West Bromwich BS 8% Regular Saver (Magic 8)

Milarky

Dagobert wrote: »

I time my regular saver payments such that they arrive on the earliest possible date without spanning a weekend. In October 2007, I made my regular saver payments on Tuesday 30th to arrive on 1st November.

However, the payment to West Bromwich, initiated from Bank of Scotland, already reached the account on 31st October, thus violating the T&Cs. The bonus interest will not be payable now but they kindly offered to make a manual adjustment.

Payments to other regular savers arrived on the 3rd working day (1st Nov) as expected.

Yes, I found out by chance too that my 31st October payment from Egg savings was received one day later - earlier than expected - and so just scraped into November! Thank you for confirming that this is the case with more than just other HSBC-based accounts. So all West Brom Magic 8 account customers need to take note!

[I made all my RS payments for November go on 31st (Wednesday) knowing that they should take two days. I remember thinking at the time "I'm taking a bit of a risk here aren't I? No I'm not, it has to take at least [U][I]a[/I] [/U]day to get there!"]

If it is any consolation, I did exactly what you did with my Abbey Regular Saver the first time around - I relied on all payments from Cahoot savings to Abbey taking 3 working days - based on this being the time I could see it was taking my payments from the same account to Halifax Regular Saver at the time. Abbey's was a passbook account and I couldn't check on the receipts unless I contacted them I suppose. (Payments to Abbey took a day less than to Halifax!) They got an extra payment the last day of the month and reverted the account as a result. It was my fault and I didn't have a prayer complaining but I was really annoyed because I then went through the rest of the year paying in the max for an account type I no longer had - and they didn't have to tell me they had changed it.

(What are you doing with the West Brom account?)

redcar_2

So just to check are you saying its a WBrom thing? My Jan payment is set to go to on 29th from Halifax so too early?

Is this because they are linked banks in some way or are WBrom just starting this quicker processing thing early?

bristolleedsfan

redcar wrote: »

or are WBrom just starting this quicker processing thing early?

should be noted that the new cheque processing/interest paying system that you refer to ( 2.4.6) came into effect on 1st December 2007, Westbromwich BS arent implementing it until mid February 2008. :mad:


http://www.apacs.org.uk/payment_options/documents/ChequestheFacts2007FINAL.pdf

mary

Just to confirm the same thing happened to me. My BOS payment went out on 30th October and reached W.Brom on 31st October. They have made a note on my file to manually adjust the interest upon maturity. They also could not explain it - admittedly that was the girl on customer services. I was allowing the 3 day Mon/Wed period. Am still in the checking out process with other Regular Saver accounts which I put through the same date and if I find any more will let you know.

Speculator

All my standing orders left my Halifax current a/c on the 5th of November.

30th of October was too risky for me.

Fella

So is the best strategy for monthly savers to have the payment set to come out on the 15th of the month?

Fella

Kazza242 wrote: »

I contacted the Swindon Branch, who sent me an application pack without any problems. They opened my account very quickly.

I rang them & my application is in the post

bristolleedsfan

Fella wrote: »

So is the best strategy for monthly savers to have the payment set to come out on the 15th of the month?

:rotfl: ....:T ....:rotfl:

Fella

bristolleedsfan wrote: »

:rotfl: ....:T ....:rotfl:

I was being serious....am I missing summat...?


cheers
Fella

bristolleedsfan

Fella wrote: »

I was being serious....am I missing summat...?


cheers
Fella

The posters concerned try and get the cash in the regular savers as close to the start of the month as possible to gain as many xtra pennies as they can.

Cant imagine middle of month becoming a "strategy" :rotfl: