RBS Digital Regular Saver

st182

colsten said:

st182 said:

Just to clarify something- we can only bung £50 a month in max with the standing order- to stop us all from popping a grand in then just £1 a month after that to maximise interest?
Proper n00b question, and I don't have a grand so it doesn't matter either way, but thought I'd still ask! 

Did you read the T&Cs? Specifically, the term that talks about depositing more than £50 a month? How much are you hoping to gain by breaching the T&Cs?

As it happens I did read through them- I bank with NatWest and planNed to use the builder account to grow an emergency fund once my unsecured debt is gone (nearly there!) so this can be used instead- hoping to grow it quicker than £50 a month if I can so I’ve had all sorts of ideas rolling around my head! I just seeked clarification from a third party, that’s all.

poshrule_uk

Just opened one with Natwest
Looks like you can only have one digital account so I guess you can't have one with RBS too

crumpet_man

I opened one with NatWest and RBS.

PRAISETHESUN

I've also opened one with both NatWest and RBS as I hold Reward current accounts with both banks. Applied late last night and the accounts are visible online this morning. I manually transferred £50 into each of them today (the default SO was for early next week) and amended the SOs to 01Oct, paying in monthly. Will see what happens, but can't see how that will fall foul of only paying in £50/month.

Polly05

I opened one last night. Its slightly better than nothing.
Not showing on my app yet. 

lightbulb2760

PRAISETHESUN said:

I've also opened one with both NatWest and RBS as I hold Reward current accounts with both banks. Applied late last night and the accounts are visible online this morning. I manually transferred £50 into each of them today (the default SO was for early next week) and amended the SOs to 01Oct, paying in monthly. Will see what happens, but can't see how that will fall foul of only paying in £50/month.

As have I. I set the SO as 1st October, and made manual payments of £50 into both accounts too. Unfortunately both payments have been returned.

kaMelo

This is not a time limited regular saver with a maturity date, as such the benefit of changing SO dates to the first of the month are limited at best.
It means you hit £1000 about three weeks earlier and will gain around 15 pence in the process. I know they say every little helps but this is a step too far.

gobeye

lightbulb2760 said:

PRAISETHESUN said:

I've also opened one with both NatWest and RBS as I hold Reward current accounts with both banks. Applied late last night and the accounts are visible online this morning. I manually transferred £50 into each of them today (the default SO was for early next week) and amended the SOs to 01Oct, paying in monthly. Will see what happens, but can't see how that will fall foul of only paying in £50/month.

As have I. I set the SO as 1st October, and made manual payments of £50 into both accounts too. Unfortunately both payments have been returned.

I did this but made a manual transfer to both NatWest and RBS savers and set the SO to the 8th. My payments have not been returned so this sounds a bit inconsistent.

colsten

What title does your account show with? I could swear mine said something like Regular Saver but now it just says Savings Account. The interest rate still shows as 3% Gross / 3.04% AER. Same at Natwest

EDIT: mystery solved. In online banking, the title is 'Digital regular saver'. In the apps, it's just a 'Savings account'.

Herbalus

kaMelo said:

This is not a time limited regular saver with a maturity date, as such the benefit of changing SO dates to the first of the month are limited at best.
It means you hit £1000 about three weeks earlier and will gain around 15 pence in the process. I know they say every little helps but this is a step too far.

Understood. It’s not really penny chasing for me as I like the regular savers going out on 1st of the month, so that’s what I’ve set up. But if I can put an extra £50 in now, that means I’ve got an extra £50 in that otherwise would have had to wait until the end, so might as well.