Regular Saver Thread **New and Restarted**

mgarl10024

Is anyone else getting "Account Limit Breach", their balance levelled to £3500, and an amount equal to the recent interest payment returned?
Query sent. I'm sure we saw this with an earlier issue.

schiff

mgarl10024 wrote: »

Is anyone else getting "Account Limit Breach", their balance levelled to £3500, and an amount equal to the recent interest payment returned?
Query sent. I'm sure we saw this with an earlier issue.

Being discussed elsewhere in a specific Virgin thread.

bubieyehyeh

RacingDriver wrote: »

In my notes I have got "Paid annually on 31st March and on account maturity".

My notes say the same, I guess it was mentioned in some documentation received.

Father_Christmas

Steve_xx wrote: »

Do bear in mind that you will won't able to see this account online.

Yep, that did put me off initially.

Mee

Mee wrote: »

Yes, as I wasted time taking the money out in advance to pay in same day.
I try to avoid sending/receiving important documents in the post.

Messaged Virgin Money - they confirmed I should have been able to collect my passbook the same day, and so have compensated me for the inconvenience.

youngretired

I've been paid interest on the 31/03/19. I've just read my paperwork and it just says on maturity.

I know I questioned about the log in page showing interest on the 31st March annually and I was told that it was just the standard message, but interest would be paid on the anniversary of the account being opened.

I'll send them a message now asking about this as the log in page now states next interest will be 31/03/2020!

mgarl10024

mgarl10024 wrote: »

I have an issue 1 Regular Saver Bond with Monmouthshire, and it states "Interest is paid annually on maturity of the fixed rate term."
The account has not matured yet, but I seem to have received an interest payment dated 31/3/19.
I'll put in a query to them, but anyone else received one or know why it is?

Thanks,

Just got this response (my highlighting):

Thank you for your message and would advise you that many of our accounts have interest paid annually and on maturity, whilst we recognise at this time this credit is not in-line with the terms and conditions of your account it is to your benefit. Your balance has increased which will result in you receiving interest on this higher balance for your remaining term. You will of course still receive the interest on the remaining term of your account on maturity.

Perhaps they changed this somewhere along the line, as it wasn't in my terms, but seems to be in other peoples'. Doesn't bother me at all, just took me by (a pleasant) surprise.

glider3560

mgarl10024 wrote: »

Just got this response (my highlighting):


Perhaps they changed this somewhere along the line, as it wasn't in my terms, but seems to be in other peoples'. Doesn't bother me at all, just took me by (a pleasant) surprise.

There is one situation where it may have been disadvantageous: if someone wanted the interest to fall in a specific tax year.

surreysaver

glider3560 wrote: »

There is one situation where it may have been disadvantageous: if someone wanted the interest to fall in a specific tax year.

In fact, I'm waiting until after the weekend to open a couple of regular savers, specifically to avoid them maturing in next year's tax year, because its borderline whether I'll be going over the £1k limit for savings in the 2019/20 tax year.

polymaff

Fifth and sixth April 2020 are a Saturday and Sunday.

Stand by for mayhem.


Edit: At least Easter will be the following weekend. A small mercy.