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

kaMelo

etienneg said:

flaneurs_lobster said:

wmb194 said:

Go into the regular saver and then click the three dots: it'll then say, "Close an Account."

......which gives a screen titled "Close your current account".......

Yes, that's what happens for me! What do I do now?

Even though it specifies  "current account" it also works for savings accounts too.

flaneurs_lobster

kaMelo said:

etienneg said:

flaneurs_lobster said:

wmb194 said:

Go into the regular saver and then click the three dots: it'll then say, "Close an Account."

......which gives a screen titled "Close your current account".......

Yes, that's what happens for me! What do I do now?

Even though it specifies  "current account" it also works for savings accounts too.

Sounds like you speak from experience so fair enough. How long does the closure take?

allegro120

PRAISETHESUN said:

apt said:

pecunianonolet said:

apt said:

The 10% Virgin Money RS moves to a measly 1.75% Everyday Saver at the end of the month so should be moved on to a better place then. If you don't close the Everyday Saver this month's RS interest is only capitalised in September.

So the Everyday Saver should be closed on 1st August to capitalise the interest after the last day of being paid 10% and to avoid funds being left to earn 1.75%? 

Yes. They only mention closing it by phone or letter. Hope it can also be done on the app or online.

There's an option to close your account through online banking by submitting a closure form. I've used it to close the linked savings account that comes bundled with their current account (despite what they say, it does not get automatically closed when you close your current account), and I assume this online form will also allow you to close other types of savings accounts as well.

When logged in to internet banking, from the menus across the top of the page select the three dots "More" and scroll down to "Close an account" (under the Account Services sub-heading). From there you fill in a form with details of the account you wish to close and you can nominate an account (can be with another bank) to receive any outstanding balance/interest.

VM
I've read somewhere that you have to empty your account prior to closure.  Not sure if it's necessary, but I'll follow this route on 1st August.

kaMelo

flaneurs_lobster said:

kaMelo said:

etienneg said:

flaneurs_lobster said:

wmb194 said:

Go into the regular saver and then click the three dots: it'll then say, "Close an Account."

......which gives a screen titled "Close your current account".......

Yes, that's what happens for me! What do I do now?

Even though it specifies  "current account" it also works for savings accounts too.

Sounds like you speak from experience so fair enough. How long does the closure take?

I can't remember exactly but it's not instant, maybe a day or two. I used it to close the numerous savings accounts opened alongside the multiple M plus current accounts I opened when it's interest rate was competitive.

I only wish it were possible to close the many VM  homebuyer regular savers I had that reside on a different platform in the same way as they're cluttering up my spreadsheet. If anyone has a suggestion I'm all ears.

apt

Aidanmc said:

Regarding the maturing Virgin RS, the funds should be available to withdraw on 1st Aug? Should be able to transfer balance instantly to Virgin current acc. The matured RS can then be closed or left until Sept.

But as several previous posts point out, the Regular Saver interest for July is not available until 30 September unless you close the account.

subjecttocontract

If the balance iskaMelo said:

flaneurs_lobster said:

kaMelo said:

etienneg said:

flaneurs_lobster said:

wmb194 said:

Go into the regular saver and then click the three dots: it'll then say, "Close an Account."

......which gives a screen titled "Close your current account".......

Yes, that's what happens for me! What do I do now?

Even though it specifies  "current account" it also works for savings accounts too.

Sounds like you speak from experience so fair enough. How long does the closure take?

I can't remember exactly but it's not instant, maybe a day or two. I used it to close the numerous savings accounts opened alongside the multiple M plus current accounts I opened when it's interest rate was competitive.

I only wish it were possible to close the many VM  homebuyer regular savers I had that reside on a different platform in the same way as they're cluttering up my spreadsheet. If anyone has a suggestion I'm all ears.

If the balance is zero why not just ignore them / delete them from your spreadsheet ?
In fact what I do is have another spreadsheet entitled inactive accounts where I list zero balance/unused accounts. I refuse to jump through hoops to close accounts, if it's not a simple matter I just don't bother. I reckon that gives them a bigger headache than me.

allegro120

kaMelo said:

flaneurs_lobster said:

kaMelo said:

etienneg said:

flaneurs_lobster said:

wmb194 said:

Go into the regular saver and then click the three dots: it'll then say, "Close an Account."

......which gives a screen titled "Close your current account".......

Yes, that's what happens for me! What do I do now?

Even though it specifies  "current account" it also works for savings accounts too.

Sounds like you speak from experience so fair enough. How long does the closure take?

I can't remember exactly but it's not instant, maybe a day or two. I used it to close the numerous savings accounts opened alongside the multiple M plus current accounts I opened when it's interest rate was competitive.

I only wish it were possible to close the many VM  homebuyer regular savers I had that reside on a different platform in the same way as they're cluttering up my spreadsheet. If anyone has a suggestion I'm all ears.

Good to know, it could be more efficient to close it on Monday instead of Friday if they don't process at weekends.


I have quite a few dormant accounts created by banks to dump my matured funds.  I do a spring clean from time to time, some of them are not easy to close so I just leave them running.  In order to avoid cluttering I just don't include them in my spreadsheet.

etienneg

Just as a matter of interest, does anyone know why so many banks seem to make it difficult to close accounts online, whilst there are just a few where this is streamlined and easy?

Stargunner

etienneg said:

Just as a matter of interest, does anyone know why so many banks seem to make it difficult to close accounts online, whilst there are just a few where this is streamlined and easy?

I don’t find it difficult to close accounts online. I have closed numerous accounts. If you can’t do it directly yourself, i find thst you can do it either by online chat or by a secure message. 

What banks are you struggling to close accounts with.

subjecttocontract

Stargunner said:

etienneg said:

Just as a matter of interest, does anyone know why so many banks seem to make it difficult to close accounts online, whilst there are just a few where this is streamlined and easy?

I don’t find it difficult to close accounts online. I have closed numerous accounts. If you can’t do it directly yourself, i find thst you can do it either by online chat or by a secure message. 

What banks are you struggling to close accounts with.

I think that is the issue. If it's not automatic closure or just a few clicks to complete some of us don't want to spend time chatting with Cora or typing messages or in fact spending any time at all dealing with it. We don't get paid to close an account whereas we often get a financial incentive to open it. I'm sure the banks will contact us quick enough of they want to close them.