Leeds Building Society Regular Saver (Issue 4)

aj23_2

Deleted_User wrote: »

Sympathies with you, but the best advice for others (and yourself) is to set up a monthly standing order for each and every Regular Saver which you have. I have (roughly) 22 regular savers and all are set to receive their monthly payment on the 1st of the month (except one or two which, for various reasons, are other days of the month). The only thing I need to remember is to move sufficient funds from my easy access "holding" account (currently, Charter Savings Bank Easy Access Issue 8, paying an acceptable 1.32%) into my principal current account (currently Santander 123 Lite) on the last day of the month to meet the SO's due out on the 1st. (The SO's due on later dates in the month are looked after by the minimum balance which I always keep in the Santander current account). Funds from maturing Regular Savers (including interest) are swept into the holding account to await reinvestment.

But if you go in branch to deposit like he said, why set up a standing order?

[Deleted User]

aj23 wrote: »

But if you go in branch to deposit like he said, why set up a standing order?

Because you won't forget to go into the branch if you don't need to cos you've got a standing order..

aj23_2

Deleted_User wrote: »

Because you won't forget to go into the branch if you don't need to cos you've got a standing order..

Yeah but if he/she doesn't want to do standing order then that's he or she has always gone in branch. Not everyone wants standing orders because then you have to cancel it and re-do if you want to change the amount from month to month.

[Deleted User]

aj23 wrote: »

Yeah but if he/she doesn't want to do standing order then that's he or she has always gone in branch. Not everyone wants standing orders because then you have to cancel it and re-do if you want to change the amount from month to month.

Not with Santander. You can change the amount of the SO online, takes seconds. You don't need to cancel and re-set up.

aj23_2

Deleted_User wrote: »

Not with Santander. You can change the amount of the SO online, takes seconds. You don't need to cancel and re-set up.

And if you're not with Santander... lol

[Deleted User]

aj23 wrote: »

And if you're not with Santander... lol

Get with Santander, or another current account which is the same. If you're going to do this RS thing seriously, you need to get organised, or not bother. The returns are minimal unless done on a reasonable scale and in an organised fashion. Going to a branch to lodge funds in an RS is a waste of time-yours and the member of staff dealing with it. Even RS's which must be opened in branch allow SO deposits.

aj23_2

Deleted_User wrote: »

Get with Santander, or another current account which is the same. If you're going to do this RS thing seriously, you need to get organised, or not bother. The returns are minimal unless done on a reasonable scale and in an organised fashion. Going to a branch to lodge funds in an RS is a waste of time-yours and the member of staff dealing with it. Even RS's which must be opened in branch allow SO deposits.

Why? It would cost me more to be with Santander what with the fee. It's not me who forgot to deposit, I know how to use RS's. I have regular savers and I don't use standing orders and I've never had any issues.

"Going to a branch to lodge funds in an RS is a waste of time-yours and the member of staff dealing with it." - Erm, that is their job! Ha. And it's not a waste of my time if I'm walking past anyway. :rotfl: [Removed]

karlie88

Another aj23-ism to add to the growing list...

pafpcg

aj23 wrote: »

Why? It would cost me more to be with Santander what with the fee. It's not me who forgot to deposit, I know how to use RS's. I have regular savers and I don't use standing orders and I've never had any issues.

"Going to a branch to lodge funds in an RS is a waste of time-yours and the member of staff dealing with it." - Erm, that is their job! Ha. And it's not a waste of my time if I'm walking past anyway. :rotfl: Jesus.

Did you not read the bit in Hattie625's post that said "or another current account" to action the transfer of funds by standing orders? There's no suggestion that Santander is a requirement! It just so happens that a Santander123 account is useful for those funding large numbers of regular savers because Santander pays interest on balances up to £20,000, so for myself and my partner each with a similar number of accounts as Hattie625, the funds outflow on the first working day of the month is "substantial". However, we do use our other interest-paying current accounts as staging posts, for example we use a single standing order from Santander to a Bank of Scotland account to fund standing orders to BoS and Halifax regular savers and to our Virgin Money Branch regular savers. Then there are all the standing orders to shuffle money from one current account to another to meet the minimum monthly deposit requirements. All the current accounts offer standing orders which work as advertised, though some do have their idiosyncracies. As Hattie625 says, one has to be highly organised with electronic calendars and spreadsheets to keep track. I've never tested it, but I'm confident that should I be "unavailable" for a couple of weeks, everything should run automatically, but not for more than a month or so.

Out of curiosity, when you're walking past the branch, how do you pay into your accounts? Cash? Cheque? In any case, many of my accounts are with institutions with branches many miles away - I don't think I've ever seen, let alone been inside, a Principality or Saffron BS branch which have provided lucrative homes for tens of thousands over the years. And has anyone ever seen a branch of the First Direct bank?

In summary, there are some people whose requirements differ from yours and therefore may have a different perspective.

aj23_2

karlie88 wrote: »

Another aj23-ism to add to the growing list...

Oh, which one is that? I didn't realise what I said mattered to you or others that much that it warranted non-thread related replies, or even a reply at all.