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

surreysaver

topyam said:

The rate for the West Brom is very good. Even better that it is fixed. Given how things are heading, it's good enough for me to open.

Anything fixed is wise to open, even if you pay the minimum allowed to begin with. Even more wise if it is easy access (i.e. you can withdraw your deposits before the maturity date)

35har1old

clairec666 said:

Kim_13 said:

Section62 said:

clairec666 said:

Honestly, how many of us have actually been inconvenienced by Darlington's error?

Probably very few... other than those who hoped to be able to withdraw the overpayment of interest and get away with it.

About the same amount as those members of staff who are actually responsible for / able to fix the issue I suspect. The majority of the staff shouldn't have been expected to work through until it was fixed on the basis that it isn't fair to punish the majority for the 'crime' of the minority.  

Whether Darlington are worthy of complaint, for me, comes down to whether they have blocked withdrawals as well as closures (but as I don't need access to my funds for a few months, I'm not willing to burn one to find out.) If withdrawals of cleared funds were blocked as well, that would be unreasonable, but 6% interest on £1,250 for 5 months (rounded up) would be £31.25. It would take a very sudden and severe change of circumstances for the lack of access to a sum of that order to cause a problem.

Presumably most people who opened that account would intend to keep it open until maturity. If there's been a change in circumstances so that you need to withdraw, and it coincidentally happened on the same week that Darlington messed things up, then you would have a genuine cause for complaint.

I'm hardly going to blacklist Darlington over this one thing, but I have made a mental note to double check ANY interest payment from them - next time it might be lower instead of higher.

When is interest reported to HMRC by the bank or building society?

Dizzycap

35har1old said:

clairec666 said:

Kim_13 said:

Section62 said:

clairec666 said:

Honestly, how many of us have actually been inconvenienced by Darlington's error?

Probably very few... other than those who hoped to be able to withdraw the overpayment of interest and get away with it.

About the same amount as those members of staff who are actually responsible for / able to fix the issue I suspect. The majority of the staff shouldn't have been expected to work through until it was fixed on the basis that it isn't fair to punish the majority for the 'crime' of the minority.  

Whether Darlington are worthy of complaint, for me, comes down to whether they have blocked withdrawals as well as closures (but as I don't need access to my funds for a few months, I'm not willing to burn one to find out.) If withdrawals of cleared funds were blocked as well, that would be unreasonable, but 6% interest on £1,250 for 5 months (rounded up) would be £31.25. It would take a very sudden and severe change of circumstances for the lack of access to a sum of that order to cause a problem.

Presumably most people who opened that account would intend to keep it open until maturity. If there's been a change in circumstances so that you need to withdraw, and it coincidentally happened on the same week that Darlington messed things up, then you would have a genuine cause for complaint.

I'm hardly going to blacklist Darlington over this one thing, but I have made a mental note to double check ANY interest payment from them - next time it might be lower instead of higher.

When is interest reported to HMRC by the bank or building society?

Banks and building societies report interest earned by customers to HMRC annually, after the end of the UK tax year on April 5th. Most institutions have up until 30th of June to report interest to HMRC ready for the December/January tax bill, if needed. 

FarmGirl78

sheffieldeagle said:

Monmouthshire BS

Apologies if someone has already mentioned this but Monmouthshire are having problems with there IT systems.

Cheers

Ahh, that makes sense with what I was coming here to ask! 

I'm aiming for the perfect system of 12 regular savers with one maturing every month.... currently on 9.

Last night via app I opened a Monmouthshire regular saver. It was doing its swirling wheel of death for ages on the "Do not leave this page while we set up your account. Do not press back. Do not refresh. Do not blink. Do not pass go" threatening hold page. After about 20 minutes I accidentally knocked the screen and when back in kicking myself I was pleased to see it had actually opened a RS for me. Actually not one, but two.

