Regular Saver Thread **New and Restarted**

20SmthngSver

youngretired wrote: »

Santander changed this last June, where it will naturally roll over to a new one and transfer your funds to your current account (this is not on maturity date).

Even though they stipulate that this will only happen if you have a SO in place upon maturity, this isn't the case as with 4 of ours (family) they automatically rolled them over even though we didn't have SO's in place.

They naturally start the new one from the maturity date, so if you don't have a SO in place then you lose some interest or the other option would be to close it and re-open another 1.

My dad has the Santander Regular eSaver and the branch clerk didn't put an end date on the SO as she asked him if he wanted the account to automatically start again, he said yes, so it will roll over to the same account number without the need to opening a new one with new details and new SO details.

polymaff

EarthBoy wrote: »

...have to set up a completely new system to do it

A completely new system, to offer the same feature as they offer on their many other on-line-openable accounts - and offered on RS issue 11. What was I thinking about !

schiff

20SmthngSver wrote: »

Isn't this just where you tell them you want to continue with the same standing order and the old/matured RS balance moves back to your current and reverts to £0 and starts again so the RS stays open ready for the next 12 months without having to change the standing order details or account info. I thought that was common knowledge.

Well, let's put it this way: I didn't know

polymaff

youngretired wrote: »

Santander changed this last June, where it will naturally roll over to a new one and transfer your funds to your current account (this is not on maturity date).

Even though they stipulate that this will only happen if you have a SO in place upon maturity, this isn't the case as with 4 of ours (family) they automatically rolled them over even though we didn't have SO's in place.

They naturally start the new one from the maturity date, so if you don't have a SO in place then you lose some interest or the other option would be to close it and re-open another 1.

LBG have also adopted this "rollover" approach - at last - although, just like Santander, there are issues around the funding. When doing this over the 'phone with Santander, I had to raise the issue of extension of the SO, which had expired after the final payment to the maturing account. So less automatic a rollover than you expect.

In recent documentation from Lloyds/BoS/Halifax, only the Halifax mentioned the possibility of a rollover - although they all describe it online. There's a snag with LBG, though. If you've funded the previous accounts on a 13-payment, maximum figure basis, the first SO payment to the RS is accepted and then paid back into the source account - because you've already made that month's maximum-funding payment to that sort code / account number when you made the 13th payment on the maturing account.

Not an issue if you allow the old RS to expire and then open a completely new RS.

[ Hey, not a mention of - you know who.]

20SmthngSver

Ah okay. I'm sure it's been mentioned a few times on this thread. As far as I'm aware, Santander is the only bank to offer this rollover.

Emily_Joy

polymaff wrote: »

A completely new system, to offer the same feature as they offer on their many other on-line-openable accounts - and offered on RS issue 11. What was I thinking about !

A friend of mine is blind. It is increasingly difficult for him to deal with financial institutions who seem to adopt mantra "you can do it online" and "just download our app". At times it is so annoying that he has to reply "Yeah, right, I came here during my lunch break exactly to because I need to be told that I can do it online!".

polymaff

20SmthngSver wrote: »

As far as I'm aware, Santander is the only bank to offer this rollover.

Now you know better..:)

youngretired

Halifax will rollover theirs only if you have a savings account opened otherwise it will convert into a Easy Saver upon maturity.

My family all had these last year when it was 2.5% and only my dad who didn't have any other accounts with HFX/BOS got a Easy saver opened at the same time as the Regular Saver application so his rolled over.

We all had current accounts with either HFX/BOS and so a Easy Saver wasn't opened upon application.

polymaff

youngretired wrote: »

Halifax will rollover theirs only if you have a savings account opened otherwise it will convert into a Easy Saver upon maturity.

My family all had these last year when it was 2.5% and only my dad who didn't have any other accounts with HFX/BOS got a Easy saver opened at the same time as the Regular Saver application so his rolled over.

We all had current [?] accounts with either HFX/BOS and so a Easy Saver wasn't opened upon application.

That's the odd aspect of the LBG offering - the maturing funds can only be transferred to a savings account - not to a current account.


Weird...

arsenalboy

Anybody received their maturity cheque?