Regular Saver Thread **New and Restarted**

polymaff

RG2015 wrote: »

Is there any benefit of downgrading from a FlexDirect to a Flex account? After the first 12 months I have just kept £1 in my FlexDirect account and transfer in £250 per month for the regular saver

Ditto.........

ValiantSon

RG2015 wrote: »

Is there any benefit of downgrading from a FlexDirect to a Flex account? After the first 12 months I have just kept £1 in my FlexDirect account and transfer in £250 per month for the regular saver

None that I can see. I'd say that keeping the FlexDirect makes more sense as it gives another account paying some interest, even if it is only 1%. As there is no cost involved it seems to make little sense to change to the Flex Account.

RG2015

ValiantSon wrote: »

None that I can see. I'd say that keeping the FlexDirect makes more sense as it gives another account paying some interest, even if it is only 1%. As there is no cost involved it seems to make little sense to change to the Flex Account.

Thanks, I could not see a reason to "downgrade" either. As to the 1%, If needs be, I can get at least 1.35% with the Tesco internet saver hence I keep my Nationwide at £1.

ValiantSon

RG2015 wrote: »

Thanks, I could not see a reason to "downgrade" either. As to the 1%, If needs be, I can get at least 1.35% with the Tesco internet saver hence I keep my Nationwide at £1.

I agree that the 1% can be beaten, but you never know! I don't see the benefit in downgrading an interest paying account (even if that rate is beaten elsewhere) to a non-interest paying one.

mary

RG2015 wrote: »

Is there any benefit of downgrading from a FlexDirect to a Flex account? After the first 12 months I have just kept £1 in my FlexDirect account and transfer in £250 per month for the regular saver

There was a time where if you downgraded for a few months, then you could upgrade again to the Flex Direct and get the higher rate. Now you can only ever have the 5% once in a lifetime

hgt

mary wrote: »

I downgraded from the FlexDirect to the Flex Account a while ago and have been paying in £750 per month, leaving £250 for the RS and bouncing the remaining £500 out again. Somewhere I had got it in myhead that you had to pay in £750. So was I dreaming then?

If you're one of the people who qualified for free travel insurance on the Flex Account (not been available to new customers since about Sep 17) then you need to pay in the £750 to keep the insurance perk too - that's the only reason I still cycle £750/month through my Flex Account.

Special_Saver2

Hi Folks,

I have made the following change for this weekend's update.

- Virgin Money Regular E-Saver issue 10, I have noted the comment about this being in the wrong post; I have put a comment to note that at the moment there is more than 12 months to go on this account (will drop to less than 12 months' worth later this month); I don't really want to move the account to the "more than 12 months' post" and then try to remember to move it back again and it would be good to keep the two Virgin Money regular saver accounts together

I will do another update next weekend.

SS2

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For those new to this thread, the first few posts are constantly updated and are here

Bobblehat

Hi SS2

In the Matures after 12 Months, Requires Another Account section, first entry, for First Direct, on their appropriate web page, they say the gross interest is £97.50...... not £117. Are you factoring in something I missed? I made a note that my RS that matured last year grossed £97.31 ...... close enough within a day or so worth of interest!

Sorry if you've covered this before but searching came up with nothing in the many posts ... but that could just be me

YorkshireBoy

Bobblehat wrote: »

Hi SS2

In the Matures after 12 Months, Requires Another Account section, first entry, for First Direct, on their appropriate web page, they say the gross interest is £97.50...... not £117. Are you factoring in something I missed? I made a note that my RS that matured last year grossed £97.31 ...... close enough within a day or so worth of interest!

Sorry if you've covered this before but searching came up with nothing in the many posts ... but that could just be me

£117 was the return when it paid 6% AER.

Bobblehat

Thanks YB ..... how long ago was that?