Regular Saver Thread **New and Restarted**

polymaff

soulsaver said:

schiff said:

What a pig this new MSE is! I composed something in reply to polymaff in the normal way I was familiar with and it has not turned up; and it's too long to re-write. Ignore the last two of mine 

Is it this:

I've got one of these Builder accounts - to pay off a stooz in October 2021. I've not fully researched it yet but they have well-defined dates from which a month runs to and from. By withdrawing the bulk of the balance the day after the monthly interest is credited, waiting a month and re-depositing I think you can keep it going, only sacrificing a month's interest, which I assume you will be able to claw back the bulk of the loss in an account paying 1% to 1.3% where you store the withdrawn funds.

OK, but caroline1973lefty is talking about pulling all of the cash out soon.  I read this as crashing a month's interest on £6,000.

Quite a sting in the tail.

What a flipping stupid site MSE has become.  Nothing better - and so much worse.  The old one wasn't broken. This is.

schiff

Not if closure is the day of the interest credit, or the day after.

schiff

Monthly cycle: closure of business on the 2nd last day business day of month one, to close of business on the 2nd last day business day of month two.
Interest paid on the first working day of the month.
Roughly from the T&Cs

littlemoney

I am opening a regular saver account by post as the nearest branch is too far to drive. They have asked for for a copy of my passpost as proof of ID. I am concerned about posting a copy of my passport. any suggestions how I can protect myself in the event of the application going astray whilst meeting the ID requirements.

karlie88

littlemoney said:

I am opening a regular saver account by post as the nearest branch is too far to drive. They have asked for for a copy of my passpost as proof of ID. I am concerned about posting a copy of my passport. any suggestions how I can protect myself in the event of the application going astray whilst meeting the ID requirements.

Original passport or certified copy of passport?
If former, then Royal Mail Special Delivery. Signed For is a cheaper option but comes with less insurance. Building Society will probably post it back via standard mail though.
If latter, get it certified at a Post Office or a solicitor. For guidance my solicitor charges £10 per document.
Obviously these costs should be factored in when opening a RS.

colsten

karlie88 said:

littlemoney said:

I am opening a regular saver account by post as the nearest branch is too far to drive. They have asked for for a copy of my passpost as proof of ID. I am concerned about posting a copy of my passport. any suggestions how I can protect myself in the event of the application going astray whilst meeting the ID requirements.

Original passport or certified copy of passport?
If former, then Royal Mail Special Delivery. Signed For is a cheaper option but comes with less insurance. Building Society will probably post it back via standard mail though.
If latter, get it certified at a Post Office or a solicitor. For guidance my solicitor charges £10 per document.
Obviously these costs should be factored in when opening a RS.

The cost of that will eat into the yield of your account. Have you exhausted all the RSs you can open online?

littlemoney

karlie88 said:

littlemoney said:

I am opening a regular saver account by post as the nearest branch is too far to drive. They have asked for for a copy of my passpost as proof of ID. I am concerned about posting a copy of my passport. any suggestions how I can protect myself in the event of the application going astray whilst meeting the ID requirements.

Original passport or certified copy of passport?
If former, then Royal Mail Special Delivery. Signed For is a cheaper option but comes with less insurance. Building Society will probably post it back via standard mail though.
If latter, get it certified at a Post Office or a solicitor. For guidance my solicitor charges £10 per document.
Obviously these costs should be factored in when opening a RS.usr

The person I spoke to said a photocopy of my passport, no reference to it being certified so that was what I was going post.

Tdlm

Hoping one of you will know the answer to this.
I had a 123 with Santander and decided to switch for a cash bonus from another bank. I have a few months before my Santander Regular saver (exclusive to 123 account holders which I no longer am) will mature or if I should just pull the money now. Does anyone know? I'm hoping that Santander will honour it automatically but I don't want to ask directly in case it triggers them not to mature it. Any thoughts?

soulsaver

believe

Tdlm said:

Hoping one of you will know the answer to this.
I had a 123 with Santander and decided to switch for a cash bonus from another bank. I have a few months before my Santander Regular saver (exclusive to 123 account holders which I no longer am) will mature or if I should just pull the money now. Does anyone know? I'm hoping that Santander will honour it automatically but I don't want to ask directly in case it triggers them not to mature it. Any thoughts?

IIRC the terms say you need a 123 ac to open the rs - so not mandatory to hold it. So you could start by checking there.

finspaniard

Tdlm said:

Hoping one of you will know the answer to this.
I had a 123 with Santander and decided to switch for a cash bonus from another bank. I have a few months before my Santander Regular saver (exclusive to 123 account holders which I no longer am) will mature or if I should just pull the money now. Does anyone know? I'm hoping that Santander will honour it automatically but I don't want to ask directly in case it triggers them not to mature it. Any thoughts?

You could also open a second account with Santander and switch that one, while downgrading you current 123 to 123 Lite.
You save yourself the hassle of switch your main account while no need to worry about your RS.