PrizeSaver anyone?

colsten

@quirkydeptless, do commsave allow deposits by Direct Debit?

quirkydeptless

colsten wrote: »

@quirkydeptless, do commsave allow deposits by Direct Debit?

Not seen any mention of it

"How do I save with Commsave? The majority of our members save through their payroll. Family members have the choice of saving through their relatives’ payroll, regular card payments or through a bank standing order."

Brewer20

colsten wrote: »

@quirkydeptless, do commsave allow deposits by Direct Debit?

Being as I can't do payroll deductions (retired) I pay into my Commsave account via my bank SO. That way I can increase/decrease if required, so it has to be SO.

I've messaged the CU asking how I can regularly fund this new Prizesaver account as you can use it just like an additional savings account. I can't see how you fund it at present apart from sending them a message requesting a transfer of funds or a one off bank transfer for the initial funding.

masonic

Brewer20 wrote: »

I've messaged the CU asking how I can regularly fund this new Prizesaver account as you can use it just like an additional savings account. I can't see how you fund it at present apart from sending them a message requesting a transfer of funds or a one off bank transfer for the initial funding.

Is there any point in doing so? Once you've got £200 in there, any additional money won't give you an increased chance of winning a prize and presumably you'll get the same interest/dividend on your money if you just send it by standing order to your normal savings account with the CU.

colsten

masonic wrote: »

Is there any point in doing so? Once you've got £200 in there, any additional money won't give you an increased chance of winning a prize and presumably you'll get the same interest/dividend on your money if you just send it by standing order to your normal savings account with the CU.

That's my plan, too - a one-off £200 into the PrizeSaver and that's it then. The only reason why I would consider putting in more than £200 is if they promised better interest / dividend on the PrizeSaver account. That's quite unlikely, I think.

Brewer20

masonic wrote: »

Is there any point in doing so? Once you've got £200 in there, any additional money won't give you an increased chance of winning a prize and presumably you'll get the same interest/dividend on your money if you just send it by standing order to your normal savings account with the CU.

Let's just say the first £200 is mine.

quirkydeptless

Brewer20 wrote: »

Being as I can't do payroll deductions (retired) I pay into my Commsave account via my bank SO. That way I can increase/decrease if required, so it has to be SO.

I've messaged the CU asking how I can regularly fund this new Prizesaver account as you can use it just like an additional savings account. I can't see how you fund it at present apart from sending them a message requesting a transfer of funds or a one off bank transfer for the initial funding.

I think I'd prefer SOs to Payroll deductions as I can manage that myself.


Thinking of a one off payment of £200 into the prize saver, and then a SO into the regular saver which has a proposed 2.25% dividend.
Not sure what the min/max limits are that I can put in for this account yet.

Zanderman

wmb194 wrote: »

"London Capital Credit Union = residents of some north London boroughs plus employees of various organisations
https://www.credit-union.coop/content.asp?section=250 "

This one actually has quite a wide net in the south east, covering quite a number of counties, and to join you simply need to be a member of the Co-op Group: see section two in the link. Apparently it costs one pound to become a member of the Co-op.

But only the Coop in the SE:

A member or employee of The Co-operative Group (The Co-op) in London and the South East Region. This includes: Berkshire Buckinghamshire East Sussex Greater London Hampshire Isle of Wight Kent Oxfordshire Surrey West Sussex

So ok for anyone over/down there, but no good for those of us in the rest of the country.

colsten

Brewer20 wrote: »

Let's just say the first £200 is mine.

what are you trying to say? All your deposits are yours, unless you sign up with a CU that charges you an annual fee. Why are you thinking of having more than £200 in the PrizeSaver?

Brewer20

colsten wrote: »

what are you trying to say? All your deposits are yours, unless you sign up with a CU that charges you an annual fee. Why are you thinking of having more than £200 in the PrizeSaver?

It's another pot to save money in.
They have a Christmas saving account, a holiday savings account to put funds into, so this will be just another savings account, separate to my main account. If you like a household fund for those big bills, but as I say the first £200 is my personal money, with me?