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

janusd

Aidanmc said:

janusdesign said:

[Deleted User] said:

For those far cleverer than me, if I closed my Principality 8% saver 3 around 3 weeks early (if allowed), how much would I lose out on interest?

additionally to what @apt says, you'll soon get your maturity options (perhaps by the end of the week) - one of which should be to open an(other) Issue 3 - assuming it's still available then... weirdly, the new accounts keep the same account number details as the original maturing issue.

I didnt know this. So when maturity options arrive and select open another issue 3 regular saver, does £200 go into that and where does the remainder go?

you'll get a choice (actually lots of them!).

you can open a new account with the balance... so in my most recent instance last month, my Issue 1 matured and I chose on maturity to put £200 in another Issue 3 (my second Issue 3) and the remaining balance was transferred to another PBS account - which I withdrew to my nominated account the same day.

however, I could equally have chosen to withdraw the entire balance to another PBS account, my nominated account or I think any account elsewhere in my name - or split the balance between existing PBS accounts, my nominated account or elsewhere... as I said, lots of choices.

you'll probably get a letter in the post with optional paperwork (but no envelope!) - in my case, they included the t&c leaflet for another Issue 3, but it wasn't an option on the paper form... a few days later, the maturity option for that account was enabled online - you'll see a link in the account's box online - from there, you can make your choice.

as I mentioned yesterday, if you choose to go down the new RS Issue 3 route at maturity, the existing Issue 2 account will be converted to an Issue 3 with the same account number - so you shouldn't need to change the payee details at your nominated account for making future payments. you will also still be able to see the previous transactions in the PBS account. As long as you choose another RS Issue 3 as your maturity option (assuming still available), it shouldn't matter if PBS later withdraws that account for other customers.

i'm in the same boat as you I think, my Issue 2 matures 3 weeks today (5th June), so i'd expect something in the post soon and the option to make maturity option choices should be there online the end of next week or so.

[Deleted User]

janusdesign said:

[Deleted User] said:

For those far cleverer than me, if I closed my Principality 8% saver 3 around 3 weeks early (if allowed), how much would I lose out on interest?

additionally to what @apt says, you'll soon get your maturity options (perhaps by the end of the week) - one of which should be to open an(other) Issue 3 - assuming it's still available then... weirdly, the new accounts keep the same account number details as the original maturing issue.

Its cashflow tbh, had a sudden large problem/expense. Hopefully won't need to grab whatever I can.

janusd

[Deleted User] said:

janusdesign said:

[Deleted User] said:

For those far cleverer than me, if I closed my Principality 8% saver 3 around 3 weeks early (if allowed), how much would I lose out on interest?

additionally to what @apt says, you'll soon get your maturity options (perhaps by the end of the week) - one of which should be to open an(other) Issue 3 - assuming it's still available then... weirdly, the new accounts keep the same account number details as the original maturing issue.

Its cashflow tbh, had a sudden large problem/expense. Hopefully won't need to grab whatever I can.

there is always the option to open the new RS Issue 3 with just £1 of your Issue 2 balance, withdraw the rest and then optionally top up to £200 later in June if your cashflow allows at that time - but if you need the balance now, then I think closing will be your only option.

Speculator

Anyone else get an email from Saffron BS earlier this week regarding the maturity of their Members month Loyalty 8% regular saver? In the email, it says you can give your maturity instructions online or via the app using their "maturity manager feature."

Logged in via app and online and I can't see any option to give my maturity instruction.

jim1999

Speculator said:

Anyone else get an email from Saffron BS earlier this week regarding the maturity of their Members month Loyalty 8% regular saver? In the email, it says you can give your maturity instructions online or via the app using their "maturity manager feature."

Logged in via app and online and I can't see any option to give my maturity instruction.

It is quite a badly written email, but it also says "Select Maturity Manager option on the account.  This will be available up to 14 days before the maturity date."

I'm assuming you are currently more than 14 days from the maturity date?

Speculator

jim1999 said:

Speculator said:

Anyone else get an email from Saffron BS earlier this week regarding the maturity of their Members month Loyalty 8% regular saver? In the email, it says you can give your maturity instructions online or via the app using their "maturity manager feature."

Logged in via app and online and I can't see any option to give my maturity instruction.

It is quite a badly written email, but it also says "Select Maturity Manager option on the account.  This will be available up to 14 days before the maturity date."

I'm assuming you are currently more than 14 days from the maturity date?

Thanks, yes, mine matures 1st June so I will try again on Monday.

ThePirates

jim1999 said:

Speculator said:

Anyone else get an email from Saffron BS earlier this week regarding the maturity of their Members month Loyalty 8% regular saver? In the email, it says you can give your maturity instructions online or via the app using their "maturity manager feature."

Logged in via app and online and I can't see any option to give my maturity instruction.

It is quite a badly written email, but it also says "Select Maturity Manager option on the account.  This will be available up to 14 days before the maturity date."

I'm assuming you are currently more than 14 days from the maturity date?

I'm within 7 days and can't find the Maturity Manager...

[Deleted User]

janusdesign said:

[Deleted User] said:

janusdesign said:

[Deleted User] said:

For those far cleverer than me, if I closed my Principality 8% saver 3 around 3 weeks early (if allowed), how much would I lose out on interest?

additionally to what @apt says, you'll soon get your maturity options (perhaps by the end of the week) - one of which should be to open an(other) Issue 3 - assuming it's still available then... weirdly, the new accounts keep the same account number details as the original maturing issue.

Its cashflow tbh, had a sudden large problem/expense. Hopefully won't need to grab whatever I can.

there is always the option to open the new RS Issue 3 with just £1 of your Issue 2 balance, withdraw the rest and then optionally top up to £200 later in June if your cashflow allows at that time - but if you need the balance now, then I think closing will be your only option.

Thanks, this time last night I thought the same.

Needed a new (well, used!) car and if I went for the more expensive (but better value) one I was cleaning myself out.

Fortunately I have managed to grt by without disturbing the RS accounts, mainly because I'm too tall/long for the one car!

Thanks though.

[Deleted User]

Hattie627 said:

[Deleted User] said:

For those far cleverer than me, if I closed my Principality 8% saver 3 around 3 weeks early (if allowed), how much would I lose out on interest?

Thankyou in advance.

Assuming you have the maximum of £1200 in the account (6 X £200 payments) you would lose about £5.53 interest by closing 3 weeks earlier. Nothing to be gained from doing it unless you really need the money earlier or you have a better home for it (unlikely). You would also lose the potential opportunity of rolling over £200 to another 6 month RS at a good (FIXED) interest rate. 

Glad to say I've averted the need now, it wasn't something I wanted to do or indeed make a habit of, I could just see a shortfall of £1000 I needed to get asap.

Thankfully it can stay where it is.

Thanks though

KneadtheDough

ThePirates said:

jim1999 said:

Speculator said:

Anyone else get an email from Saffron BS earlier this week regarding the maturity of their Members month Loyalty 8% regular saver? In the email, it says you can give your maturity instructions online or via the app using their "maturity manager feature."

Logged in via app and online and I can't see any option to give my maturity instruction.

It is quite a badly written email, but it also says "Select Maturity Manager option on the account.  This will be available up to 14 days before the maturity date."

I'm assuming you are currently more than 14 days from the maturity date?

I'm within 7 days and can't find the Maturity Manager...

Isn't the Saffron Members Month coming soon? I think last year it was announced late May... My Saffron Members' Month Loyalty Saver ends on 2 June, so I'll wait for announcements re the Members Month before deciding what to do, I think.

https://www.saffronbs.co.uk/membersmonth