of £25 and £500 per month. Thus a payment of £25 made before the anniversary and a 'balancing' payment of £475 made after it (in September) is quite in order -*so exactly when this payment arrives can't 'hurt'

I don't think the T&Cs are explicit about the balance of the account because the basic rule is "£X per month" and that means calendar months unless otherwise stated. So having more than £6000 in the account on the maturity date is not a deal-breaker IMO

Kazza242

Thanks Milarky. I'm still not 100% sure of what I'm going to do. You see my Cheshire RS matures on the 26th September. The letter I received from them yesterday is rather vague about what to do. It actually says that one doesn't have to do anything. The letter states:

"Providing we continue to receive your standing order payment each month, your savings will continue to build for the next 12 months".

I'm just wary about doing something that is going to stop me getting 8% when it matures next month. My SO payments come from Barclays, which is the deposit holder for the Cheshire RS, therefore payments arrive the next working day. Being the 26th though, I think it will be too late in the month for me to make a payment for September. Cheshire say that SO's must leave one's bank account by the 20th of each calendar month.

I suppose, I could risk sending a payment on the 26th which would arrive on the 27th and then change my October SO to the 1st. Or I could leave my SO and have it transfer in between £25-£500 on September 2nd.

I might switch to minimum payments too, as the 6% rate is not as attractive as last year's rate and there are better rates available. I'm thinking of opening regular savers with Abbey at 7% or 8%, Ipswich 8% and/or Scarborough because it continues up to £15K.

exel1966

I've been reading this thread with great interest and am a little curious as to how you (Mary and Dagobert) manage to keep on top of having so many accounts.

I like the philosophy of using as many regular savers as you can muster with a decent rate, but how do you make it worthwhile when the average transfer time between accounts takes 3-4 days. I'm assuming you transfer each month from a normal saving account ? Surely with operating so many accounts you are accruing uo to 40 days lost interest per month, but still making it worthwile overall. Am I being a little dense here ?

I pretty new to the savings game and am looking to maximise my savings. I currently have an A&L 10%, an Abbey 8%, a Lloyds 8% and a normal savings account with ICICI, but my regular savers are fed from my monthly income. I'd like to start drip-feeding some new regular saver accounts from the ICICI, but as you can only have one linked account with them how do I make it advantageous to me without losing too many "down" days when my money is inbetween accounts.
Looking for any advice you can throw my way. THANKS.