Banks roundup feature.

Daliah

Thumbs_Up said:

The question I have to ask is how did you do it? Where did this magical 75p emanate from? The account has no interest added to it.

Leaving aside that most people know where the 75p come from, they actually do get interest as they will be moved into the Digital Regular Saver which has various levels of AER, depending on how much you have in the account. Though it will only be pennies, even if you buy lots of £1.25 chocolate bars 

Thumbs_Up

I have to front up here, No, not a wind up. NatWest played a blinder on me. To be fair to the bank their blurb did state you only get pennies, and to be fair to oneself I only used the roundup feature for a week or so.

Well, that’s that then, you lefties boys finally got me, shot down in flames so to speak. On a personal note I was hoping to get to 617 post then I was going to bail out of here bouncing along to the sunlit uplands. Now I must to try to be more productive with my life, retired at 54 you see, way too much free time on my hands.

Thank you for your patience on this thread.

RG2015

Daliah said:

Thumbs_Up said:

The question I have to ask is how did you do it? Where did this magical 75p emanate from? The account has no interest added to it.

Leaving aside that most people know where the 75p come from, they actually do get interest as they will be moved into the Digital Regular Saver which has various levels of AER, depending on how much you have in the account. Though it will only be pennies, even if you buy lots of £1.25 chocolate bars 

I understand the Chase benefit is the 5% interest in the Round-Up account.

However, the NatWest/RBS round up facility puts the pennies into an open account that could be directly funded.

All that appears to be left is that it allows the maximum £150 deposit into the digital regular saver account to be exceeded by a few pennies.

And that benefit will not apply to those with £1,000 there already.

Daliah

RG2015 said:

Daliah said:

Thumbs_Up said:

The question I have to ask is how did you do it? Where did this magical 75p emanate from? The account has no interest added to it.

Leaving aside that most people know where the 75p come from, they actually do get interest as they will be moved into the Digital Regular Saver which has various levels of AER, depending on how much you have in the account. Though it will only be pennies, even if you buy lots of £1.25 chocolate bars 

I understand the Chase benefit is the 5% interest in the Round-Up account.

However, the NatWest/RBS round up facility puts the pennies into an open account that could be directly funded.

All that appears to be left is that it allows the maximum £150 deposit into the digital regular saver account to be exceeded by a few pennies.

And that benefit will not apply to those with £1,000 there already.

Yes, the Hardcore Rounduppers would most likely prefer Chase (unless they are still saving up for a phone which runs the Chase app  )

RG2015

Daliah said:

RG2015 said:

Daliah said:

Thumbs_Up said:

The question I have to ask is how did you do it? Where did this magical 75p emanate from? The account has no interest added to it.

Leaving aside that most people know where the 75p come from, they actually do get interest as they will be moved into the Digital Regular Saver which has various levels of AER, depending on how much you have in the account. Though it will only be pennies, even if you buy lots of £1.25 chocolate bars 

I understand the Chase benefit is the 5% interest in the Round-Up account.

However, the NatWest/RBS round up facility puts the pennies into an open account that could be directly funded.

All that appears to be left is that it allows the maximum £150 deposit into the digital regular saver account to be exceeded by a few pennies.

And that benefit will not apply to those with £1,000 there already.

Yes, the Hardcore Rounduppers would most likely prefer Chase (unless they are still saving up for a phone which runs the Chase app  )

Agreed, but is there any tangible benefit with the RBS/NatWest offering?

Daliah

RG2015 said:

Daliah said:

RG2015 said:

Daliah said:

Thumbs_Up said:

The question I have to ask is how did you do it? Where did this magical 75p emanate from? The account has no interest added to it.

Leaving aside that most people know where the 75p come from, they actually do get interest as they will be moved into the Digital Regular Saver which has various levels of AER, depending on how much you have in the account. Though it will only be pennies, even if you buy lots of £1.25 chocolate bars 

I understand the Chase benefit is the 5% interest in the Round-Up account.

However, the NatWest/RBS round up facility puts the pennies into an open account that could be directly funded.

All that appears to be left is that it allows the maximum £150 deposit into the digital regular saver account to be exceeded by a few pennies.

And that benefit will not apply to those with £1,000 there already.

Yes, the Hardcore Rounduppers would most likely prefer Chase (unless they are still saving up for a phone which runs the Chase app  )

Agreed, but is there any tangible benefit with the RBS/NatWest offering?

Personally, I fail to see tangible benefits of roundup features, regardless of who offers them. I think they are nothing but a gimmick. But some people love them, because it helps them to put a few pounds to one side.

The_Green_Hornet

Roundup is simply the digital equivalent of putting your loose change into a jar and then emptying it for a special occasion, e.g. Christmas, to treat yourself. The interest is secondary.

A gimmick? Maybe, but one that has been around one way or another for decades.

Daliah

The_Green_Hornet said:

Roundup is simply the digital equivalent of putting your loose change into a jar and then emptying it for a special occasion, e.g. Christmas, to treat yourself. The interest is secondary.

A gimmick? Maybe, but one that has been around one way or another for decades.

I never used the jar, either. 

grandadgolfer

Am I right in thinking that Lloyds gave you the difference on round ups about 20 years ago

RG2015

grandadgolfer said:

Am I right in thinking that Lloyds gave you the difference on round ups about 20 years ago

I can't believe that any bank would give you the difference on round ups.

Do you mean rounded up the difference to the nearest pound in your current account, and transferred the round up pennies into a savings account?