West Bromwich BS 8% Regular Saver (Magic 8)

Dagobert

redcar wrote: »

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

This was in October, so well before the introduction of fast payments.

The payment was made from a Bank of Scotland account. West Bromwich uses HSBC as clearing bank. So, the fast payment is not due to making the payment from the clearing bank.

A payment made from my Egg savings account, which always take 3 working days, also arrived on day 2 (1 day early) at the West Bromwich.

redcar wrote: »

So just to check are you saying its a WBrom thing?

The payments I made from the same bank account to Bath, Chorley, Leeds, Leek, Ipswich, Yorkshire, Nationwide, TSB, N&P arrived - as expected - on working day 3 (1st Nov).

Fella

bristolleedsfan wrote: »

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:

Isn't that high risk for very little extra money though?

I would have thought the best way was to have a feeder account i.e. Sainsbury's 6% or something & then have the monthly payments come out of that on the 5th (or some date a few days into the month)?

Surely the amount you risk losing (some of these monthlys have punitive terms) far outweighs the amount you make?

I'm pretty new to this though, perhaps I'm missing the point somewhere?

bristolleedsfan

Fella wrote: »

Isn't that high risk for very little extra money though?

I would have thought the best way was to have a feeder account i.e. Sainsbury's 6% or something & then have the monthly payments come out of that on the 5th (or some date a few days into the month)?

Surely the amount you risk losing (some of these monthlys have punitive terms) far outweighs the amount you make?

I'm pretty new to this though, perhaps I'm missing the point somewhere?

I agree :T especially if u factor in the time thay are spending doing manual payments and posting about it, only gain they are making is the difference between what they had been getting against the slightly higher rate for a few xtra days.

With Westbromwich R/S allowing 1000.00 a month this account makes a few days xtra interest more worthwhile than the R/S where maximum monthly deposit is 250.00 per month.

mary

You only set up the sortcodes & accounts nos. once on your current account to make your payments to your regular savers (depending on how many regular savers you have - it will take around 20 mins), then once a month, I spend about 10/15 mins (total) just setting the date for the payment to go through for that month. If you have all your details kept in one place, it really doesn't take that long. As I see it, pennies makes pounds. The only problem which occurs is when a bank puts through a payment within 24 hours when hitherto they have always taken 3 days.

bristolleedsfan

mary wrote: »

You only set up the sortcodes & accounts nos. once on your current account to make your payments to your regular savers (depending on how many regular savers you have - it will take around 20 mins), then once a month, I spend about 10/15 mins (total) just setting the date for the payment to go through for that month. If you have all your details kept in one place, it really doesn't take that long. As I see it, pennies makes pounds. The only problem which occurs is when a bank puts through a payment within 24 hours when hitherto they have always taken 3 days.

im not saying their is anything wrong with methods applied by some people such as yourself, i just happen to agree with fellas opinion. ( that doesnt make us right)

edda

The Magic 8 account is now paying 7.6% (after the Feb rate drop).

At least 4 other regular saving accounts are showing as better than this on various comparison sites. The minimum per month varies though.

baby_boomer

And the West Brom account is guaranteed to follow the base rate - so there's no room for funny business.

ivorbeck

Watch it! I opened a Star Easy Access Account late Feb (now withdrawn) I now find the interest rate reduced by .35% wef 28th April 2008.Ever feel as though you have been "had".

debbie42

ivorbeck wrote: »

Watch it! I opened a Star Easy Access Account late Feb (now withdrawn) I now find the interest rate reduced by .35% wef 28th April 2008.Ever feel as though you have been "had".

It's been pointed out on this thread that the rate has fared competitively against base rate. So no, I don't feel I've been "had".

It's not like you can't move your money if you feel so aggrieved about it. The t&c aren't so restrictive.

baby_boomer

This WB account is explicitly linked to the base rate. No-one has been "had", ivor.

Perhaps a fixed rate lump sum investment a few months ago might have done better - but heck, you can still withdraw your money to date and benefit from the 8% rate earlier in the year, and still tap into current high fixed rates if you want at the same time as reducing your monthly contribution to £20 - so no-one can complain. This has always been a great account.

Well done West Brom!