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Principality 6 month saver

To maximise your income (interest) it is always best to open and add the maximum payment (£200) as near as possible to the last day of the month followed by 5 more payments on the 1st of the following months.

The idea of opening with £1 now and making a decision on further payments later gives the poorest return. 8% is an excellent return and should be subscribed to at the expense of any lower interest savings.

Note that I have only one regular saver at an interest below 6% and that is the Coventry FHS 1 (NLA) that I use as my petty cash and account to feed my other regular savers.

dekkard

Anyone else seeing an error when trying to open this new Principality account?

courier9585

dekkard said:

Anyone else seeing an error when trying to open this new Principality account?

Yep, get as far as marketing preferences and it throws an error, tried different browsers with same result,

flaneurs_lobster

dekkard said:

Anyone else seeing an error when trying to open this new Principality account?

Nope, opened and funded within the last hour.

What kind of error?

surreysaver

dekkard said:

Anyone else seeing an error when trying to open this new Principality account?

Had an error the first time I tried, but managed to proceed with the application when I tried a second time 

allegro120

jameseonline said:

10_66 said:

jameseonline said:

10_66 said:

ThePirates said:

So the Principality 6 Mth Saver says £200 per month. To maximise interest am I right in thinking £200 today and the the 1st of each month for the next 5 or is it the 20th of each month?

You can deposit now and then on 1st of the month.  Maximum balance permitted is £1,200 over the 6 month period.

Or setup closer to the end of the month making the next payment on the 1st

If it's still available at the end of the month.

Why wouldn't it be?, they've only just launched it, pretty sure it will be around for just over a week, pretty sure their other regular accounts have lasted more than a week before being pulled too.

But yes it's a possibility but I doubt it.

Past performance is no guarantee of future results.  Since I've missed 7% MonBS in August last year (it was on sale for only one or two days) I open accounts on the day they become available. May not be the perfect strategy but works for me well.

Bridlington1

allegro120 said:

jameseonline said:

10_66 said:

jameseonline said:

10_66 said:

ThePirates said:

So the Principality 6 Mth Saver says £200 per month. To maximise interest am I right in thinking £200 today and the the 1st of each month for the next 5 or is it the 20th of each month?

You can deposit now and then on 1st of the month.  Maximum balance permitted is £1,200 over the 6 month period.

Or setup closer to the end of the month making the next payment on the 1st

If it's still available at the end of the month.

Why wouldn't it be?, they've only just launched it, pretty sure it will be around for just over a week, pretty sure their other regular accounts have lasted more than a week before being pulled too.

But yes it's a possibility but I doubt it.

Past performance is no guarantee of future results.  Since I've missed 7% MonBS in August last year (it was on sale for only one or two days) I open accounts on the day they become available. May not be the perfect strategy but works for me well.

It was on offer for around 24 hours IIRC (including the time after it had been removed from the website but before the application link stopped working).

For me it depends on the individual account and how I'm doing for cashflow, there is a small subset of regular savers (Co-op, Gatehouse, etc) in which the account term begins on the date you make your first deposit so I will typically open the account as soon as possible and then delay funding or keep letting it automatically close for failure to fund and immediately open new ones (as I've done with the Gatehouse 5.3% RS for a while), so that if the account becomes useful I can push the maturity dates on as long as possible and feel the full benefits of the account.

Others can be very quickly ``refreshed" so I often end up opening and funding immediately and then if they're still available ``refreshing" at the end of the month, a fairly recent example of this was when I renewed a Saffron Small Saver into itself for tax purposes, cashflow and interest maximisation twice in April (once around the 4th or 5th, the next on 30th).

For many accounts I do as you do though, including the PBS 8% regular saver. By quirk of cashflow I had ended up with exactly £201 in the Skipton Member Bonus Saver so I chose to open/fund the account now whilst retaining the option of possibly ``refreshing" the account at a later date.

Wheres_My_Cashback

allegro120 said:

jameseonline said:

10_66 said:

jameseonline said:

10_66 said:

ThePirates said:

So the Principality 6 Mth Saver says £200 per month. To maximise interest am I right in thinking £200 today and the the 1st of each month for the next 5 or is it the 20th of each month?

You can deposit now and then on 1st of the month.  Maximum balance permitted is £1,200 over the 6 month period.

Or setup closer to the end of the month making the next payment on the 1st

If it's still available at the end of the month.

Why wouldn't it be?, they've only just launched it, pretty sure it will be around for just over a week, pretty sure their other regular accounts have lasted more than a week before being pulled too.

But yes it's a possibility but I doubt it.

Past performance is no guarantee of future results.  Since I've missed 7% MonBS in August last year (it was on sale for only one or two days) I open accounts on the day they become available. May not be the perfect strategy but works for me well.

There is a lot of paranoia here about RS availability suddenly closing soon after becoming available and most of it is completely unsubstantiated. 39 of my 43 RS have been opened in the last 4 days of the month it has become available, therefore maximising gain, never have I missed one by delaying an opening. 
However, I would agree that MONBS is one where you shouldn't hang about as they do not have the infrastructure to deal with a large influx and will often pull them quickly. Principality never have and this one can wait just as the Saffron MML will, though a consideration for the PBS 6 month is the maturity date occurring over the XMAS period if delaying the opening, which could 'potentially' delay fund availability upon maturity.
Quite outstanding that 8th PBS have so many RS on the go at once. When opened I will be funding 8 from them.
Obviously tax implications and cash flow may impact your selected opening date, each to thir own.

WillPS

Principality BS

I'm guessing I should ignore the 'first deposit' info on the sign up flow, which states:

The minimum amount to fund is £1.00

Maximum deposit is £1200.00

Presumably a £1200 first deposit would fall straight out?

jameseonline

WillPS said:

Principality BS

I'm guessing I should ignore the 'first deposit' info on the sign up flow, which states:

The minimum amount to fund is £1.00

Maximum deposit is £1200.00

Presumably a £1200 first deposit would fall straight out?

What do you mean by fall straight out?