Round up RBS

Middle_of_the_Road

[Deleted User] said:

Middle_of_the_Road said:

Although I've not done it, a few have admitted to making hundreds of £0.01 payments to places that accept such a thing.

So by doing this,  they are in effect making 99p transactions then?
Interesting.
Thanks for replying. 

No, a 1p transaction, giving a 1.98 round-up to the digital regular saver.

Bridlington1

[Deleted User] said:

Middle_of_the_Road said:

Although I've not done it, a few have admitted to making hundreds of £0.01 payments to places that accept such a thing.

So by doing this,  they are in effect making 99p transactions then?
Interesting.
Thanks for replying. 

In that scenario they make a 1p debit card transaction, which results in £1.98 being rounded up if double round ups are on, not 99p (double round ups doubles the change from the transaction amount rounded up to the nearest £1 so 2*99p is rounded up).

[Deleted User] said:

Middle_of_the_Road said:

Flugelhorn said:

[Deleted User] said:

Flugelhorn said:

I don't think so - mine adds a fair bit every week - I think the only limit is when you hit the limit for the account and then the interest rate drops 

Limit for the account,  you mean the saving account  or current?
Thank you for replying. 

the savings account has a limit (at least mine does) of about 5K 

There is no limit, but the headline interest rate is capped at 5K. Above that interest is paid at 1.75 AER

Are we talking about the digital regular saver here?
That's the one I'm using.

From the RBS website

[Deleted User]

Middle_of_the_Road said:

[Deleted User] said:

Middle_of_the_Road said:

Although I've not done it, a few have admitted to making hundreds of £0.01 payments to places that accept such a thing.

So by doing this,  they are in effect making 99p transactions then?
Interesting.
Thanks for replying. 

No, a 1p transaction, giving a 1.98 round-up to the digital regular saver.

OK, l realised that but was clarify  using the ordinary  round up option. 
Thank you for the information:)

[Deleted User]

Bridlington1 said:

[Deleted User] said:

Middle_of_the_Road said:

Although I've not done it, a few have admitted to making hundreds of £0.01 payments to places that accept such a thing.

So by doing this,  they are in effect making 99p transactions then?
Interesting.
Thanks for replying. 

In that scenario they make a 1p debit card transaction, which results in £1.98 being rounded up if double round ups are on, not 99p (double round ups doubles the change from the transaction amount rounded up to the nearest £1 so 2*99p is rounded up).

[Deleted User] said:

Middle_of_the_Road said:

Flugelhorn said:

[Deleted User] said:

Flugelhorn said:

I don't think so - mine adds a fair bit every week - I think the only limit is when you hit the limit for the account and then the interest rate drops 

Limit for the account,  you mean the saving account  or current?
Thank you for replying. 

the savings account has a limit (at least mine does) of about 5K 

There is no limit, but the headline interest rate is capped at 5K. Above that interest is paid at 1.75 AER

Are we talking about the digital regular saver here?
That's the one I'm using.

From the RBS website

OK,  thank you for the information provided  it's been helpful.