Natwest digital regular saver - what to do after saving £1000

OceanSound

Just wondering what everyone's doing after hitting the £1000 threshold for the higher interest rate. Anything over £1000 is accruing peanuts in interest. 

So, do you wait for the standing order (or if you pay manually, deposit the money) then immediately take it out to put elsewhere (where it pays a higher interest)?

mrmajika

The standing order isn't required so that can be cancelled. Mine is maxed out. I just periodically withdraw any balance over £1K to elsewhere. 

MovingForwards

Opened a RBS current account, then the Digi account, started filling that up and the interest from the NW Digi goes over each month. Haven't decided what to do when that's full.

kaMelo

As above, cancel the SO and cream off the interest once in a while into the best account I have available.

OceanSound

Just opened Yorkshire BS internet saver. Couldn't see anything on the penelty if we go over 3 days withdrawal on the family saver. I think it's only mentioned when we choose to apply for it. Anyway, may decide to apply if/when I become aware of this nitty gritty 

MrFrugalFever

I filter the interest off which is paid on 1st of every month and reset the total amount back to £1,000. I then put the interest in to a boosted pot on Zopa smart saver currently (although not the highest rates on the market anymore). There is no advantage to holding more than £1k in this account.

S/O cancelled so only a case of moving interest out.

MrFrugalFever

MovingForwards said:

Opened a RBS current account, then the Digi account, started filling that up and the interest from the NW Digi goes over each month. Haven't decided what to do when that's full.

This is a great shout! Assuming they did a hard credit search on you when applying?

Daliah

MovingForwards said:

Opened a RBS current account, then the Digi account, started filling that up and the interest from the NW Digi goes over each month. Haven't decided what to do when that's full.

You are moving the interest from the Digi to the current account? Why? 

Nebulous2

I reduced the standing order to £5 a month. Will withdraw the accumulated interest and £5s occasionally. 

MrFrugalFever

Nebulous2 said:

I reduced the standing order to £5 a month. Will withdraw the accumulated interest and £5s occasionally. 

There’s no requirement to continue to pay in, the only condition was a max of £150 per calendar month.

@Daliah they are moving the interest from a 3.25% digital saver because it is only earning 0.2% over £1,000 balance to an RBS digi saver that way it will continue to earn 3.25% as they haven’t reached £1k in it yet.

garyelder

I’ve reached it some while back I take £3 out on the last day of the month