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

Bridlington1

Bigwheels1111 said:

masonic said:

Bigwheels1111 said:

I go 4k into the red on the first of the month.

Is that with an arranged overdraft covering it? I've never attempted to exceed my overdraft limit, even intra-day, so am curious.

No, FD allow you to go overdrawn as long as your in credit the same day without issue or fees.

3 times so far this year, Jan, Feb and March without a problem.

April had a reg saver pay out on the 31st march so funds were in place.

NatWest/RBS (and I assume Ulster) also allow you to go into an unarranged OD and don't charge fees, although have a less generous cut off time of 3:30pm. I have 2 £50 DDs that go out from RBS to Scottish Widows on 2nd of the month (or first working day after 2nd if a non-working day), the account goes overdrawn by £100 despite there being no OD. I do a FP out of SWs that morning for the £100 (plus the occasional penny or two of interest) which usually arrives within a few hours to cover it.

HSBC/FD also allow you to go into an unarranged OD when funding their regular savers by SO from their current account, so long as you pay money in fairly soon to cover it. I can't recall off the top of my head what the cut off for SOs not bouncing is but whenever I've gone overdrawn this way I've always paid money in by about dinner time on the day the SO is taken and never had any issues.

Usually though if the account I'm pulling money from allows instant withdrawals I'll often just take money from the account around 11pm-early hours of the morning so that I earn interest on the money in one account till the day before I pay into the regular saver before it starts earning interest in the regular saver from the next day.

A note of caution though Zopa don't allow you to go into an unarranged OD and don't attempt to make the payment again if there's insufficient funds in the account. DDs are generally taken in the early hours of the morning (3-4am IIRC) so if paying out DDs you should be fine paying the money in around midnight on the day they're due to be taken.

s71hj

Bridlington1 said:

s71hj said:

Bridlington1 said:

s71hj said:

masonic said:

s71hj said:

Re Coventry withdrawals 
Does anybody know how quickly from online request the money arrives in your bank account. I requested yesterday and it suggested that was the day of the withdrawal but I'm assuming Monday at earliest for money to arrive.

Usually next working day, I've usually received late morning.

Same question for Monmouthshire building society withdrawal!

Late the same working day if done before the cut off time on a working day (2:30pm(ish) off the top of my head), otherwise next working day in my experience.

Brilliant thanks. I think this means I've resolved my short term cash flow problem and so I'm glad I've maxed out my isa last night at the expense of only 15 quid left in my current account!!!

I tend to be a tad riskier with cashflow, I don't keep money in a current account for more than a few hours unless it pays more interest than I can get elsewhere and I've a £2.5k arranged OD with Nationwide so quite often go deep into that when funding regular savers after having set up a payment from the likes of Coventry BS the day before to arrive in the account to take the balance back up to nil.

I have Santander Edge up so at least get a bit of interest. I have about 10 grand in regular saver standing orders and mortgage direct debit go out on one day at start of month. Always open to new ideas on how to manage these arrangements more effectively. 

Growingold

Melton Building Society - Adcock Regular Saver
I received an email reminding me to log on and verify my nominated account.  However logging on I cannot see any place  to do this.  Has anyone successfully done this else I'll have to give them a ring.?
Thanks

flaneurs_lobster

Growingold said:

Melton Building Society - Adcock Regular Saver
I received an email reminding me to log on and verify my nominated account.  However logging on I cannot see any place  to do this.  Has anyone successfully done this else I'll have to give them a ring.?
Thanks

You should have received a letter about verifying your account, contains a code and directions on how to enter it.

WLewer98

Co-op Regular Saver

If one were to close this account, how soon can I re-open another?

Growingold

flaneurs_lobster said:

Growingold said:

Melton Building Society - Adcock Regular Saver
I received an email reminding me to log on and verify my nominated account.  However logging on I cannot see any place  to do this.  Has anyone successfully done this else I'll have to give them a ring.?
Thanks

You should have received a letter about verifying your account, contains a code and directions on how to enter it.

Yes but said to log on .  When logging on no link to activate it.

flaneurs_lobster

Growingold said:

flaneurs_lobster said:

Growingold said:

Melton Building Society - Adcock Regular Saver
I received an email reminding me to log on and verify my nominated account.  However logging on I cannot see any place  to do this.  Has anyone successfully done this else I'll have to give them a ring.?
Thanks

You should have received a letter about verifying your account, contains a code and directions on how to enter it.

Yes but said to log on .  When logging on no link to activate it.

Ring them. Was obvious when I did it so there's something not quite right.

s71hj

Bridlington1 said:

s71hj said:

masonic said:

s71hj said:

Re Coventry withdrawals 
Does anybody know how quickly from online request the money arrives in your bank account. I requested yesterday and it suggested that was the day of the withdrawal but I'm assuming Monday at earliest for money to arrive.

Usually next working day, I've usually received late morning.

Same question for Monmouthshire building society withdrawal!

Late the same working day if done before the cut off time on a working day (2:30pm(ish) off the top of my head), otherwise next working day in my experience.

Is this part of a general rule that applies to all building societies (most banks seem to be instant 24/7)? I have been burnt before on getting money back I'd paid into my ns and I saver by debit card so had to scrab around to get the money to prevent going into overdraft so would be useful to know as am beginning to take some money out of some of the no longer competive regular savers.

pecunianonolet

Coop Regular Saver

I opened my reg saver last year in March and the first funding was on the 10th of April. Technically, the saver should mature on the 9th. I usually receive from all institutions either a letter or online message informing me about maturity, when funds are available or when I can open a new one but total radio silence from Coop. I also got a Smart Saver open with them in case they move funds and interest there. 

Coop processes are rather peculiar in some cases so when will I get interest paid and when can I open a new reg saver with them?

friolento

s71hj said:

Bridlington1 said:

s71hj said:

masonic said:

s71hj said:

Re Coventry withdrawals 
Does anybody know how quickly from online request the money arrives in your bank account. I requested yesterday and it suggested that was the day of the withdrawal but I'm assuming Monday at earliest for money to arrive.

Usually next working day, I've usually received late morning.

Same question for Monmouthshire building society withdrawal!

Late the same working day if done before the cut off time on a working day (2:30pm(ish) off the top of my head), otherwise next working day in my experience.

Is this part of a general rule that applies to all building societies (most banks seem to be instant 24/7)? I have been burnt before on getting money back I'd paid into my ns and I saver by debit card so had to scrab around to get the money to prevent going into overdraft so would be useful to know as am beginning to take some money out of some of the no longer competive regular savers.

There is no general rule, though there are more of them sending you the withdrawal by the end of the next working day than those who send it on the same working day if you meet their daily cut off (which may or may not be the same as others). Some will also process your withdrawal request only on the next working day, and then pay out the working day after. Some have other prohibitive rules, such as those you have already discovered at NS&I (not a Building Society) who quite unusually will not let you withdraw money deposited by debit card for an entire working week after deposit. On the other hand, if your NS&I funds are available for withdrawal, you can request them after 22:30 a day and you will have them by lunchtime the next working day

Bottom line: you need to check with the T&Cs / with CS of each company