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SanguineOnSaturn

When I set my Natwest one up I seem to remember seeing that  a SO needed to be set up from the current account but the regular saver could be topped up ftom another source. Since then I've paid £1 from Natwest current account and £149 from feeder with another bank.

adindas

Hoopra said:

I don't really see the point in taking the risk where there's no need to do so. My TSB current account usually has zero balance but I set up a SO from it to feed the RS on the 1st and have another incoming SO set up for the same day from a different bank to cover it. The in/out same day early morning processing at TSB seems to work without incident and even if they declined the payment outgoing to the RS due to lack of funds, the payment would get retried later the same day.

I spoke to TSB CS and they (unsurprisingly) confirmed that it was required to fund the RS via SO from a TSB current account. They did also say though, that the initial deposit was considered differently and could come from a different source, so the condition applies only to ongoing funding beyond the initial deposit. In fact, the application form has a question specifically about the source of (initial?) funding and allows the choice of a 3rd party account. I can't remember the exact wording of that question though, and whether it could potentially (apparently) conflict with the condition regarding funding via SO from a TSB current account.

TSB specifically mention the SO will need to come from TSB account

"You must set up a monthly standing order between £25 and up to £250 from a TSB current account. You can only make one payment each month into your account.

£3,000 is the maximum that can be paid into your Monthly Saver"

But as other people say, FPI as well as SOs from other AC are still working.

But what you are proposing (without a slack for a few days) is riskier, especially if they are not the same banking group. At some point, you  might get your account overdrawn and pay the fine and bad record on your credit file.

For people who intend to do that, to avoid an account overdrawn, it is probably good to request an overdraft facility as a precaution.

Band7

adindas said:

Hoopra said:

I don't really see the point in taking the risk where there's no need to do so. My TSB current account usually has zero balance but I set up a SO from it to feed the RS on the 1st and have another incoming SO set up for the same day from a different bank to cover it. The in/out same day early morning processing at TSB seems to work without incident and even if they declined the payment outgoing to the RS due to lack of funds, the payment would get retried later the same day.

I spoke to TSB CS and they (unsurprisingly) confirmed that it was required to fund the RS via SO from a TSB current account. They did also say though, that the initial deposit was considered differently and could come from a different source, so the condition applies only to ongoing funding beyond the initial deposit. In fact, the application form has a question specifically about the source of (initial?) funding and allows the choice of a 3rd party account. I can't remember the exact wording of that question though, and whether it could potentially (apparently) conflict with the condition regarding funding via SO from a TSB current account.

TSB specifically mention the SO will need to come from TSB account

"You must set up a monthly standing order between £25 and up to £250 from a TSB current account.”

 

TSB say lots of things……

Qyburn

adindas said:

£3,000 is the maximum that can be paid into your Monthly Saver"

But as other people say, FPI as well as SOs from other AC are still working.

But what you are proposing (without a slack for a few days) is riskier, especially if they are not the same banking group. At some point, you  might get your account overdrawn and pay the fine and bad record on your credit file.

For people who intend to do that, to avoid an account overdrawn, it is probably good to request an overdraft facility as a precaution.

The worst case would be if TSB always processes the SO on the due date, but the SO from your other bank into TSB waits until a working day. To cover this you'd set the Other->TSB for 1st of the month, and TSB->RS for the 6th. That covers the worst case which would be New Year falling on a Thu, Fri or Saturday meaning the first working day is 5th. 

chris_the_bee

SanguineOnSaturn said:

When I set my Natwest one up I seem to remember seeing that  a SO needed to be set up from the current account but the regular saver could be topped up ftom another source. Since then I've paid £1 from Natwest current account and £149 from feeder with another bank.

You do not have to pay anything by SO. You can pay direct from any account. Also can miss payments.

chris_the_bee

Saver53 said:

Speculator said:

where_are_we said:

I have a Saffron 12 month fixed rate members regular saver paying 3 % fixed which I can better. I have £2500 in it. I intend to withdraw £2450, to leave £50 in it as this is minimum requirement to keep account open and keeps me a member. Saffron have a history of allowing one to "product transfer" the old FRMRS to the new FRMRS, when it becomes available with a higher interest rate, and keep the same account number. I don`t believe there is a snag to my withdrawal?

Did same last week. Left £50 in account.  Standing order is £1 per month.

Or you can ask to close it, transferring £1 to a new Small Saver (4.00%) and withdrawing the rest of your balance. No requirement to make a payment in every month.  Yoiu can request this by secure message - actioned (at least in my case) same day, account number remained the same. If an improved rate RS with larger permitted deposits appears in the future, just switch back.

They will transfer £50 to the new account as that is the minimum balance required. It will then count as the first month's payment.

chris_the_bee

SanguineOnSaturn said:

When I set my Natwest one up I seem to remember seeing that  a SO needed to be set up from the current account but the regular saver could be topped up ftom another source. Since then I've paid £1 from Natwest current account and £149 from feeder with another bank.

NatWest will set up the SO for you, but once set up, you are able to alter the amount, even to zero.

Speculator

chris_the_bee said:

Saver53 said:

Speculator said:

where_are_we said:

I have a Saffron 12 month fixed rate members regular saver paying 3 % fixed which I can better. I have £2500 in it. I intend to withdraw £2450, to leave £50 in it as this is minimum requirement to keep account open and keeps me a member. Saffron have a history of allowing one to "product transfer" the old FRMRS to the new FRMRS, when it becomes available with a higher interest rate, and keep the same account number. I don`t believe there is a snag to my withdrawal?

Did same last week. Left £50 in account.  Standing order is £1 per month.

Or you can ask to close it, transferring £1 to a new Small Saver (4.00%) and withdrawing the rest of your balance. No requirement to make a payment in every month.  Yoiu can request this by secure message - actioned (at least in my case) same day, account number remained the same. If an improved rate RS with larger permitted deposits appears in the future, just switch back.

They will transfer £50 to the new account as that is the minimum balance required. It will then count as the first month's payment.

Minimum balance of the small saver is £1.

chris_the_bee

Speculator said:

chris_the_bee said:

Saver53 said:

Speculator said:

where_are_we said:

I have a Saffron 12 month fixed rate members regular saver paying 3 % fixed which I can better. I have £2500 in it. I intend to withdraw £2450, to leave £50 in it as this is minimum requirement to keep account open and keeps me a member. Saffron have a history of allowing one to "product transfer" the old FRMRS to the new FRMRS, when it becomes available with a higher interest rate, and keep the same account number. I don`t believe there is a snag to my withdrawal?

Did same last week. Left £50 in account.  Standing order is £1 per month.

Or you can ask to close it, transferring £1 to a new Small Saver (4.00%) and withdrawing the rest of your balance. No requirement to make a payment in every month.  Yoiu can request this by secure message - actioned (at least in my case) same day, account number remained the same. If an improved rate RS with larger permitted deposits appears in the future, just switch back.

They will transfer £50 to the new account as that is the minimum balance required. It will then count as the first month's payment.

Minimum balance of the small saver is £1.

Sorry, you are correct, it is the maximum that is £50

Band7

chris_the_bee said:

SanguineOnSaturn said:

When I set my Natwest one up I seem to remember seeing that  a SO needed to be set up from the current account but the regular saver could be topped up ftom another source. Since then I've paid £1 from Natwest current account and £149 from feeder with another bank.

NatWest will set up the SO for you, but once set up, you are able to alter the amount, even to zero.

You can even delete the SO altogether.