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

GetRichOrDieSaving

If you temporarily withdraw from the Virgin 10% account can you then put that money back in as long you don’t exceed the monthly allowance? 

kaMelo

Aside from whether it's possible or not, why would you withdraw money from the highest paying account that you hold rather than another account which undoubtably pays less?

wmb194

GetRichOrDieSaving said:

If you temporarily withdraw from the Virgin 10% account can you then put that money back in as long you don’t exceed the monthly allowance? 

Yes, I have done that. It was for a week in March a little before the last interest payment and I think the interest looked okay. The real test to make sure it's earning the 10% is the next payment on 30/06.

janusd

GetRichOrDieSaving said:

If you temporarily withdraw from the Virgin 10% account can you then put that money back in as long you don’t exceed the monthly allowance? 

you could pay it back in, but whether it would earn interest...?

• You can pay in up to the maximum of £250 every calendar month and earn interest on this.
• As the maximum balance you can earn interest on increases each month by £250, if you don’t manage to save your full £250 in any month, you can pay more in the next or future months.
• The maximum balance you can earn interest on at the end of the 12 month fixed term is £3,000.
• Interest payments added directly to your account will not be counted towards the monthly £250 limit.
• If you save more than the maximum £250 limit each calendar month, we will accept the money, but you will not earn interest on any amount that exceeds the cumulative maximum monthly limit. This does not include any interest that will be added direct to your account.

though i'd agree with @kaMelo and, if possible, take the money from elsewhere.

clairec666

janusdesign said:

GetRichOrDieSaving said:

If you temporarily withdraw from the Virgin 10% account can you then put that money back in as long you don’t exceed the monthly allowance? 

you could pay it back in, but whether it would earn interest...?

• You can pay in up to the maximum of £250 every calendar month and earn interest on this.
• As the maximum balance you can earn interest on increases each month by £250, if you don’t manage to save your full £250 in any month, you can pay more in the next or future months.
• The maximum balance you can earn interest on at the end of the 12 month fixed term is £3,000.
• Interest payments added directly to your account will not be counted towards the monthly £250 limit.
• If you save more than the maximum £250 limit each calendar month, we will accept the money, but you will not earn interest on any amount that exceeds the cumulative maximum monthly limit. This does not include any interest that will be added direct to your account.

though i'd agree with @kaMelo and, if possible, take the money from elsewhere.

The T&Cs contradicted each other a bit, right? You can pay up to a maximum of £250 per month, but you can also pay in more than £250 per month if it's rolled over from previous months...

wmb194

janusdesign said:

GetRichOrDieSaving said:

If you temporarily withdraw from the Virgin 10% account can you then put that money back in as long you don’t exceed the monthly allowance? 

you could pay it back in, but whether it would earn interest...?

• You can pay in up to the maximum of £250 every calendar month and earn interest on this.
• As the maximum balance you can earn interest on increases each month by £250, if you don’t manage to save your full £250 in any month, you can pay more in the next or future months.
• The maximum balance you can earn interest on at the end of the 12 month fixed term is £3,000.
• Interest payments added directly to your account will not be counted towards the monthly £250 limit.
• If you save more than the maximum £250 limit each calendar month, we will accept the money, but you will not earn interest on any amount that exceeds the cumulative maximum monthly limit. This does not include any interest that will be added direct to your account.

though i'd agree with @kaMelo and, if possible, take the money from elsewhere.

My reading is that this is similar to HSBC's RS where the allowed balance earning interest increases every month. Anyway, it only runs to 31/07 and I'll find out on 30/06 (or 01/07) whether or not my reading was correct.

janusd

wmb194 said:

janusdesign said:

GetRichOrDieSaving said:

If you temporarily withdraw from the Virgin 10% account can you then put that money back in as long you don’t exceed the monthly allowance? 

you could pay it back in, but whether it would earn interest...?

• You can pay in up to the maximum of £250 every calendar month and earn interest on this.
• As the maximum balance you can earn interest on increases each month by £250, if you don’t manage to save your full £250 in any month, you can pay more in the next or future months.
• The maximum balance you can earn interest on at the end of the 12 month fixed term is £3,000.
• Interest payments added directly to your account will not be counted towards the monthly £250 limit.
• If you save more than the maximum £250 limit each calendar month, we will accept the money, but you will not earn interest on any amount that exceeds the cumulative maximum monthly limit. This does not include any interest that will be added direct to your account.

though i'd agree with @kaMelo and, if possible, take the money from elsewhere.

My reading is that this is similar to HSBC's RS where the allowed balance earning interest increases every month.

I would agree - there's a table in the pdf that demonstrates this (e.g allowing to topup missed previous payments) - but thought it unnecessary to post because as you say, we're only 6 weeks from maturity.

GreenScepter

Didn't see any posts about this, apologies if I missed any. A reminder that Zopa are reducing the rate on their regular saver tomorrow and making it variable.

"As a Zopa bank account customer, you’re eligible to open a Regular Saver pot. It lets you save up to £300 a month, withdraw anytime and earn 7.5% AER* (7.25% gross**) — fixed for a year.

This rate will expire on 17th June. After that, you'll still be able to open a Regular Saver pot, but you’ll earn a lower, variable interest rate of 7.1% AER* (6.87% gross**)."

https://postimg.cc/crNLNRb4

Their bank account is still in beta, but I think anyone can open an account now. Their how do I open an account page now says:

"You can do this at any time in our app. Simply tap the ‘Apply’ tab at the bottom of your screen and you’ll see the option to get started from there."

clairec666

GreenScepter said:

Didn't see any posts about this, apologies if I missed any. A reminder that Zopa are reducing the rate on their regular saver tomorrow and making it variable.

"As a Zopa bank account customer, you’re eligible to open a Regular Saver pot. It lets you save up to £300 a month, withdraw anytime and earn 7.5% AER* (7.25% gross**) — fixed for a year.

This rate will expire on 17th June. After that, you'll still be able to open a Regular Saver pot, but you’ll earn a lower, variable interest rate of 7.1% AER* (6.87% gross**)."

https://postimg.cc/crNLNRb4

Their bank account is still in beta, but I think anyone can open an account now. Their how do I open an account page now says:

"You can do this at any time in our app. Simply tap the ‘Apply’ tab at the bottom of your screen and you’ll see the option to get started from there."

I haven't seen any posts about this either. I opened my account a couple of weeks ago, it was easy to apply and I didn't need an invite or anything. So if anyone wants to grab the fixed rate, get in there quickly.

castle96

Doesn't seem to be there now.........