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friolento

Many thanks all for the explanations of what BRT is. I have held that account myself for several months but with nearly nothing in it, which might explain why BRT meant nothing to me. 

My Skipton RS, like other RSs, are fed from my current account which is currently fed from my Santander EA 5.2% account, and will be fed from a 5.1% account when Santander drop the rate. What, if any, is the advantage in funding the Skipton RS from the Skipton BRT?

ColdIron

friolento said:

What, if any, is the advantage in funding the Skipton RS from the Skipton BRT?

I use a standing order from the BRT to the RS and top it up with a £500 debit card payment from Halifax Rewards for my free fivers. It's not a terrible rate so I leave the £250 where it is until I find a use for it. Keeps Skipton happy that I'm using the account as a saving account and not taking the mick by withdrawing it immediately

BooJewels

I've been thinking about it further during today whilst pottering in the garden and it does seem almost preposterous that it could even happen.  If they're programming it to cancel the standing order the day after the last payment was due, then surely it's only a few more lines of code to either ensure that the payment has indeed been made, or to check the balance of the RS, or check the day of the week. 

Or simpler still, programme it for some point rather later in the month, but before there's any risk of a 13th payment being made.  Any number of days from about +7 to +28 would cover it.  I might send a message querying it, as I want another RS when it matures, so I'd like to think it would work better in future - I'm still confused as to why it wasn't showing as a scheduled payment a couple of weeks ago - if it supposedly was cancelled on 2nd May.  I'm not sure the girl on the chat even got my concerns or understood the issue.  It's only because I wanted to check that the transfer from the BRT to EA had happened that I started monitoring it more closely, so if I hadn't done so, I would have missed the 12th payment not being made.

BooJewels

friolento said:

Many thanks all for the explanations of what BRT is. I have held that account myself for several months but with nearly nothing in it, which might explain why BRT meant nothing to me. 

My Skipton RS, like other RSs, are fed from my current account which is currently fed from my Santander EA 5.2% account, and will be fed from a 5.1% account when Santander drop the rate. What, if any, is the advantage in funding the Skipton RS from the Skipton BRT?

There's no particular advantage in funding from the BRT and that's not what I do.  I actually fund it from my Skipton EA saver, because that's the recipient of monthly interest from a couple of Skipton fixes.  So, to date, my RS has been funded entirely from received monthly interest - none of my own principle funds - better than compounding in the original account.  One of the fixes matured recently, so the interest payments stopped, leaving me 50 quid short for my last RS payment.  So I set up a transfer from the BRT for that last 50 (itself being an interest payment), just to round it off.

friolento

BooJewels said:

friolento said:

Many thanks all for the explanations of what BRT is. I have held that account myself for several months but with nearly nothing in it, which might explain why BRT meant nothing to me. 

My Skipton RS, like other RSs, are fed from my current account which is currently fed from my Santander EA 5.2% account, and will be fed from a 5.1% account when Santander drop the rate. What, if any, is the advantage in funding the Skipton RS from the Skipton BRT?

There's no particular advantage in funding from the BRT and that's not what I do.  I actually fund it from my Skipton EA saver, because that's the recipient of monthly interest from a couple of Skipton fixes.  So, to date, my RS has been funded entirely from received monthly interest - none of my own principle funds - better than compounding in the original account.  One of the fixes matured recently, so the interest payments stopped, leaving me 50 quid short for my last RS payment.  So I set up a transfer from the BRT for that last 50 (itself being an interest payment), just to round it off.

Phew, that sounds complicated. Great that it's working for you

TheWoodler

BooJewels said:

I've been thinking about it further during today whilst pottering in the garden and it does seem almost preposterous that it could even happen. 

My thoughts entirely, especially as SOs are completely controlled by the customer.  

That one was a Members’ RS IIRC, so for this to happen with a loyalty product seems doubly unfortunate. I would not have felt well rewarded for loyalty if I had missed my 12th payment through no fault of my own. 

It’s also a point to consider that there was no difficulty with sufficient funds in the originating EA account - so with it being a working day as well, all conditions were in place for it to have been taken. 

BooJewels

Indeed @TheWoodler - I had thought originally that it wasn't showing as a scheduled payment because there were insufficient funds earlier in the month - but I had scheduled a transfer for 26th April to bring it up over the required amount in good time - no point moving it too soon, as the BRT interest rate is higher than the EA account.  I may be mistaken on this, but my understanding is that if SOs are set for a particular day, as long as the funds are there when it's scheduled it will go ahead - but I think DDs need more run time.

I've sent a secure message asking about it, as it has made me a smidge uneasy about SOs with them, as I routinely schedule withdrawals to my current account in that manner and I need to be able to trust it.  Plus I was going to take another RS when it matures, but likewise, I don't want to rely on it if they might just intervene and cancel the SO before it's been actioned.  I'm not sure that her explanation yesterday withstood scrutiny once I gave it more thought.

liamcov

Leeds BS Regular Saver (Issue 52) 

Can this be opened in addition to the previous issue?

flaneurs_lobster

liamcov said:

Leeds BS Regular Saver (Issue 52) 

Can this be opened in addition to the previous issue?

You asked this question a week ago

I guess the answer is still no.

jameseonline

Just cashed out my First Direct Regular Saver £3735.38, so £3600 + £135.38 interest, not bad but not best either, it's advertised as £136.50 interest though, does say based on paying 1st of each month though but yeah.

Still it's better than last year's amount of £3710.44.

Also when did First Direct get push notifications?, took them long enough.