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

chris_the_bee

poolboy said:

I got to 5k in natwest using the 150 pcm and double roundups, then, I just used self checkout at morrisons and put items through individually.  I actually got really quick at it, every day c 10 quid earned.  I personally wouldn't do 1p card transactions although I can see it q tempting.  

NatWest
Do you earn the 6.17% on the amount over £5K?
I thought 5K was the max @ 6.17% with anything over only earning 1.25%

Kim_13

chris_the_bee said:

poolboy said:

I got to 5k in natwest using the 150 pcm and double roundups, then, I just used self checkout at morrisons and put items through individually.  I actually got really quick at it, every day c 10 quid earned.  I personally wouldn't do 1p card transactions although I can see it q tempting.  

NatWest
Do you earn the 6.17% on the amount over £5K?
I thought 5K was the max @ 6.17% with anything over only earning 1.25%

6.17% on £5k only, though if you had £5,050 they would still pay the higher rate on the majority - you don’t get penalised for going over as it were.

5x Roundups are now available so we can conclude that poolboy stopped paying in some time ago, before they were a thing.

trickydicky14

Kim_13 said:

chris_the_bee said:

poolboy said:

I got to 5k in natwest using the 150 pcm and double roundups, then, I just used self checkout at morrisons and put items through individually.  I actually got really quick at it, every day c 10 quid earned.  I personally wouldn't do 1p card transactions although I can see it q tempting.  

NatWest
Do you earn the 6.17% on the amount over £5K?
I thought 5K was the max @ 6.17% with anything over only earning 1.25%

6.17% on £5k only, though if you had £5,050 they would still pay the higher rate on the majority - you don’t get penalised for going over as it were.

5x Roundups are now available so we can conclude that poolboy stopped paying in some time ago, before they were a thing.

Obviously then you would cancel any payments into the account once you have hit the 5k marker?

Kim_13

trickydicky14 said:

Kim_13 said:

chris_the_bee said:

poolboy said:

I got to 5k in natwest using the 150 pcm and double roundups, then, I just used self checkout at morrisons and put items through individually.  I actually got really quick at it, every day c 10 quid earned.  I personally wouldn't do 1p card transactions although I can see it q tempting.  

NatWest
Do you earn the 6.17% on the amount over £5K?
I thought 5K was the max @ 6.17% with anything over only earning 1.25%

6.17% on £5k only, though if you had £5,050 they would still pay the higher rate on the majority - you don’t get penalised for going over as it were.

5x Roundups are now available so we can conclude that poolboy stopped paying in some time ago, before they were a thing.

Obviously then you would cancel any payments into the account once you have hit the 5k marker?

I would, but I suspect some will have gone over in the past by e.g. forgetting to cancel roundups straight away. MSEers are more likely than the general population to remove Standing Orders no longer required, but it does happen sometimes that they have been left, and the situation could easily occur where the last SO takes the balance from say £4,900 to £5,050. 

ChewyyBacca

melton bs website not working as on 11:40 am

exel1966

ChewyyBacca said:

melton bs website not working as on 11:40 am

Working fine for me, clear your cache.

surreysaver

Kim_13 said:

chris_the_bee said:

poolboy said:

I got to 5k in natwest using the 150 pcm and double roundups, then, I just used self checkout at morrisons and put items through individually.  I actually got really quick at it, every day c 10 quid earned.  I personally wouldn't do 1p card transactions although I can see it q tempting.  

NatWest
Do you earn the 6.17% on the amount over £5K?
I thought 5K was the max @ 6.17% with anything over only earning 1.25%

6.17% on £5k only, though if you had £5,050 they would still pay the higher rate on the majority - you don’t get penalised for going over as it were.

5x Roundups are now available so we can conclude that poolboy stopped paying in some time ago, before they were a thing.

Of course, once you get to £5k, its 6%, not 6.17%, as there's no longer any compounding!

ChewyyBacca

exel1966 said:

ChewyyBacca said:

melton bs website not working as on 11:40 am

Working fine for me, clear your cache.

used safari browser working fine.

WillPS

surreysaver said:

Kim_13 said:

chris_the_bee said:

poolboy said:

I got to 5k in natwest using the 150 pcm and double roundups, then, I just used self checkout at morrisons and put items through individually.  I actually got really quick at it, every day c 10 quid earned.  I personally wouldn't do 1p card transactions although I can see it q tempting.  

NatWest
Do you earn the 6.17% on the amount over £5K?
I thought 5K was the max @ 6.17% with anything over only earning 1.25%

6.17% on £5k only, though if you had £5,050 they would still pay the higher rate on the majority - you don’t get penalised for going over as it were.

5x Roundups are now available so we can conclude that poolboy stopped paying in some time ago, before they were a thing.

Of course, once you get to £5k, its 6%, not 6.17%, as there's no longer any compounding!

Bit more than that, as you still get 1.something% interest on balances over £5k - not that you should leave it there for that!

adindaspantai

In the first p1 of this thread it is stated

https://forums.moneysavingexpert.com/discussion/6576962/the-top-regular-savers-discussion-thread/p1
"Penalty-free withdrawals: No, withdrawals/closure subject to a penalty of 30 days interest on the funds withdrawn. The penalty for closing the account is waived if Coventry BS have announced a cut to the interest rate of this account in the last 30 days. "

I have this RSA, which I opened in December 2022 and will last for 36 months, but I think it is not the same issue. I just checked it, and the terms of this earlier issue are not the same as the one above. Instead, it is stated like this:

6. Withdrawals/closure
6.1 You can make withdrawals or close this account without notice, charge or loss of interest.

Therefore, I believe there won’t be a 30-day penalty if I choose to withdraw money from this account this month. Am I correct in assuming that?