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ForumUser7

With the rate change to the Skipton Home Deposit Saver Issue 1, are we not supposed to be able to make a penalty free withdrawal please? The account allows closure, but normally with other providers a rate change means a withdrawal is allowed. Thanks 

flaneurs_lobster

ForumUser7 said:

With the rate change to the Skipton Home Deposit Saver Issue 1, are we not supposed to be able to make a penalty free withdrawal please? The account allows closure, but normally with other providers a rate change means a withdrawal is allowed. Thanks 

Not sure what you mean by "supposed to be able to...", the t&cs are definitive, no partial withdrawals from this account for any reason.

allegro120

I received  'maturity options' from Principality for Maturity Winter Regular Saver Bond.  I've logged in and picked the Christmas 2025 Regular Saver (7%) option, instructed £125 of matured funds to go there and the rest FP to my current account.  The way it's done is Maturity Winter will morph into Christmas 2025 (i.e. the account number will remain the same). Next I opened my speadsheet to input the details and realised that I already have Christmas 2025 opened in October. I am tempted to leave it as is and see if I can get away with two Christmas 2025s.  Or the other option is to call Principality and tell them I've made a mistake.  Any thoughts?

flaneurs_lobster

allegro120 said:

I am tempted to leave it as is and see if I can get away with two Christmas 2025s.  Or the other option is to call Principality and tell them I've made a mistake.  Any thoughts?

I'd let it ride, unless I needed that £125 elsewhere.

How far out from maturity are you? I've got an RS maturing on 20/12, might see if they offer me double-dibs on the Xmas 25 too.

ForumUser7

flaneurs_lobster said:

ForumUser7 said:

With the rate change to the Skipton Home Deposit Saver Issue 1, are we not supposed to be able to make a penalty free withdrawal please? The account allows closure, but normally with other providers a rate change means a withdrawal is allowed. Thanks 

Not sure what you mean by "supposed to be able to...", the t&cs are definitive, no partial withdrawals from this account for any reason.

I'd read in some companies' ts and cs that when they reduce rates you can make a withdrawal within x days. Suffolk for example is allowing partial withdrawals or closure on their no-access variable rate RSs. Thanks for confirming though.

allegro120

flaneurs_lobster said:

allegro120 said:

I am tempted to leave it as is and see if I can get away with two Christmas 2025s.  Or the other option is to call Principality and tell them I've made a mistake.  Any thoughts?

I'd let it ride, unless I needed that £125 elsewhere.

How far out from maturity are you? I've got an RS maturing on 20/12, might see if they offer me double-dibs on the Xmas 25 too.

Mine matures on 21/12. Letter arrived yesterday (7/12) and dated 5/12 so in theory you should have received this letter already, but if not you can probably see your maturity options online now.

I have enough money in my EA pot to fund all my RSs so this £125 would just sit in Cahoot's 5.12% on 1st January.  I think it is worth trying to get two Xmas25 running, can't think of any downsides, in worst case scenario they will return £125 with a couple of day's delay.

flaneurs_lobster

allegro120 said:

flaneurs_lobster said:

allegro120 said:

I am tempted to leave it as is and see if I can get away with two Christmas 2025s.  Or the other option is to call Principality and tell them I've made a mistake.  Any thoughts?

I'd let it ride, unless I needed that £125 elsewhere.

How far out from maturity are you? I've got an RS maturing on 20/12, might see if they offer me double-dibs on the Xmas 25 too.

Mine matures on 21/12. Letter arrived yesterday (7/12) and dated 5/12 so in theory you should have received this letter already, but if not you can probably see your maturity options online now.

I have enough money in my EA pot to fund all my RSs so this £125 would just sit in Cahoot's 5.12% on 1st January.  I think it is worth trying to get two Xmas25 running, can't think of any downsides, in worst case scenario they will return £125 with a couple of day's delay.

Quite right, maturity instructions available online.

I've instructed £200 to a (new) 6mth RS (which, of course, I already have). Reading the setup blurb, I'm betting that your and my monies will be fed to our existing RS accounts, where they will bounce because they will already have been fed the max this month.

We'll see.

PloughmansLunch

flaneurs_lobster said:

allegro120 said:

flaneurs_lobster said:

allegro120 said:

I am tempted to leave it as is and see if I can get away with two Christmas 2025s.  Or the other option is to call Principality and tell them I've made a mistake.  Any thoughts?

I'd let it ride, unless I needed that £125 elsewhere.

How far out from maturity are you? I've got an RS maturing on 20/12, might see if they offer me double-dibs on the Xmas 25 too.

Mine matures on 21/12. Letter arrived yesterday (7/12) and dated 5/12 so in theory you should have received this letter already, but if not you can probably see your maturity options online now.

I have enough money in my EA pot to fund all my RSs so this £125 would just sit in Cahoot's 5.12% on 1st January.  I think it is worth trying to get two Xmas25 running, can't think of any downsides, in worst case scenario they will return £125 with a couple of day's delay.

Quite right, maturity instructions available online.

I've instructed £200 to a (new) 6mth RS (which, of course, I already have). Reading the setup blurb, I'm betting that your and my monies will be fed to our existing RS accounts, where they will bounce because they will already have been fed the max this month.

We'll see.

I’ve already plumped for full deposit to external account, but would be interested to see what happens for either of you. I wish I’d thought of trying to wangle another RS out of the process. 

happybagger

ForumUser7 said:

flaneurs_lobster said:

ForumUser7 said:

With the rate change to the Skipton Home Deposit Saver Issue 1, are we not supposed to be able to make a penalty free withdrawal please? The account allows closure, but normally with other providers a rate change means a withdrawal is allowed. Thanks 

Not sure what you mean by "supposed to be able to...", the t&cs are definitive, no partial withdrawals from this account for any reason.

I'd read in some companies' ts and cs that when they reduce rates you can make a withdrawal within x days. Suffolk for example is allowing partial withdrawals or closure on their no-access variable rate RSs. Thanks for confirming though.

Skipton's general t&cs (regardless of what any product t&cs say) don't offer withdrawals, just closure. That is your "get out of the account if you don't like the rate drop" option.

"you may, within two months of receiving notice of the change, switch your savings account or close it without having to pay any charges and without losing any interest up to the date of switching/ closure"

(page 20)

allegro120

flaneurs_lobster said:

allegro120 said:

flaneurs_lobster said:

allegro120 said:

I am tempted to leave it as is and see if I can get away with two Christmas 2025s.  Or the other option is to call Principality and tell them I've made a mistake.  Any thoughts?

I'd let it ride, unless I needed that £125 elsewhere.

How far out from maturity are you? I've got an RS maturing on 20/12, might see if they offer me double-dibs on the Xmas 25 too.

Mine matures on 21/12. Letter arrived yesterday (7/12) and dated 5/12 so in theory you should have received this letter already, but if not you can probably see your maturity options online now.

I have enough money in my EA pot to fund all my RSs so this £125 would just sit in Cahoot's 5.12% on 1st January.  I think it is worth trying to get two Xmas25 running, can't think of any downsides, in worst case scenario they will return £125 with a couple of day's delay.

Quite right, maturity instructions available online.

I've instructed £200 to a (new) 6mth RS (which, of course, I already have). Reading the setup blurb, I'm betting that your and my monies will be fed to our existing RS accounts, where they will bounce because they will already have been fed the max this month.

We'll see.

Good point! It didn't cross my mind, if it's the same account you can't double your monthly allowance. Oh well, never mind It will be interesting to see if the main part (multiple accounts) works.