Withdrawing from a regular saving account

wmb194

RG2015 said:

frugalmacdugal said:

Hi,

look HERE and scroll down.

Thank you. This is what I was thinking of, but does this apply to TSB or LBG?

As per MSE (in the link above)

1. You need to deposit a certain amount every month

This is crucial. Regular savers are for putting away specific amounts each month, and a few accounts are strict about this – fail to make the minimum deposit on time and you risk losing the interest or the provider closing your account.

While some regular savers let you skip the odd payment, try to avoid this if possible – you may not be allowed to make it up later, and you'd be sacrificing the interest

What do the terms and conditions say? Anyway, with TSB and Lloyds don't worry, you won't lose your accrued interest and if you close them early - as per the norm with savings accounts - the accrued interest will be paid.

RG2015

wmb194 said:

RG2015 said:

frugalmacdugal said:

Hi,

look HERE and scroll down.

Thank you. This is what I was thinking of, but does this apply to TSB or LBG?

As per MSE (in the link above)

1. You need to deposit a certain amount every month

This is crucial. Regular savers are for putting away specific amounts each month, and a few accounts are strict about this – fail to make the minimum deposit on time and you risk losing the interest or the provider closing your account.

While some regular savers let you skip the odd payment, try to avoid this if possible – you may not be allowed to make it up later, and you'd be sacrificing the interest

What do the terms and conditions say? Anyway, with TSB and Lloyds don't worry, you won't lose your accrued interest and if you close them early - as per the norm with savings accounts - the accrued interest will be paid.

One would expect slightly more authoritative information from MSE.

After all it's not meant to be modelled on the Daily Mail.

Qyburn

Middle_of_the_Road said:
Whilst this is "possible", it's against their terms and conditions. Seems that many have done this to get the recent interest rate increase, but I would not want to risk them closing all of my LBG accounts. Lloyds have been a good choice for opening accounts, solely with the intention of straightaway switching them out. Whilst this is not breaking any t&c, they won't look favourably at it, whilst also going against their rules. 

Our Lloyds account manager actually suggested we do this, in fact she offered to close the existing accounts from her end so we could open new ones with the new rates.

eskbanker

RG2015 said:

wmb194 said:

RG2015 said:

frugalmacdugal said:

Hi,

look HERE and scroll down.

Thank you. This is what I was thinking of, but does this apply to TSB or LBG?

As per MSE (in the link above)

1. You need to deposit a certain amount every month

This is crucial. Regular savers are for putting away specific amounts each month, and a few accounts are strict about this – fail to make the minimum deposit on time and you risk losing the interest or the provider closing your account.

While some regular savers let you skip the odd payment, try to avoid this if possible – you may not be allowed to make it up later, and you'd be sacrificing the interest

What do the terms and conditions say? Anyway, with TSB and Lloyds don't worry, you won't lose your accrued interest and if you close them early - as per the norm with savings accounts - the accrued interest will be paid.

One would expect slightly more authoritative information from MSE.

After all it's not meant to be modelled on the Daily Mail.

Personally I wouldn't expect more authoritative information from MSE in a piece like that - regular savers have been known to have various quirky terms, and wording like the above is simply offering generic guidance, hence "...a few accounts...", "...some regular savers...", "...you may not be allowed...", etc.

The implication should be obvious - the terms will be defined by each provider, just like anything else featuring in MSE's articles, and hence the steer to source definitive information from there in the footer ("This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances").

wmb194

RG2015 said:

wmb194 said:

RG2015 said:

frugalmacdugal said:

Hi,

look HERE and scroll down.

Thank you. This is what I was thinking of, but does this apply to TSB or LBG?

As per MSE (in the link above)

1. You need to deposit a certain amount every month

This is crucial. Regular savers are for putting away specific amounts each month, and a few accounts are strict about this – fail to make the minimum deposit on time and you risk losing the interest or the provider closing your account.

While some regular savers let you skip the odd payment, try to avoid this if possible – you may not be allowed to make it up later, and you'd be sacrificing the interest

What do the terms and conditions say? Anyway, with TSB and Lloyds don't worry, you won't lose your accrued interest and if you close them early - as per the norm with savings accounts - the accrued interest will be paid.

One would expect slightly more authoritative information from MSE.

After all it's not meant to be modelled on the Daily Mail.

I don't read the MSE, the Daily Mail or, for that matter, the Guardian but I instead read account T&Cs.

RG2015

Both good points.

However to say;

“You need to deposit a certain amount every month…….This is crucial…”

is incorrect and poor journalism, whatever caveats are issued.

I wasn’t influenced by it, and hadn’t read it before being directed there yesterday, but I personally would have expected better from MSE.

redux

RG2015 said:

Both good points.

However to say;

“You need to deposit a certain amount every month…….This is crucial…”

is incorrect and poor journalism, whatever caveats are issued.

I wasn’t influenced by it, and hadn’t read it before being directed there yesterday, but I personally would have expected better from MSE.

Some accounts require an in payment every month, and some do not.

Is that what you're objecting to: vague, not specific enough?

RG2015

redux said:

RG2015 said:

Both good points.

However to say;

“You need to deposit a certain amount every month…….This is crucial…”

is incorrect and poor journalism, whatever caveats are issued.

I wasn’t influenced by it, and hadn’t read it before being directed there yesterday, but I personally would have expected better from MSE.

Some accounts require an in payment every month, and some do not.

Is that what you're objecting to: vague, not specific enough?

This is what MSE say.

 "You need to deposit a certain amount every month."

This implies that all regular saver must have a deposit every month.

My objection is that this is not correct.

Some do need a deposit every month but most do not.

eskbanker

RG2015 said:

Both good points.

However to say;

“You need to deposit a certain amount every month…….This is crucial…”

is incorrect and poor journalism, whatever caveats are issued.

I wasn’t influenced by it, and hadn’t read it before being directed there yesterday, but I personally would have expected better from MSE.

Yes, as above I wasn't convinced about your original objection (to less than authoritative content within the article) but have to agree that the chosen headline is inaccurate as stated and really should include the word 'may'!

Hal17

I am looking to close a number of regular savers and move the funds to a fixed savings account.

Has anyone closed a TSB regular saver early? I cannot see any instructions on the account screen to action this.

The Lloyds and Halifax were straight forward and you could select renew and go from there. Appreciate any help.