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where_are_we

With the Saffron RSD10@ 2.05% is it possible to make 13 monthly payments of £500? T&C`s do not state a maximum amount after 12 months, just that £500 maximum per calendar month.

schiff

Daliah said:

schiff said:

Saffron - they could avoid all this (not that it's any trouble) by making the interest rate variable.

That‘s not how their products are stuctured. The new version is effectively a new RS, running for 12 months from the switch date. They allow you to close your existing fixed rate / fixed term version, without penalties, if you take out the new version, which is another 12 months fix. Saffron‘s flexibility on this is in stark contrast to First Direct, who force their existing customers to either sit out the 12 months term, or to take a massive interest hit.

I've put the suggestion to them anyway. Let's see what happens. As issue 9 only had time for two months' deposits, it makes sense to me.

schiff

where_are_we said:

With the Saffron RSD10@ 2.05% is it possible to make 13 monthly payments of £500? T&C`s do not state a maximum amount after 12 months, just that £500 maximum per calendar month.

where_are_we said:

With the Saffron RSD10@ 2.05% is it possible to make 13 monthly payments of £500? T&C`s do not state a maximum amount after 12 months, just that £500 maximum per calendar month.

The example they give of the likely balance at end of term is geared to £6000, which my be an indication. In 2018/19 I had 13 payments accepted; in 2019/20 I had my 13th payment returned. Take your pick!

Daliah

schiff said:

Daliah said:

schiff said:

Saffron - they could avoid all this (not that it's any trouble) by making the interest rate variable.

That‘s not how their products are stuctured. The new version is effectively a new RS, running for 12 months from the switch date. They allow you to close your existing fixed rate / fixed term version, without penalties, if you take out the new version, which is another 12 months fix. Saffron‘s flexibility on this is in stark contrast to First Direct, who force their existing customers to either sit out the 12 months term, or to take a massive interest hit.

I've put the suggestion to them anyway. Let's see what happens. As issue 9 only had time for two months' deposits, it makes sense to me.

At a guess, nothing will happen. Which would be good, then we don't need to worry about falling rates on existing accounts.

typistretired

Saffron BS I rang their 0800 number and was very quickly put through to an advisor. All completed in 5 minutes.

typistretired

where_are_we said:

With the Saffron RSD10@ 2.05% is it possible to make 13 monthly payments of £500? T&C`s do not state a maximum amount after 12 months, just that £500 maximum per calendar month.

You can only make 12 deposits it is shown under how much would be in account after 12 months

Notepad_Phil

typistretired said:

where_are_we said:

With the Saffron RSD10@ 2.05% is it possible to make 13 monthly payments of £500? T&C`s do not state a maximum amount after 12 months, just that £500 maximum per calendar month.

You can only make 12 deposits it is shown under how much would be in account after 12 months

If I'm looking in the right place then it does say that is only an estimated balance and depends on individual circumstances. It would for instance be true if someone opened it on the 1st of a month where only 12 monthly deposits of £500 could actually be physically made.

All I can say is that I succesfully put thirteen £500 deposits into my last full-term regular saver with them as I did not open the account on the 1st of a month. This is what I expected as all it says is that "the maximum deposit amount per calendar month is £500" and nowhere does it give a maximum amount allowed or number of deposits or anything else which would indicate a limit of 12.

Descrabled

Principality RS27

1.5% fixed rate £1-£250 per month 12 month bond. No withdraw.

Not for me as my lower limit is now 2% no withdraw or 1.75% easy access (Virgin HB series)

george4064

Every_Penny_Counts said:

castle96 said:

re FD Reg Saver. Do I need to set up a standing order from the current a/c to the RS, or is it automatic? Obviously have, set up SO from my main a/c to the FD current a/c. TIA

As RG2015 said, they set it up. Just double checked mine & the next payment is set for Sun 29 May, so will come out the following day...

EPC

I managed to set up the standing order myself before the automatic one appeared. Didn’t know which one to cancel (they were both for the same future date) so took my chances, hopefully it won’t cause any issues (I don’t see why!)

Wheres_My_Cashback

Descrabled said:

Principality RS27

1.5% fixed rate £1-£250 per month 12 month bond. No withdraw.

Not for me as my lower limit is now 2% no withdraw or 1.75% easy access (Virgin HB series)

There was a time recently when Principality were ahead of the competition, but unfortunately those days seem to have gone. Shame, as they have one of the easiest opening/maturing processes and a great online facility.