Regular Savings Accounts: The Best Currently Available List!

Vortigern

Wheres_My_Cashback wrote: »

Virgin have responded and confirmed it is an IT error affecting ALL RS accounts.

I think it's called an OSWF error.

bubieyehyeh

I search the forum, and the saffron bs website, but yet to find out if it is possible to pay a 13th monthly payment into the saffron 12 month fixed regular saver account. Does anyone know?

TheShape

bubieyehyeh wrote: »

I search the forum, and the saffron bs website, but yet to find out if it is possible to pay a 13th monthly payment into the saffron 12 month fixed regular saver account. Does anyone know?

I thought I'd find out today when my SO would normally be sent to Saffron but I appear to have set the final payment for 01/09/17 so no payment attempted today.

I don't think it's clear from the Saffron site:

Paying money in

Each month, for a maximum of 12 months, you can make payments from £10 up to £200, into your account at any of our branches or by post. You can make as many deposits during the month as you need to, providing they don't exceed the monthly limit of £200. Your deposits can be made by cash, cheque, or transfer from another bank or building society account. Where deposits are made by cheque we require at least seven working days before the funds are available to withdraw.

To ensure you receive the maximum monthly interest your payments need to reach your account by the 28th of each month for them to be counted. Any missed payments can't be backdated.

mgarl10024

bubieyehyeh wrote: »

I search the forum, and the saffron bs website, but yet to find out if it is possible to pay a 13th monthly payment into the saffron 12 month fixed regular saver account. Does anyone know?

Each month, for a maximum of 12 months, you can make payments from £10 up to £200

https://www.saffronbs.co.uk/savings/display.product/?categoryID=1&category=immediate&productID=g2



I can't check atm, but pretty sure I tried last year and it bounced.

schiff

schiff wrote: »

What are the odds that this discussion will continue

I don't know if you can withdraw added interest from an ongoing RS without breaking the T&Cs but an interesting point arises. Does the March interest fall into the 2016/17 tax year, when it was added, or the current tax year when we'll have access.

mgarl10024

schiff wrote: »

I don't know if you can withdraw added interest from an ongoing RS without breaking the T&Cs but an interesting point arises. Does the March interest fall into the 2016/17 tax year, when it was added, or the current tax year when we'll have access.

Almost certain it applies in the tax year when it was paid, whether you have access or not.

I remember this from a couple of years back: http://www.telegraph.co.uk/personal-banking/savings/nsi-pensioner-bond-warning-you-may-be-taxed-before-your-bond-mat/

glider3560

schiff wrote: »

I don't know if you can withdraw added interest from an ongoing RS without breaking the T&Cs but an interesting point arises.

I've said it before and I'll say it again: the Virgin Regular Savers are all instant access. There is no bonus rate. The rate is fixed. Therefore there are no conditions to get the "higher" interest rate as there isn't a lower one.

/QUOTE]Does the March interest fall into the 2016/17 tax year, when it was added, or the current tax year when we'll have access.[/QUOTE]
Interest counts in the year it is paid, not when you withdraw it.

bubieyehyeh

TheShape wrote: »

I thought I'd find out today when my SO would normally be sent to Saffron but I appear to have set the final payment for 01/09/17 so no payment attempted today.

I don't think it's clear from the Saffron site:

Agreed, it isn't.

I might give them a ring, but it the sort of question where staff might guess on the safe side (as they see it), when they don't know for sure.

I could just try and see if bounces, and if it does then I ask them why, and because of what part of the T&Cs.

bubieyehyeh

mgarl10024 wrote: »

https://www.saffronbs.co.uk/savings/display.product/?categoryID=1&category=immediate&productID=g2



I can't check atm, but pretty sure I tried last year and it bounced.

The T&C aren't clear, but it would be great if they get chance to check what happened last year and report back.

Westie983

schiff wrote: »

I don't know if you can withdraw added interest from an ongoing RS without breaking the T&Cs but an interesting point arises.

Yes you can withdraw the interest as the account is not fixed like other regular savers, I removed the interest paid in March from my online regular savers and I will do the same with the store versions when their interest is added at the end of the month.

This means that the totals are round figures, rather then paying in less then I do to make the balance an even round number.

Waiting for the first Virgin RS to mature in of the month, then I will know how it works for the other 12 I have opened

Westie983