Regular Saver Thread **New and Restarted**

Speculator

Just made my 12th £500 monthly payment into this account.

Does anyone know if it allows a 13th payment?

Thanks.

Speculator

glider3560 wrote: »

There are very few (possibly only Ecology BS) regular savers on the market at the moment that permit payments by direct debit.

I am still paying by monthly DD to my Monmothshire BS Reg Saver but I think they've changed to SO only for new applicants.

adindas

Speculator wrote: »

Just made my 12th £500 monthly payment into this account.

Does anyone know if it allows a 13th payment?

Thanks.

This is not to criticise but I might want to learn a new thing if I have missed something.

In many cases, all of the money coming to Chorley already sit in 2% interest current account.

So what is the difference additional 0.5% e.g (2.5%-2%) of £500 could make? So tiny.

Say for 30 days (the best case) it will be 30/365*0.005*£500 = £0.20

I wonder why people are so fancy putting the 13-month additional payment if the difference is so tiny and if it is not clearly spelled out in product KPI like the one in Virgin Money? What have I been missing here?

veryintrigued

Speculator wrote: »

Just made my 12th £500 monthly payment into this account.

Does anyone know if it allows a 13th payment?

Thanks.

See the previous page of this very thread...

mhoc

Speculator wrote: »

I am still paying by monthly DD to my Monmothshire BS Reg Saver but I think they've changed to SO only for new applicants.

Just out of curiosity what rate are you getting from Monmothshire?
I had a look at their website and their regular savers are now only paying a pittance

Speculator

mhoc wrote: »

Just out of curiosity what rate are you getting from Monmothshire?
I had a look at their website and their regular savers are now only paying a pittance

only 1.3%

Only keeping it for the Direct Debit and making 1 penalty free withdrawal a year.

schiff

adindas wrote: »

This is not to criticise but I might want to learn a new thing if I have missed something.

In many cases, all of the money coming to Chorley already sit in 2% interest current account.

So what is the difference additional 0.5% e.g (2.5%-2%) of £500 could make? So tiny.

Say for 30 days (the best case) it will be 30/365*0.005*£500 = £0.20

I wonder why people are so fancy putting the 13-month additional payment if the difference is so tiny and if it is not clearly spelled out in product KPI like the one in Virgin Money? What have I been missing here?

Nothing. It's the relentless pursuit of pennies

Speculator

schiff wrote: »

I didn't know that the Chorley RS was no more but found that out in the course of phoning to ask if I can make a 13th payment into my account, which has a £6K balance, before the 23/4 maturity date. I can't.

A letter is coming apparently which may contain some news. They don't seem to have a RS of any kind now which is a bit sad.

But an old folks basic account with 1.35% interest which isn't bad.

Just had a reply to my email enquiry.

Good Morning,

The account was designed to take 12 payments, however if you send a payment before it matures on the anniversary of opening as I understand it, the account will accept it.

Hope this helps but if you need any further information please do not hesitate to contact me.

mgarl10024

Speculator wrote: »

as I understand it

A nice confident response then...

EachPenny

Has anyone had problems with Virgin Money opening Regular Saver accounts in store? When I opened my issue 8 the system wouldn't accept an electronic check and required documents instead. Some backwards and forwards on the phone has resolved this by taking a recent utility bill to the store.

Now the customer services team on the phone have said that due to money laundering regulations they now require both a 'list A' and a 'list B' document every time a new account is opened.

This seems a bit daft. If you've already proved your identity with a 'list A' document when you started your banking relationship with them then why would the regulations require the customer to do that again with every new account opened? My identity hasn't changed since opening my first account, and I cannot think of any reason why it would change other than a change of name for which other documentation would be necessary.

I'm trying to work out if I've been given duff information, or if the regulations really are this strict.

For those making appointments to open the issue 9 it might be a good idea to take all your documentation along just in case.