MSE News: Car giant Ford gears up to launch market-leading regular savings

castle96

Just got the post. Confirmation of 3 accounts. 2 x RS, 1 x ISA. Nice to have a RS T&C from them/official... not a screenshot, etc

"Who can apply

You must be aged 16 or over to apply and hold Regular Saver for your own benefit. You can hold one by yourself or jointly with one other person, also aged 16 or over."

Agghhh. That missing comma !

gilly56

I got my letter in post today for the ISA Regular Saver and it was the same as the PDF document I'd already downloaded off the online message. It also included other general bumpf and FSCS info, etc. For anyone who opened loads of the accounts you'll be getting lots of letters in the mail which is a terrible waste of paper. Still waiting on a letter re the ordinary RS account but as I had to post off identity papers for that account it will likely take longer to process.

schiff

I found this interesting from their welcoming letter:

Interest is.......paid at the end of the 12 month term, linked to the date we receive your initial deposit.

Ed-1

schiff wrote: »

I found this interesting from their welcoming letter:

Interest is.......paid at the end of the 12 month term, linked to the date we receive your initial deposit.

It's in the T&Cs - maturity date is the anniversary of initial deposit date.

Account month also runs from the initial deposit date so deposit on 25th of the month and all future payments need to be on or after 25th.

gilly56

Sorry if this is a stupid question but could somebody clarify this for me - I opened the Reg Saver ISA on Monday 22nd May and my first deposit of £250 is showing online etc. I'm not setting up a standing order for monthly transfers as I may not put in the full £250 every month. Whatever amount I do deposit in the month of June, can I transfer it in on the 1st of June or must I wait until the 22nd June?

ctdctd

22nd June - account runs on anniversary months.

gilly56

Ta for clearing that up. I wasn't sure what way it worked as I have also had the Santander RS accounts and I've been able to put money in on 1st of each month no matter what date in month the account was first opened.

Ed-1

gilly56 wrote: »

Ta for clearing that up. I wasn't sure what way it worked as I have also had the Santander RS accounts and I've been able to put money in on 1st of each month no matter what date in month the account was first opened.

You may have been able to but you're breaking the terms of that account if you are.

Ed-1

gilly56 wrote: »

Sorry if this is a stupid question but could somebody clarify this for me - I opened the Reg Saver ISA on Monday 22nd May and my first deposit of £250 is showing online etc. I'm not setting up a standing order for monthly transfers as I may not put in the full £250 every month. Whatever amount I do deposit in the month of June, can I transfer it in on the 1st of June or must I wait until the 22nd June?

What date did the payment go in?

Have a look at what maturity date is showing. Whatever date that is, is the date in the month that you can contribute.

Speculator

gilly56 wrote: »

Ta for clearing that up. I wasn't sure what way it worked as I have also had the Santander RS accounts and I've been able to put money in on 1st of each month no matter what date in month the account was first opened.

I would check with Santander to make sure your account is still earning 5%. Otherwise, you could end up with no interest on maturity.