Regular Saver Thread **New and Restarted**

badger09

youngretired wrote: »

Can you pay into the BOS regular saver via SO from another bank provider?

I know some regular savers have to be via your current account held by that bank i.e. TSB, Santander, M&S but other regular savers can be paid from a different bank i.e. Halifax, Nationwide. I can't see any mention on the T&C's that it has to be paid from your BOS, but it does state that you have to hold a current account to be able to have this account.

It's not been an issue in the past but I am looking at making my BOS dormant in October due to the interest rate drop and was wondering if I could pay by SO from another bank account.

As you need a BoS current account to be eligible for the Monthly Saver, why not feed the £250 (or whatever) through your existing account? That way, you'll be sure BoS won't close it after a period of dormancy.

glider3560

badger09 wrote: »

As you need a BoS current account to be eligible for the Monthly Saver, why not feed the £250 (or whatever) through your existing account? That way, you'll be sure BoS won't close it after a period of dormancy.

Because then you have to time the standing order to arrive in the current account before the standing order to the regular saver is paid. You'd have to allow potentially four days for this, to allow for weekends. Not a good way of maximising interest!

takke

glider3560 wrote: »

Because then you have to time the standing order to arrive in the current account before the standing order to the regular saver is paid. You'd have to allow potentially four days for this, to allow for weekends. Not a good way of maximising interest!

You can set the standing order to come out on the same day, because BOS will reattempt the payment later in the day if it doesn't go through the first time.

From their T's and C's:

If you ask us to make a standing order
or future-dated payment and do not
have enough available funds to make
the payment on the due date, we will
try again to make the payment later that
day. If there are still not enough available
funds, we will make a final try on the next
working day before refusing the payment.

youngretired

I've got a sole and a joint BOS, so will only be making my sole account dormant. The joint account my husband uses (as his main account) so I'll still be eligible under the joint for the monthly saver.

I did think of just funding the sole BOS for the monthly saver and I don't mind the banks trying to make a payment late now and again, but not every month as that would draw attention and I've got accounts with Lloyds and Halifax and I don't want to risk my accounts being closed.

schiff

glider3560 wrote: »

Because then you have to time the standing order to arrive in the current account before the standing order to the regular saver is paid. You'd have to allow potentially four days for this, to allow for weekends. Not a good way of maximising interest!

The SO for every one of my approx 30 RS's is geared to the exact day it is due in the receiving account, whether that be directly to the RS or via the current account first in the case of HSBC, M&S, First Direct, etc. Taking into account non-working days of course. It's never let me down.

colsten

schiff wrote: »

The SO for every one of my approx 30 RS's is geared to the exact day it is due in the receiving account, whether that be directly to the RS or via the current account first in the case of HSBC, M&S, First Direct, etc. Taking into account non-working days of course. It's never let me down.

I have been doing the same each month, for the last several years, at several different banks. For belts and braces, I have a small overdraft facility on the feeder accounts, for the amount of the RS. I have never once needed those overdrafts. Where possible, though, I pay the money straight into the RS (Lloyds, BoS, TSB)

veryintrigued

SS2 - Mansfield BS Regular Savings (Issue 4) minimum is £10 not £25.

Emily_Joy

colsten wrote: »

I have been doing the same each month, for the last several years, at several different banks. For belts and braces, I have a small overdraft facility on the feeder accounts, for the amount of the RS. I have never once needed those overdrafts. Where possible, though, I pay the money straight into the RS (Lloyds, BoS, TSB)

That's right, some banks pretend process internal transfers over the weekends, but then they show on the statement as being paid on the first working day anyway.

steveouk

Hi everyone.

Been reading this thread with interest (no pun intended!).

Wondered how many regular saver accounts is the most / average that everyone has? We are going to be building up to around 7 accounts.

Have you managed to make much interest by rotating the money around?

schiff

steveouk wrote: »

Have you managed to make much interest by rotating the money around?

It is possibly the best, if not only, way safely to make interest/money.