NatWest Digital Regular Saver - can I increase standing order?

KittenChops

I've had this savings account since around mid 2019.  When it was set up, a standing order was also set up (automatically I think) to transfer £50 a month from my Rewards current account.  I am 99% sure that back then, £50 each month was the most you could transfer to it each month.  However, now I've seen on NatWest's website (https://www.natwest.com/savings/digital-regular-saver.html) that you can transfer up to £150 each month. 

Does anyone, that also has one of these accounts for a while, know if I can just increase the standing order to £150?  I don't know if the T&Cs of the account would prohibit that, if I am correct that the limit used to be £50.

I'm trying to avoid having to call them.  Chat bot as expected is useless with this sort of question.

Rheumatoid

Yes you can 

gingercordial

Yes you can amend the SO to £150.

You don't even need to have a standing order actually, you could just manually send the money.  For a while, before I could be bothered to dig out my card reader, I had an existing SO for £50 and would then send £100 manually whenever I remembered, but could easily have just cancelled the SO and sent the whole £150 manually.

fabsaver

Yes you can increase your standing order to £150. 

If it has already gone in for this month you can add a manual deposit of £100.
Under their FAQ it says "You can make as many deposits as your like into your Digital Regular Saver, so long as you don’t go above £150 a month. This way, you can start with your standing order and top up as the month goes along."

KittenChops

Thank you everyone - standing order now at £150 for end of April

Wheres_My_Cashback

KittenChops said:

I've had this savings account since around mid 2019.  When it was set up, a standing order was also set up (automatically I think) to transfer £50 a month from my Rewards current account.  I am 99% sure that back then, £50 each month was the most you could transfer to it each month.  However, now I've seen on NatWest's website (https://www.natwest.com/savings/digital-regular-saver.html) that you can transfer up to £150 each month. 

Does anyone, that also has one of these accounts for a while, know if I can just increase the standing order to £150?  I don't know if the T&Cs of the account would prohibit that, if I am correct that the limit used to be £50.

I'm trying to avoid having to call them.  Chat bot as expected is useless with this sort of question.

Yes you can, £150 via coventional methods + an additional unlimited amount via round-ups.

dealyboy

Hi Kit ...

KittenChops said:

Thank you everyone - standing order now at £150 for end of April

... just a couple of thoughts ...

- it may work and I'd read comments before that you could cancel the SO and just xfr in when wanted. I checked with the product details and terms which suggest a SO is a requirement. I know you have kept the SO.
- why not bring the date forwards? You could have an extra 20 days of 6.17% aer on £150, funds permitting.

Context: This morning I changed my SO date to the 1st of the month, next payment 1st May, and payment to £1. I now can xfr in £149 whenever I want in the month.

kaMelo

KittenChops said:

Thank you everyone - standing order now at £150 for end of April

If you haven't paid anything in for April yet you could manually transfer £150 now and change the standing order for the beginning of May. 

Jami74

dealyboy said:

Hi Kit ...

KittenChops said:

Thank you everyone - standing order now at £150 for end of April

Context: This morning I changed my SO date to the 1st of the month, next payment 1st May, and payment to £1. I now can xfr in £149 whenever I want in the month.

Why bother with a £1 standing order? I cancelled my SO shortly after I opened the account in 2019 and have been paying in manually ever since. The interest is not reliant on having an SO.

dealyboy

Hi @Jami74 ...

Jami74 said:

dealyboy said:

Hi Kit ...

KittenChops said:

Thank you everyone - standing order now at £150 for end of April

Context: This morning I changed my SO date to the 1st of the month, next payment 1st May, and payment to £1. I now can xfr in £149 whenever I want in the month.

Why bother with a £1 standing order? I cancelled my SO shortly after I opened the account in 2019 and have been paying in manually ever since. The interest is not reliant on having an SO.

As stated, I recognise that people have cancelled the SO and have paid manually thereafter ...

dealyboy said:

Hi Kit ...

KittenChops said:

Thank you everyone - standing order now at £150 for end of April

... just a couple of thoughts ...

- it may work and I'd read comments before that you could cancel the SO and just xfr in when wanted. I checked with the product details and terms which suggest a SO is a requirement. I know you have kept the SO.
- why not bring the date forwards? You could have an extra 20 days of 6.17% aer on £150, funds permitting.

Context: This morning I changed my SO date to the 1st of the month, next payment 1st May, and payment to £1. I now can xfr in £149 whenever I want in the month.

The product details page however states the following regarding opening and managing the DRS ...
"
There's no minimum deposit to open the account, but a standing order does need to be set up from your NatWest current account to add between £1 and £150 each calendar month into the account. If you wish to put extra money into the account, the combination of this and your standing order cannot exceed the £150 per calendar month limit. There is no maximum balance limit, however, the higher interest rate will only apply to balances up to and including £5,000.
"

I prefer to follow the terms, but it is simpler just to cancel the SO and manually pay the amount(s) when desired in the calendar month, I'm not saying you shouldn't do that, it's up to you.

You state "The interest is not reliant on having an SO." ... the interest gained is determined by the date deposited and the amount. So I'm saying why have an SO of £150 for the 31st April, why not change it to the 10th or 11th of April and have £150 paid in then. Subsequently I would change the SO to the 1st of a month of £1 giving flexibility to payment by transfer of up to £149 as desired.

Swoosh84

dealyboy said:

Hi @Jami74 ...

Jami74 said:

dealyboy said:

Hi Kit ...

KittenChops said:

Thank you everyone - standing order now at £150 for end of April

Context: This morning I changed my SO date to the 1st of the month, next payment 1st May, and payment to £1. I now can xfr in £149 whenever I want in the month.

Why bother with a £1 standing order? I cancelled my SO shortly after I opened the account in 2019 and have been paying in manually ever since. The interest is not reliant on having an SO.

As stated, I recognise that people have cancelled the SO and have paid manually thereafter ...

dealyboy said:

Hi Kit ...

KittenChops said:

Thank you everyone - standing order now at £150 for end of April

... just a couple of thoughts ...

- it may work and I'd read comments before that you could cancel the SO and just xfr in when wanted. I checked with the product details and terms which suggest a SO is a requirement. I know you have kept the SO.
- why not bring the date forwards? You could have an extra 20 days of 6.17% aer on £150, funds permitting.

Context: This morning I changed my SO date to the 1st of the month, next payment 1st May, and payment to £1. I now can xfr in £149 whenever I want in the month.

The product details page however states the following regarding opening and managing the DRS ...
"
There's no minimum deposit to open the account, but a standing order does need to be set up from your NatWest current account to add between £1 and £150 each calendar month into the account. If you wish to put extra money into the account, the combination of this and your standing order cannot exceed the £150 per calendar month limit. There is no maximum balance limit, however, the higher interest rate will only apply to balances up to and including £5,000.
"

I prefer to follow the terms, but it is simpler just to cancel the SO and manually pay the amount(s) when desired in the calendar month, I'm not saying you shouldn't do that, it's up to you.

You state "The interest is not reliant on having an SO." ... the interest gained is determined by the date deposited and the amount. So I'm saying why have an SO of £150 for the 31st April, why not change it to the 10th or 11th of April and have £150 paid in then. Subsequently I would change the SO to the 1st of a month of £1 giving flexibility to payment by transfer of up to £149 as desired.

Was not aware of the need to continue with the SO monthly, the maximum was £1k before which I had already maxed out. I never had a SO at all going into this account. The only thing going in was the interest which I transferred out monthly.

As a side note for the OP and although its been mentioned already, I highly reccomend turning on double round ups from your main account. You can pay £150pm by SO + roundups which have no maximum.