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

allegro120

s71hj said:

Just looking for some advice on the FD RS. My standing order goes from FD current account 22nd. Obviously I can't fund RS directly from my Santander edge up account so do a standing order Santander to FD current account . Through a couple of maturity cycles the standing order is now over 2 weeks before the FD payment to the RS. What is the latest date of the month I can do the payment from Santander to FD current account for the money to be there in time for the FD to FD standing order? 

I don't pre-fund  my FD current account. When the deposit is taken they send notification to my phone early in the morning and I restore my balance back to zero.  There's no overdraft charge if you do it on the same day.

s71hj

allegro120 said:

s71hj said:

Just looking for some advice on the FD RS. My standing order goes from FD current account 22nd. Obviously I can't fund RS directly from my Santander edge up account so do a standing order Santander to FD current account . Through a couple of maturity cycles the standing order is now over 2 weeks before the FD payment to the RS. What is the latest date of the month I can do the payment from Santander to FD current account for the money to be there in time for the FD to FD standing order? 

I don't pre-fund  my FD current account. When the deposit is taken they send notification to my phone early in the morning and I restore my balance back to zero.  There's no overdraft charge if you do it on the same day.

Useful to know. I had Notfications turned off with FD so have remedied this. 

allegro120

Bob2000 said:

West brom winter ready RS

So it looks like everything is working like it should and up and running.  But does anybody think  I should, maybe, open an additional  easy access  account  with the Brom, or will the winter ready just convert  into easy access  on maturity? 
This is my first account  with them, so I don't know how they operate. 

Summary box says "At the end of the 10 month term, your savings (including interest earned) will be reinvested in a variable rate easy access account."  

Born2Save_3

s71hj said:

Just looking for some advice on the FD RS. My standing order goes from FD current account 22nd. Obviously I can't fund RS directly from my Santander edge up account so do a standing order Santander to FD current account . Through a couple of maturity cycles the standing order is now over 2 weeks before the FD payment to the RS. What is the latest date of the month I can do the payment from Santander to FD current account for the money to be there in time for the FD to FD standing order? 

I don't have an overdraft on my 1st Account (FD punished me for transferring an ISA away so removed my overdraft, or that’s the way it seemed to me, as I don't use their CA for day-to-day), so I receive an email/SMS that my 1st Account is overdrawn and I have till ?23:45? that day to bring my 1st Account back to £0/credit. I do a manual transfer on the day.

Some time ago I asked FD what would happen if I didn't bring the 1st Account back to credit and was told that they would reverse the payment to my FD RS.

I'd go for a same day SO from Santander, but check on the day after a certain time, maybe 3pm, in case your 1st Account is overdrawn and the SO has failed, so you can do a manual payment. 

HTH

Born2Save_3

Kim_13 said:

Born2Save_3 said:

Kim_13 said:

Born2Save_3 said:

DarlingtonBS Incorrect Interest Payment and Account Withdrawal/Closure

Does anyone know of a fix ETA ?

I was able to close my Issue 1 RS ok, however with Issue 3, there has not been a withdraw/close option for some days now. As I can get a better rate elsewhere, I've been able to withdraw the amount I deposited into the Issue 3 to an easy access account I have with Darlington and then do a withdrawal to nominated.  This seems to have gone through ok. The RS Issue 3 now shows a balance of the interest credited on 31/12/25, so I haven't taken more then I should.  However, I am concerned that there may be issues when an interest payment fix is implemented; account below minimum balance ? I might transfer £1 in just to be safe.  Although, this is a workaround and I really wanted to close the account.

When did you open your Issue 3 and how much had you paid into it? Most interest payments should be at least £1 I’d have thought.

Yes, I might be ok. I'm just concerned that if Darlington do a reversal on the interest paid, my account will be £0, and it may draw attention.  I haven't received the transfer yet into my nominated so maybe the indirect route out has been blocked as well, but Darlington RS I3 and maybe I2 transfers to other Darlington accounts seems to go ahead fine.

I wouldn't worry about drawing attention; as you say, you haven't taken more than you should. Darlington ought to realise that if a balance is briefly £0, it is of their own making since a) It was their error that started this and b) It would mean that they had removed the incorrect interest before applying the correct interest. The balance will never be £0 if Darlington first apply the correct interest, then remove the incorrect interest and then remove the block or design a fix that enables them to recoup just the amount of the interest credit that the saver was not entitled to.

With the time they're taking, I'm expecting the latter.

Customers are usually given 30 days to bring accounts back up to minimum. I've had a nil at Santander for ages and they've only just given notice to close it if the balance stays at nil.

Thanks for your advice.  It would be terrible if this issue overly amplifies. I'm concerned about the amount it may cost Darlington in complaints and how the overseeing bodies view Darlington's actions.  I can see Darlington being less inclined to offer good RS in the future.

The indirect route works. I transferred from my RS I3, to an Easy Access Maturity account, and then to my nominated around 14:30 today. Just before 5pm, I checked nominated and Darlington funds there.  Credit to Darlington for processing transfers within a few hours.

Kim_13

Born2Save_3 said:

Kim_13 said:

Born2Save_3 said:

Kim_13 said:

Born2Save_3 said:

DarlingtonBS Incorrect Interest Payment and Account Withdrawal/Closure

Does anyone know of a fix ETA ?

