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

Kim_13

Descrabled said:

Coventry

Just realised that I have Coventry FHS1 (NLA) that allows multiple withdrawals but only £1000 addition per month. I also have Coventry 4 Access Saver (NLA) that allows unlimited additions but limited withdrawals.

Both accounts pay the same interest at 4.85% so I should make all withdrawals from the FHS and all additions to the 4AS. These accounts are my lowest interest rate accounts and provide the ultimate source of any funds I need for my other regular savers.

Have I got this right?

I got FHS1 in the last day or so it was available and the 3 year term ends in December. Adding to the FHS1 at £1,000 a month can’t hurt, anything above the £1,000 can go to the 4AS as you say - and there would be nothing to prevent internally transferring the full balance of the FHS1 to the 4AS on maturity.

The reason for continuing to fund the FHS1 now is that if the 4AS rate fell below it, you would then be limited as to how much you could move. Withdrawals from the FHS1 as you say - then your full 4 accesses should be available when you no longer have a FHS1.

castle96

I have a note that the Cov FHS has "give notice (dont know what) or 60 days interest penalty" - is this wrong then? (Cant find T&C)

ForumUser7

castle96 said:

I have a note that the Cov FHS has "give notice (dont know what) or 60 days interest penalty" - is this wrong then? (Cant find T&C)

Issue 1 has not got that term.
Issue 2 does. 

jim1999

castle96 said:

I have a note that the Cov FHS has "give notice (dont know what) or 60 days interest penalty" - is this wrong then? (Cant find T&C)

The T&Cs aren't easy to find on web searches for FHS1, but they're in Bridlington's list here https://forums.moneysavingexpert.com/discussion/6470420/the-archived-history-of-regular-savers-thread-no-chat/p1

Descrabled

Coventry FHS1 (NLA)

Thanks Kim_13. I thought about a slight change in the relative interest rates. My FHS ends in November and even if the difference in interest is 0.25% that only equates to about £7 on the maximum £7k I could add to the FHS rather than the 4AS.

After HMRC takes their 20% I would only be short by a fiver, but you're right as it would be my fiver. However, I don't think I'll have £1k spare each month over the summer. I will save into the FHS where possible.

Bridlington1

jim1999 said:

castle96 said:

I have a note that the Cov FHS has "give notice (dont know what) or 60 days interest penalty" - is this wrong then? (Cant find T&C)

The T&Cs aren't easy to find on web searches for FHS1, but they're in Bridlington's list here https://forums.moneysavingexpert.com/discussion/6470420/the-archived-history-of-regular-savers-thread-no-chat/p1

They are fairly easy to guess from the link to the Ts&Cs for Issue 2 though.

FHS Issue 2's Ts&Cs have this link:
https://secure.coventrybuildingsociety.co.uk/savings-and-investments/application/SpecificTermsAndConds.aspx?prodCode=FH2

Issue 1 has this link:
https://secure.coventrybuildingsociety.co.uk/savings-and-investments/application/SpecificTermsAndConds.aspx?prodCode=FH1

Loyalty Seasonal Saver:
https://secure.coventrybuildingsociety.co.uk/savings-and-investments/application/SpecificTermsAndConds.aspx?prodCode=LSS

Loyalty Regular Saver Issue 2:
https://secure.coventrybuildingsociety.co.uk/savings-and-investments/application/SpecificTermsAndConds.aspx?prodCode=LRS2

Bridlington1

JamesRobinson48 said:

The Principality BS 1 Year Triple Access RS (5.40% variable) seems to have disappeared from Moneyfacts although the BS website still shows it as available.  If I'm right, does that mean this RS is likely to go NLA on Monday morning?

It still seems to be showing on moneyfacts for me:



It only has a max monthly deposit of £50 so shan't show if you leave the default amount as £100 but does if you set it to £50.

Bigwheels1111

My Principality BS 1 Year Triple Access RS matures on the 18th, I just tried to open a new one but I'm not allowed as reached the maximum amount. No option in my account to do anything with old account either.

Kim_13

Bigwheels1111 said:

My Principality BS 1 Year Triple Access RS matures on the 18th, I just tried to open a new one but I'm not allowed as reached the maximum amount. No option in my account to do anything with old account either.

Mine matures on the same day and I had an email from them yesterday reminding me that they had sent a letter and that I could let them know what I wanted to do on or after the 18th. This seemed particularly odd wording so I did log in to check there wasn't a maturity manager (though I had thought from the letter that there was no longer an option to schedule anything in advance) and nothing.

I've never received a reminder email before even when I had £1K+ about to roll onto a lower rate, so a few pounds really doesn't bother me (drew down to £1 to fund 6% RS elsewhere after the rate started dropping and then interest was added on top.) An email reminder following the notification that the account is ending in my mind only makes sense if they have asked you to select options in advance and received no response, but alongside that they are running an after the fact maturity process.

I will close the RS on Friday (otherwise funds are likely to be stuck at 2.9% until Monday for those that opened the account in the first few days.)

KneadtheDough

Bigwheels1111 said:

My Principality BS 1 Year Triple Access RS matures on the 18th, I just tried to open a new one but I'm not allowed as reached the maximum amount. No option in my account to do anything with old account either.

RE:  Principality BS 1 Year Triple Access RS

You can close it via secure message, but it will take one business day.

I asked them about maturity options and they replied:

"Having checked your record I can confrim no maturity options are available for your 1 Year Triple Access Regular Saver (Online).

"The account will come to an end of the fixed term (1 year after the date it opened). When the account ends, we will move all of the money into an Easy Access Account available at the time. This is Outlined in the Account Terms and Conditions. "

So, I will likely close it on Thursday (mine matures on 18th) and open another the next day (18th), if still available.