The Old Regular Savers Discussion Thread 28/12/24-29/1/26

Dizzycap

dibbles212 said:

Moving Funds

When moving funds to your current account to pay standing orders for regular savers, do you move the funds the day before they're due or on the day?

I always put the funds in the day before they're due so they're definitely there to pay the standing orders, but curious if I can get away with paying on the same day.

Current account is Santander if that makes a difference.

The day before, that way I can make alternative plans if the money has failed to arrive, for whatever reason. I tried moving funds by SO on the same day as my RS's went out and it worked great for a while before the money coming in arrived late one month meaning some were paid out of my overdraft, some of the SO 2nd attempts worked after the intended money arrived in my current account, but others didn't, so I ended up having to move funds manually after having to go through all the SO's to see which hadn't been paid - Far too much hassle       

Dizzycap

@ Bridlington1- "With my track record of breaking IT systems it does not surprise me that it would happen to be me to be honest." And there was me thinking it was always me who broke IT & banking systems?!   

where_are_we

Moving funds - another vote for the same day ever since easy access interest rates increased significantly. Santander allow you until 2pm to fulfil SO`s. I do it in the morning. 

surreysaver

Moving funds - tend to move mine out of Cahoot or Santander after 20.30.at night, so the withdrawal is dated the following day 

s71hj

surreysaver said:

Moving funds - tend to move mine out of Cahoot or Santander after 20.30.at night, so the withdrawal is dated the following day 

Yep, same here, just did it in fact. Arrives instantly without fail so far. 

Dizzycap

where_are_we said:

Moving funds - another vote for the same day ever since easy access interest rates increased significantly. Santander allow you until 2pm to fulfil SO`s. I do it in the morning. 

That means you are running your SO's on 2nd attempts. SO's go out at around 1am on the date that they're due. It's ok if your bank makes all the 2nd SO attempts, but sometimes banking systems move on some SO's to payment for the next month because the initial payment should have already been made. Personally, I've found Lloyds is a terror for 2nd attempt 2pm SO errors, resulting in you having to make manual payments which is a pain when you've got a number of RSs, in addition to, Lloyds having stopped you being able to label your SO's, leaving just your name & a load of account numbers  Aparently, it's progress 

ChewyyBacca

I need to withdraw from/close Yorkshire Loyalty Regular eSaver at 4.85%, to release some funds for Jan

Before I do that, just wanted to check here, if YBS offers any favourable maturity accounts that I should wait for, as maturity of this RS is early Feb.
Thanks

Bridlington1

Just a reminder the Aldermore Regular Saver Account (Issue 3) reduces from 4.5% to 4.2% today.

happybagger

ChewyyBacca said:

I need to withdraw from/close Yorkshire Loyalty Regular eSaver at 4.85%, to release some funds for Jan

Before I do that, just wanted to check here, if YBS offers any favourable maturity accounts that I should wait for, as maturity of this RS is early Feb.
Thanks

they move it into an unrestricted easy access account paying 3.95% currently, so fairly reasonable as a stopgap and useful to leave a membership minimum.
withdrawal from it took until the end of the following day.

Bridlington1

ChewyyBacca said:

I need to withdraw from/close Yorkshire Loyalty Regular eSaver at 4.85%, to release some funds for Jan

Before I do that, just wanted to check here, if YBS offers any favourable maturity accounts that I should wait for, as maturity of this RS is early Feb.
Thanks

The only thing to bear in mind with YBS is that their systems seem to struggle to calculate how long you've been a member when your membership consists of overlapping accounts as it seems to go off the length of time your oldest open account has been open. It's for this reason I've kept hold of an EA account from 2022 with £1 in it.

If it isn't your oldest open YBS account I'd just close it, the account just rolls into an EA account at a lower rate.