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

Kim_13

clairec666 said:

allegro120 said:

clairec666 said:

mebu60 said:

Principality 6 Month RS 7.5% AER / 7.36% gross

Apologies if already mentioned, I've only skimmed back two pages. 

My existing 6 Month RS 8.0% matures 3 September. About to find out if can have 6 Month RSs (plus Christmas RS 7.0%). 

You should be able to get the 7.5% account (which is issue 3) as your 8% account was a previous issue. You can have one of each issue.

You can have as many as you can get of each issue.  I have four issue 3 accounts.

Well, yes, I was going to mention that but it involves building up different issue accounts over time and hoping things go smoothly when they mature!

You can manually open the current issue (3) as long as you don't already have an issue 3.

This. I held an Issue 2 until it matured in June, and manually opened an Issue 3 in March, so was funding both for several months. I also have the 7% Christmas RS. This is all within the terms and conditions.

If you wait for maturity to select it, it may be that a 6 Month RS isn’t available at all or has become an Issue 4 at a lower rate.

subjecttocontract

Some here just ignore the rules and take whatever they can get away with. There seems little incentive to comply as the penalty is likely to just have the extra account closed down.

clairec666

mebu60 said:

clairec666 said:

mebu60 said:

Nope, maturity date is 3 September, Issue 2. Expect they'll be writing to me about that in a couple of weeks or so.

Just looked back over my records - I had a previous issue that matured on 14th March, I received an email with maturity instructions on 7th March. So don't get too excited yet!

Thanks, I'll do my best to keep my excitement in check :-) 

I'm getting excited about the idea of an issue 4 being available soon so that I can have 3 different issues open at the same time

I clearly have a dull life...

Bridlington1

clairec666 said:

mebu60 said:

clairec666 said:

mebu60 said:

Nope, maturity date is 3 September, Issue 2. Expect they'll be writing to me about that in a couple of weeks or so.

Just looked back over my records - I had a previous issue that matured on 14th March, I received an email with maturity instructions on 7th March. So don't get too excited yet!

Thanks, I'll do my best to keep my excitement in check :-) 

I'm getting excited about the idea of an issue 4 being available soon so that I can have 3 different issues open at the same time

I clearly have a dull life...

If it's any consolation I still recall the time over 2 years back when I had a Flex RS Issue 1 and a Start to Save Issue 2 account with Nationwide with a combined balance of £2.5k for 1 month whilst I had a £2.5k 0% overdraft with Nationwide maxed out at the same time. I found that very satisfying.

chris_the_bee

subjecttocontract said:

Some here just ignore the rules and take whatever they can get away with. There seems little incentive to comply as the penalty is likely to just have the extra account closed down.

But the maturing account documentation invites one to reinvest part of the maturity proceeds in one of several accounts.
The offer to reinvest in a 6 month regular saver is one of the options listed. Hence those with maturing accounts will apply and end up with multiple 6 month savers. So if it is offered, then acceptance is not breaking the rules.

Kim_13

chris_the_bee said:

subjecttocontract said:

Some here just ignore the rules and take whatever they can get away with. There seems little incentive to comply as the penalty is likely to just have the extra account closed down.

But the maturing account documentation invites one to reinvest part of the maturity proceeds in one of several accounts.
The offer to reinvest in a 6 month regular saver is one of the options listed. Hence those with maturing accounts will apply and end up with multiple 6 month savers. So if it is offered, then acceptance is not breaking the rules.

Taking the offer is always subject to the terms and conditions of the product selected - which include that you can only have one of each issue. 

It's unlikely anything bad will happen, but if it does, rules were broken (against which the argument will be that their system should share responsibility for that as they did not (usually) block the duplicates from being opened.

jameseonline

mebu60 said:

Principality 6 Month RS 7.5% AER / 7.36% gross

Apologies if already mentioned, I've only skimmed back two pages. 

My existing 6 Month RS 8.0% matures 3 September. About to find out if can have 6 Month RSs (plus Christmas RS 7.0%). 

You can have at least 1 of every regular saver product issue with Principality.

As others have stated get yourself the latest regular saver 6 month before your current one ends, then in maturity options for your current issue (online seems to work best) choose the option to invest part of it into a new savings account, you should see issue 3 as an option, you'll be able to invest upto £200 out of the £1200 max you deposited & the rest of your deposits + the interest to go to a bank account.

Your current issue will then get converted to issue 3, with £200 in it, therefore you've now got yourself another issue 3, also the paying in info doesn't change for the converted account.

If you have any other accounts coming to an end it may be worth checking maturity options for those accounts too.

If another issue of 6 Month (so issue 4) comes out get 1 of those & repeat the same process for your previous issues.

And this has been working since issue 1 and/or other accounts I believe, it's not an abuse of the system as it's a maturity option for existing accounts.

Abuse of the system would be to go straight to the regular saver page and trying to open several accounts by going through the application form several times over.

20122013

SANTANDER MONTHLY SAVER -  how can I make my monthly payment without incurring the Edge current account monthly fee? I have tried to set up a Standing Order from another bank account as I only have a 'R'account number and no sort code, so it was not possible.

PS I have posted this question already but cannot find it to delete it.

Middle_of_the_Road

20122013 said:

SANTANDER MONTHLY SAVER -  how can I make my monthly payment without incurring the Edge current account monthly fee? I have tried to set up a Standing Order from another bank account as I only have a 'R'account number and no sort code, so it was not possible.

PS I have posted this question already but cannot find it to delete it.

The regular saver can only be funded by standing order from your Edge current account.
Doing so will not trigger the fee. Only direct debits would do that.

WillPS

Middle_of_the_Road said:

20122013 said:

SANTANDER MONTHLY SAVER -  how can I make my monthly payment without incurring the Edge current account monthly fee? I have tried to set up a Standing Order from another bank account as I only have a 'R'account number and no sort code, so it was not possible.

PS I have posted this question already but cannot find it to delete it.

The regular saver can only be funded by standing order from your Edge current account.
Doing so will not trigger the fee. Only direct debits would do that.

Any Santander current account will do. Doesn't have to be Edge, I think even Basic suffices. @20122013 can open another Everyday or Basic account and do the transferring from there if they prefer.