RBS Digital Regular Saver

Dandytf

I'm allowing next help2save deposit to commence next few days, before cancelling SO and open rbs direct saver.
Though I think I'll leave H2s open with 50 pounds on the unlikely chance it get's extended at some point past max four years.

colsten

@Dandytf, you might want to open the RBS digital saver straight away as it is very popular and you never know whether they’ll withdraw it. You can open it with £1 if needed. They make you set up an SO as part of the application but you can modify/delete/recreate this SO as required.

Chadsman

Can the account be funded by internal transfer or must it be by standing order?

RG2015

Chadsman said:

Can the account be funded by internal transfer or must it be by standing order?

It needs to be a monthly standing order for between £1 and £50 from a current account in your name. You can make additional deposits up to £50 per calendar month from any account in your name.

You also need to be an RBS current account holder. The details are on the link below especially in the FAQs.

https://personal.rbs.co.uk/personal/savings/digital-regular-saver.html#apply

colsten

I doubt they would check that deposits are made by SO. Though they do make you set up an SO from your RBS current account during the application. You can later change, or even cancel, this SO. I have made my opening deposit with an FP from a non-RBS account, and my SO for subsequent payments will be from a non-RBS account, too, as I have cancelled to RBS SO. I am sure you can do your monthly funding by FP if you wanted to but SO sounds more convenient.

RG2015

colsten said:

I doubt they would check that deposits are made by SO. Though they do make you set up an SO from your RBS current account during the application. You can later change, or even cancel, this SO. I have made my opening deposit with an FP from a non-RBS account, and my SO for subsequent payments will be from a non-RBS account, too, as I have cancelled to RBS SO. I am sure you do your monthly funding by FP if you wanted to but SO sounds more convenient.

The guidelines say the following but I guess the first one is open to interpretation.

• You’ll need to set-up a regular standing order when you open the account, paying any amount between £1 and £50 each month into the account.
• You can pay money in by transfer from a current account or savings account in your name held with us or held with another bank (Online, by telephone or on the mobile app)
  

colsten

RG2015 said:

colsten said:

I doubt they would check that deposits are made by SO. Though they do make you set up an SO from your RBS current account during the application. You can later change, or even cancel, this SO. I have made my opening deposit with an FP from a non-RBS account, and my SO for subsequent payments will be from a non-RBS account, too, as I have cancelled to RBS SO. I am sure you can do your monthly funding by FP if you wanted to but SO sounds more convenient.

The guidelines say the following but I guess the first one is open to interpretation.

• You’ll need to set-up a regular standing order when you open the account, paying any amount between £1 and £50 each month into the account.
• You can pay money in by transfer from a current account or savings account in your name held with us or held with another bank (Online, by telephone or on the mobile app)
  

Yes I know what the guidelines say. Nonetheless, I stand by everything I said.

RG2015

colsten said:

RG2015 said:

colsten said:

I doubt they would check that deposits are made by SO. Though they do make you set up an SO from your RBS current account during the application. You can later change, or even cancel, this SO. I have made my opening deposit with an FP from a non-RBS account, and my SO for subsequent payments will be from a non-RBS account, too, as I have cancelled to RBS SO. I am sure you can do your monthly funding by FP if you wanted to but SO sounds more convenient.

The guidelines say the following but I guess the first one is open to interpretation.

• You’ll need to set-up a regular standing order when you open the account, paying any amount between £1 and £50 each month into the account.
• You can pay money in by transfer from a current account or savings account in your name held with us or held with another bank (Online, by telephone or on the mobile app)
  

Yes I know what the guidelines say. Nonetheless, I stand by everything I said.

I wasn't trying to change your mind, only providing information from RBS that I thought may be useful to @Chadsman (and perhaps others). 

Klopek

Klopek said:

I see some people stating that their RBS created SO was visible as soon as the regular saver appeared in their account. My account was opened on the 23rd and visible the day afterwards. I still cannot see any sign of a SO being setup.

This is actually my preference, as I have already paid into the account using an external bank account and will continue to do so. I am just slightly worried that the RBS SO will suddenly appear and attempt to transfer money when it might not be available.

The SO was invisible via Internet banking. It was only visible to me via the Android application. I still had to call up to cancel it.

Dandytf

colsten said:

@Dandytf, you might want to open the RBS digital saver straight away as it is very popular and you never know whether they’ll withdraw it. You can open it with £1 if needed. They make you set up an SO as part of the application but you can modify/delete/recreate this SO as required.

Thanks, maybe I could open and make a small deposit, hs2 due in 3-5days,