Now I know back on about page 442 there were people managing to open 2 accounts due to the paper form queue being too long, and Monmouthshire asking people to jump the queue by also applying on the app. But this is slightly different, both accounts are via the app. Are they likely to notice? Are they likely to bother? Has anyone else had this happen? I'm planning on funding both until they stop me. 

Any advice?

friolento

FarmGirl78 said:

 

Any advice?

Don’t announce it on a public forum 😉

trickydicky14

surreysaver said:

topyam said:

The rate for the West Brom is very good. Even better that it is fixed. Given how things are heading, it's good enough for me to open.

Anything fixed is wise to open, even if you pay the minimum allowed to begin with. Even more wise if it is easy access (i.e. you can withdraw your deposits before the maturity date)

Which the West Brom is not.
No. You can’t take any money out from your account until the end of the fixed term. This includes closing the account or moving your money to another savings account with us.

Hattie627

trickydicky14 said:

surreysaver said:

topyam said:

The rate for the West Brom is very good. Even better that it is fixed. Given how things are heading, it's good enough for me to open.

Anything fixed is wise to open, even if you pay the minimum allowed to begin with. Even more wise if it is easy access (i.e. you can withdraw your deposits before the maturity date)

Which the West Brom is not.
No. You can’t take any money out from your account until the end of the fixed term. This includes closing the account or moving your money to another savings account with us.

Yes, no withdrawals or even early closure allowed. On the plus side, it's only for 10 months and with the monthly contribution being only £100 it won't be a huge amount of money tied up for that period. With a fixed interest rate of 6% it is highly unlikely to become uncompetitive rate-wise within the 10 months.

WillPS

FarmGirl78 said:

Now I know back on about page 442 there were people managing to open 2 accounts due to the paper form queue being too long, and Monmouthshire asking people to jump the queue by also applying on the app. But this is slightly different, both accounts are via the app. Are they likely to notice? Are they likely to bother? Has anyone else had this happen? I'm planning on funding both until they stop me. 

MonBS don't close down additional accounts obtained innocently, in my experience. Their advice is normally to leave one unfunded which they'll then automatically close - although even this doesn't actually happen [from my experience]!

surreysaver

WillPS said:

FarmGirl78 said:

Now I know back on about page 442 there were people managing to open 2 accounts due to the paper form queue being too long, and Monmouthshire asking people to jump the queue by also applying on the app. But this is slightly different, both accounts are via the app. Are they likely to notice? Are they likely to bother? Has anyone else had this happen? I'm planning on funding both until they stop me. 

MonBS don't close down additional accounts obtained innocently, in my experience. Their advice is normally to leave one unfunded which they'll then automatically close - although even this doesn't actually happen [from my experience]!

I had two of Monmouthshire's 7% accounts opened in the summer due to the issues with the app. I've happily been funding both since.

allegro120

FarmGirl78 said:

sheffieldeagle said:

Monmouthshire BS

Apologies if someone has already mentioned this but Monmouthshire are having problems with there IT systems.

Cheers

Ahh, that makes sense with what I was coming here to ask! 

I'm aiming for the perfect system of 12 regular savers with one maturing every month.... currently on 9.

Last night via app I opened a Monmouthshire regular saver. It was doing its swirling wheel of death for ages on the "Do not leave this page while we set up your account. Do not press back. Do not refresh. Do not blink. Do not pass go" threatening hold page. After about 20 minutes I accidentally knocked the screen and when back in kicking myself I was pleased to see it had actually opened a RS for me. Actually not one, but two.

Now I know back on about page 442 there were people managing to open 2 accounts due to the paper form queue being too long, and Monmouthshire asking people to jump the queue by also applying on the app. But this is slightly different, both accounts are via the app. Are they likely to notice? Are they likely to bother? Has anyone else had this happen? I'm planning on funding both until they stop me. 

Any advice?

This happened to me too.  I attempted to fund both.  One accepted deposits and works as normal, the other rejected deposits and MonBS closed it about a month later.  However, some people managed to keep and fund both.  Just need to try fund both, if unsuccessful your funds will be returned next working day.