Regular Saver Thread **New and Restarted**

schiff

Bearing in mind that payments of £250 will go in on December 1st and January 1st anyway, bringing the deposited amount to £7250, I'm wondering if all this is worth it, particularly with the question of the final interest being included in the £7500, or not.

It's only coppers isn't it? The funds to top up are earning me 1.5% as it is.

veryintrigued

schiff wrote: »

Bearing in mind that payments of £250 will go in on December 1st and January 1st anyway, bringing the deposited amount to £7250, I'm wondering if all this is worth it, particularly with the question of the final interest being included in the £7500, or not.

It's only coppers isn't it? The funds to top up are earning me 1.5% as it is.

For those of us who reduced monthly payments during the term it may be a little more worth it but I understand your thoughts.

Steve_xx

aj23 wrote: »

So are you saying that I can make up my balance to make in £7250 in December instead of £250 in December and another £250 in January?

No, I'm not saying that. What I am saying is that you can make your deposit now in order to bring your balance upto £7250ex interest or £7500 including interest!

eskbanker

aj23 wrote: »

the final interest payment which will be more than £100

I know you edited your post to advise ignoring it, but just to be sure, you do realise that this bit isn't actually true, given that February's interest will only be half a year's worth?

aj23_2

Steve_xx wrote: »

No, I'm not saying that. What I am saying is that you can make your deposit now in order to bring your balance upto £7250ex interest or £7500 including interest!

That is pretty much what I said lol.

I've made £6750 worth of deposits, I've put in £250 from September 2016 until this month every month. I think off the top of my head my balance is £6900, I've had about £150 in interest so far. So I have December and January deposits left to make. So my balance before the final interest payment will be £7400, but in order to bring it up to £7500 now including interest, I don't know exactly what next interest payment will be.

I think I'll just deposit in December and January as normal. I have other regular savers and a help to buy isa so I couldn't make a lump into Leeds really.

vermania

Hi all, I was late to the party on the Virgin Money "in-store" Regular Savers and the first one I opened is about to mature.

They have offered only to convert it into an Easy Access Saver Reward Issue 20 account, and that I can get my passbook updated if I go to a branch. Not the usual range of maturity options and effusive customer service I expected, not even a prepaid envelope!

I just wondered what the holders of issues 1-6 did and how I can most quickly get hold of my money. Thanks in anticipation.

EachPenny

vermania wrote: »

They have offered only to convert it into an Easy Access Saver Reward Issue 20 account, and that I can get my passbook updated if I go to a branch. Not the usual range of maturity options and effusive customer service I expected, not even a prepaid envelope!

I just wondered what the holders of issues 1-6 did and how I can most quickly get hold of my money. Thanks in anticipation.

It is standard for the account to mature into an easy access account - you don't need to do anything, so no prepaid envelope is required. Better they give us a decent interest rate than supply unnecessary envelopes.

The easiest way (if your store doesn't handle cash) is to go into the store after maturity and ask them to make an electronic payment to your nominated current account. If you do this before about 2pm then there is a chance the payment will go through same-day. Take a form of ID (ideally passport or driving licence) with you just in case.

tg99

vermania wrote: »

Hi all, I was late to the party on the Virgin Money "in-store" Regular Savers and the first one I opened is about to mature.

They have offered only to convert it into an Easy Access Saver Reward Issue 20 account, and that I can get my passbook updated if I go to a branch. Not the usual range of maturity options and effusive customer service I expected, not even a prepaid envelope!

I just wondered what the holders of issues 1-6 did and how I can most quickly get hold of my money. Thanks in anticipation.

I write in with my bank details and passbook a week or so before maturity requesting transfer of proceeds upon maturity (using prepaid envelopes that have come from other Virgin accounts.....think they send one with the pack when opening the old online reg savers hence how I’ve collected a fair few over the years). The proceeds normally turn up in my bank account on the day of maturity.

veryintrigued

veryintrigued wrote: »

Thank you

I've sent a secure message to clarify and to call back on just in case it goes awry.

Will post in here the response

Got a response but it doesn't answer my question hence I've asked for more clarity. Response:

I confirm the maximum balance for the Regular Saver (Issue 4) has increased to £7,250. You can continue to save up to £250 per month however, please note that if this sum is exceeded at any point the interest rate will reduce to 0.50% (variable).

I have attached a copy of the letter that was issued with further information relating to this change.

Steve_xx

veryintrigued wrote: »

Got a response but it doesn't answer my question hence I've asked for more clarity. Response:

I confirm the maximum balance for the Regular Saver (Issue 4) has increased to £7,250. You can continue to save up to £250 per month however, please note that if this sum is exceeded at any point the interest rate will reduce to 0.50% (variable).

I have attached a copy of the letter that was issued with further information relating to this change.

It gets worse. When they say the rate will reduce, should you exceed the £7250 balance, do they specify whether the rate is dropped from.the date you exceeded it, or whether it is dropped for the whole term?