I was able to close my Issue 1 RS ok, however with Issue 3, there has not been a withdraw/close option for some days now. As I can get a better rate elsewhere, I've been able to withdraw the amount I deposited into the Issue 3 to an easy access account I have with Darlington and then do a withdrawal to nominated.  This seems to have gone through ok. The RS Issue 3 now shows a balance of the interest credited on 31/12/25, so I haven't taken more then I should.  However, I am concerned that there may be issues when an interest payment fix is implemented; account below minimum balance ? I might transfer £1 in just to be safe.  Although, this is a workaround and I really wanted to close the account.

When did you open your Issue 3 and how much had you paid into it? Most interest payments should be at least £1 I’d have thought.

Yes, I might be ok. I'm just concerned that if Darlington do a reversal on the interest paid, my account will be £0, and it may draw attention.  I haven't received the transfer yet into my nominated so maybe the indirect route out has been blocked as well, but Darlington RS I3 and maybe I2 transfers to other Darlington accounts seems to go ahead fine.

I wouldn't worry about drawing attention; as you say, you haven't taken more than you should. Darlington ought to realise that if a balance is briefly £0, it is of their own making since a) It was their error that started this and b) It would mean that they had removed the incorrect interest before applying the correct interest. The balance will never be £0 if Darlington first apply the correct interest, then remove the incorrect interest and then remove the block or design a fix that enables them to recoup just the amount of the interest credit that the saver was not entitled to.

With the time they're taking, I'm expecting the latter.

Customers are usually given 30 days to bring accounts back up to minimum. I've had a nil at Santander for ages and they've only just given notice to close it if the balance stays at nil.

Thanks for your advice.  It would be terrible if this issue overly amplifies. I'm concerned about the amount it may cost Darlington in complaints and how the overseeing bodies view Darlington's actions.  I can see Darlington being less inclined to offer good RS in the future.

The indirect route works. I transferred from my RS I3, to an Easy Access Maturity account, and then to my nominated around 14:30 today. Just before 5pm, I checked nominated and Darlington funds there.  Credit to Darlington for processing transfers within a few hours.

I can see people being more inclined to file a complaint on the basis that they didn't even resolve the issue before putting out a reduction notice and for being unclear as to whether access to funds paid in was blocked as well. The banner still says shortly and while I appreciate that it may not be simple to correct (for reasons of ensuring a correct BBSI and lack of impact on withdrawals as another poster pointed out) a working week ought to be more than enough time for an issue they told us would  be corrected 'shortly.'

allegro120

s71hj said:

allegro120 said:

s71hj said:

Just looking for some advice on the FD RS. My standing order goes from FD current account 22nd. Obviously I can't fund RS directly from my Santander edge up account so do a standing order Santander to FD current account . Through a couple of maturity cycles the standing order is now over 2 weeks before the FD payment to the RS. What is the latest date of the month I can do the payment from Santander to FD current account for the money to be there in time for the FD to FD standing order? 

I don't pre-fund  my FD current account. When the deposit is taken they send notification to my phone early in the morning and I restore my balance back to zero.  There's no overdraft charge if you do it on the same day.

Useful to know. I had Notfications turned off with FD so have remedied this. 

I like notifications, don't need to login to check if your payment has arrived.  Unfortunately not all banks offer this service.

surreysaver

s71hj said:

Just looking for some advice on the FD RS. My standing order goes from FD current account 22nd. Obviously I can't fund RS directly from my Santander edge up account so do a standing order Santander to FD current account . Through a couple of maturity cycles the standing order is now over 2 weeks before the FD payment to the RS. What is the latest date of the month I can do the payment from Santander to FD current account for the money to be there in time for the FD to FD standing order? 

Have you tried applying for an overdraft with First Direct? Because I've got an overdraft that more than covers the £300 payment, I just send £300 on the day. And if you get an overdraft, the first £250 is 0%

allegro120

Born2Save_3 said:

s71hj said:

Just looking for some advice on the FD RS. My standing order goes from FD current account 22nd. Obviously I can't fund RS directly from my Santander edge up account so do a standing order Santander to FD current account . Through a couple of maturity cycles the standing order is now over 2 weeks before the FD payment to the RS. What is the latest date of the month I can do the payment from Santander to FD current account for the money to be there in time for the FD to FD standing order? 

I don't have an overdraft on my 1st Account (FD punished me for transferring an ISA away so removed my overdraft, or that’s the way it seemed to me, as I don't use their CA for day-to-day), so I receive an email/SMS that my 1st Account is overdrawn and I have till ?23:45? that day to bring my 1st Account back to £0/credit. I do a manual transfer on the day.

Some time ago I asked FD what would happen if I didn't bring the 1st Account back to credit and was told that they would reverse the payment to my FD RS.

I'd go for a same day SO from Santander, but check on the day after a certain time, maybe 3pm, in case your 1st Account is overdrawn and the SO has failed, so you can do a manual payment. 

HTH

Wouldn't it simpler to skip SO and do a manual payment, get notification from FD (usually arrives in seconds) and put your mind at rest?  

alfred64

alfred64 said:

When I opened my Dudley Regular Saver in Dudley branch  I was able to open it there and then without prior appointment. Same branch Festive Regular Saver unable to open it on spot  for some reason. Filled in form and left it with them. Received letter soon afterwards stating account now open and could fund it either in branch or online when passbook would be sent to me.
 All funding details followed and payments for December and then January sent by Faster Payments.
Since then no passbook, no letter, not a dicky bird from them.
 Will probably call later in week when I am in Dudley.
 

 

Called in today. They had not sent passbook but could not give me a reason. Probably incompetence.
Apologised and quickly issued me with a passbook. Funds were intact.