Regular Savers about to reach 12month Anniversary

FrankRizzo

My monthly regular savers are about to come to reach their 12 months anniversary over the next 3 months.

Do any of them remain at the original % or do they all revert to 0%??

Thanks!

galok

All the ones I've come across revert to a ridiculously low 0.01% savings rate or similar, most people forget about it or don't get round to moving it. Normally the bank will send a letter to tell you what the new figure will be about a month before it changes. Suggest you then move the money to a different savings account with a better rate or least stop the DD if it's not doing anything for you.

PeacefulWaters

What do the terms and conditions say?

FrankRizzo

galok wrote: »

All the ones I've come across revert to a ridiculously low 0.01% savings rate or similar, most people forget about it or don't get round to moving it. Normally the bank will send a letter to tell you what the new figure will be about a month before it changes. Suggest you then move the money to a different savings account with a better rate or least stop the DD if it's not doing anything for you.

Thank you
..............................

FrankRizzo

PeacefulWaters wrote: »

What do the terms and conditions say?

Ill search for them online - theres a lot to go through

Biggles

Regulars savers terminate after twelve months, you would have seen that when you signed up. The respective banks will be in touch shortly, but the normal procedure is to close the account and either convert it to a low-rate saver or transfer to money to another account, which will have the same effect.

Time to look for another! Some banks will allow you to open another at a decent rate for a further 12 months, you'll need to do your research.

EarthBoy

Biggles wrote: »

Regulars savers terminate after twelve months, .

They don't all terminate after 12 months, only the best paying ones. Several building society regular savers are ongoing.