Regular Saver Thread **New and Restarted**

adindas

mhoc wrote: »

It is quite labour intensive whatever systems you have in place- not just the couple of hours at the start of each month just checking all of the standing orders have gone through and updating excel charts and calendars with reminders
Also making sure the money is in the right place at the right time of the month and making sure there is enough!
But also the other admin jobs like reading rules and conditions when a new one comes out or if you are renewing a RS that has matured.
And each RS producing maybe just £30 to £60 a year in interest.

In most of RSA, it is enough to read the KPI / Summary, not necessarily the whole T&C. Also, Special_Saver2 has done a great job summarising RSA available in p1.

mhoc wrote: »

In theory, we could just open one of these new 5 years ISAs earning 2% and make life easy for ourselves.

Depending on personal circumstances, but the main advantage with RSA here is the flexibility related to withdrawing your money. Some RSAs such virgin money is very flexible where you could withdraw your money anytime you need it, while other will allow at least one free withdrawal.

Well, with 2% 5 year ISA, you tied your money for 5yr. If you withdraw it earlier it is highly likely you will need to pay penalty.

Also generally they are at a fixed rate. When BoE announces basic interest hike, you might be ending up getting lower interest than general saving as you should expect a flexible saving interest rate will normally go hand in hand with BoE basic interest rate.

2% for 1 - 2 years (say) might be worthy. But for five years, I think it is not worthy at all.

Big_W

adindas wrote: »

But I am not quite sure if you close it on 01/03/2018 in the morning or even before 17.00. Do they count the interest on that day ??

Can't help you with that one - I don't get fussed about one day's worth of interest at these rates and account balances....

AirlieBird

adindas wrote: »

But I am not quite sure if you close it on 01/03/2018 in the morning or even before 17.00. Do they count the interest on that day ??

If only they explained when interest was calculated in the T&C. Oh wait, they do.

bubieyehyeh

Does anyone know if you can get a NottinghamBS regular saver closed and get them to faster payment the balance on maturity without a visit to branch?

adindas

AirlieBird wrote: »

If only they explained when interest was calculated in the T&C. Oh wait, they do.

Why do not you quote it here ??
If everyone was asked to read the T&C and what is the forum for ??
Also, I never see a forum rule that someone wants to ask a question on MSE will need to read the whole T&C first.

T&C is not necessary a simple document and people who read it might have a misunderstanding or might miss the point. Also, it is not uncommon what they stated in the T&C is not applied in their computer algorithms, as in many business organisations those groups are in different divisions.

Sharing real experience will never ever be able to be replaced by the T&C.

But thanks anyway, it took me less than a minute to find this, using search without the need to read the whole T&C. But sometimes you do not have T&C handy.

9.1 "We will calculate interest on the cleared funds in your account at the end of each business day"

veryintrigued

bubieyehyeh wrote: »

Does anyone know if you can get a NottinghamBS regular saver closed and get them to faster payment the balance on maturity without a visit to branch?

Ive around 8 Notts BS RS and they are all branch and cheque withdrawal.

Which issue and what do your T&Cs state?

schiff

bubieyehyeh wrote: »

Does anyone know if you can get a NottinghamBS regular saver closed and get them to faster payment the balance on maturity without a visit to branch?

They would need you to produce the passbook for one thing. Wouldn't a phone call get you the answer?

mhoc

We had the letter today regarding the merger of Holmesdale and Skipton - October 1st being the merger date but no idea yet as to what will happen to the regular savers - both 4 and 5 still listed on their webpage but with very poor rates My issue 3 is 2.25% and matures in October

https://www.mortgagestrategy.co.uk/holmesdale-building-society-merge-skipton/

https://www.theholmesdale.co.uk/savings/regular-saver/

veryintrigued

mhoc wrote: »

We had the letter today regarding the merger of Holmesdale and Skipton - October 1st being the merger date but no idea yet as to what will happen to the regular savers - both 4 and 5 still listed on their webpage but with very poor rates My issue 3 is 2.25% and matures in October

https://www.mortgagestrategy.co.uk/holmesdale-building-society-merge-skipton/

https://www.theholmesdale.co.uk/savings/regular-saver/

https://forums.moneysavingexpert.com/discussion/5802875

mhoc

veryintrigued wrote: »

https://forums.moneysavingexpert.com/discussion/5802875

thanks

Q3. Will rates on savings or borrowing products be affected?
Savings and borrowing rates for members of the Holmesdale are expected to improve or remain unchanged, but will not worsen as a result of the merger

although as my regular saver 3 matures in mid October and the interest rates for 4 and 5 are below 2% I wont be reinvesting.