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

courier9585

ordnancesurvey84 said:

Natwest Digital Regular Saver
RBS Digital Regular Saver

Just a note of caution for those withdrawing and replacing funds from these accounts within a calendar month - (there've been posts on this thread about it being tolerated despite being against the accounts' terms).

I had £5000 in both these accounts. During the month of May, I withdrew £4999 from both accounts, leaving a £1 balance with the intention of replacing the funds before the end of the month.

For the NatWest account, I repaid the £4999 on Friday 30th May - and that was accepted.
For the RBS account, I repaid £4600 on Friday 30th May and £399 on Saturday 31st May.

The final £399 payment, because it was paid on the weekend, has been counted as a June payment and for some reason this has caused the account to reject all payments paid into the account in BOTH May and June, and I've had the balance reduced to £151 + beginning of June interest.

Similar story here, i had a DRS overfund taken from my RBS saver in may, reducing my balance by nearly £1400, so caution with RBS.

liger

Can a 13th payment be sent to Progressive BS Rainy Day RS?  I have a balance of £3600 and it matures 13th July.

surreysaver

liger said:

Can a 13th payment be sent to Progressive BS Rainy Day RS?  I have a balance of £3600 and it matures 13th July.

I find it useful to download a copy of the T&Cs whenever I open a new account 

dcs34

I find it useful to try anyway because you never know, and worst case the payment is returned within 1-2 days.

ForumUser7

surreysaver said:

liger said:

Can a 13th payment be sent to Progressive BS Rainy Day RS?  I have a balance of £3600 and it matures 13th July.

I find it useful to download a copy of the T&Cs whenever I open a new account 

By those, I would say yes - but don't know what their systems will do in practice.
The maximum of £3,600 is PCY, and it's only June, so OP still has allowance for July if they adhered to the £300 PCM

surreysaver

ForumUser7 said:

surreysaver said:

liger said:

Can a 13th payment be sent to Progressive BS Rainy Day RS?  I have a balance of £3600 and it matures 13th July.

I find it useful to download a copy of the T&Cs whenever I open a new account 

By those, I would say yes - but don't know what their systems will do in practice.
The maximum of £3,600 is PCY, and it's only June, so OP still has allowance for July if they adhered to the £300 PCM

Yes, it's worded slightly confusingly. 'Maximum deposit per calendar month is £300’ doesn't mean the maximum per calendar year is £3600, unless the first £300 was made on the first of the month. I suspect they mean the maximum is £300 per month and £3600 per year, but it doesn't quite say that.
Bit like their use of the word 'lodgement'. It's not quite English.

Bobblehat

liger said:

Can a 13th payment be sent to Progressive BS Rainy Day RS?  I have a balance of £3600 and it matures 13th July.

Assuming you can add the £300 on 1st July and it doesn't get rejected, and the interest rate was a constant 7% (is that correct?), you will only gain about 70p over not trying to add a 13th £300. Your call if it's worth it or not.

Me .... well, I'd wonder where an odd missing penny might have got to ....

Bridlington1

ForumUser7 said:

surreysaver said:

liger said:

Can a 13th payment be sent to Progressive BS Rainy Day RS?  I have a balance of £3600 and it matures 13th July.

I find it useful to download a copy of the T&Cs whenever I open a new account 

By those, I would say yes - but don't know what their systems will do in practice.
The maximum of £3,600 is PCY, and it's only June, so OP still has allowance for July if they adhered to the £300 PCM

In my case issue 1 let me get the balance to £3.9k after I accidentally funded it with a 13th payment. The final £300 didn't get returned.

Bobblehat

shirley999 said:

When considering making a 13th monthly payment where there is a possibility it will be returned, consider the interest being earned on that extra monthly payment where it would sit if not paid.  Hardly worth it if the difference in interest rates between the two accounts is small, also take into consideration how many days are left of the term, ................

Good point ... that 70p net gain becomes more like 22p net gain if you left the £300 in a 4.5% EA for 13 days (1st to 13th July) instead of trying to put into the Progressive RS!

Andystriker

Bridlington1 said:

Just a reminder the Leeds BS interest rate cuts come into effect tomorrow:

Account	Old rate	New rate	Date
Leeds BS Home Deposit Saver Issues 1 & 2	4.90%	4.80%	23/06/2025
Leeds BS Regular Saver (Issues 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 56, 57, 59, 60, 61, 62 & 63)	4.80%	4.70%	23/06/2025
Leeds BS Regular Saver Issue 55 & 58	4.95%	4.85%	23/06/2025

Hi Bridlington1

According to my notes, Leeds cuts on 27th June, although I could be wrong and I may have had too much Whisky again.

Its only 4 days anyway.

Thanks for all you do on this board.

Andy