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

Speculator

I opened a Santander Monthly saver on 14/8/24 and made my first deposit on 19/8/24.

Then I paid in another £200 in error on the 2/9/24. The £200 was not automatically returned as an overpayment.

I then paid £200 by S/o on the first working day of each month until I reached £2400 on 1/7/25. Yesterday I received £68.48 in interest as expected.

janusd

Re: Coventry BS First Home Saver (Issue 1) NLA - am I correct in thinking that this account doesn't have to be funded each month ?

i've been through the relevant PDFs in @Bridlington1 archived history thread (quicker than finding them locally!), and I know it's a max of £1,000 per month but can't see any mention of a minimum deposit.

I note on the 1st page of this thread, for the later Issue 2, that there is a £1 minimum with no apparent penalties for missed payments - just wondering if this was the same with Issue 1 ??

the reason for asking is that I would be funding it from a savings account paying 4.55%, and with the RS rate dropping to 4.50% next month, it makes little sense to me to fund it if I don't need to.

Kim_13

janusdesign said:

Re: Coventry BS First Home Saver (Issue 1) NLA - am I correct in thinking that this account doesn't have to be funded each month ?

i've been through the relevant PDFs in @Bridlington1 archived history thread (quicker than finding them locally!), and I know it's a max of £1,000 per month but can't see any mention of a minimum deposit.

I note on the 1st page of this thread, for the later Issue 2, that there is a £1 minimum with no apparent penalties for missed payments - just wondering if this was the same with Issue 1 ??

the reason for asking is that I would be funding it from a savings account paying 4.55%, and with the RS rate dropping to 4.50% next month, it makes little sense to me to fund it if I don't need to.

Correct. I haven't funded it since 2023 and the account remains open.

Aidanmc

Can the Coventry BS Loyalty RS be closed now without penalty or do i have to wait until interest rate reduction takes effect?

Kim_13

Aidanmc said:

Can the Coventry BS Loyalty RS be closed now without penalty or do i have to wait until interest rate reduction takes effect?

I believe it is 30 days from the date of  notification (email not received as yet.) If it gets to the end of August without one, I will assume the pdf was the notification and secure message them asking to close.

jameseonline

Got a letter from Coventry Building Society about my Sunny Day Saver at 5.75% coming to an end on 4th September & it getting converted to an Easy Access 7 at 2.40%.

Did I see earlier they are reducing the Sunny Day soon?, seems a bit pointless them doing that for a few days.

Also am I right in thinking this started at 6.25% then went down to 6% & is currently 5.75%?

Kim_13

jameseonline said:

Got a letter from Coventry Building Society about my Sunny Day Saver at 5.75% coming to an end on 4th September & it getting converted to an Easy Access 7 at 2.40%.

Did I see earlier they are reducing the Sunny Day soon?, seems a bit pointless them doing that for a few days.

Also am I right in thinking this started at 6.25% then went down to 6% & is currently 5.75%?

I got the same letter, mine matures on the day the rate reduction takes effect (a 0.1% rate reduction which makes it seem particularly pointless.) The account lasted less than a month on sale in any case.

clairec666

jameseonline said:

Also am I right in thinking this started at 6.25% then went down to 6% & is currently 5.75%?

I've got it at 6.25% on my spreadsheet for last year. Can't remember when it dropped to 6%.

Bridlington1

clairec666 said:

jameseonline said:

Also am I right in thinking this started at 6.25% then went down to 6% & is currently 5.75%?

I've got it at 6.25% on my spreadsheet for last year. Can't remember when it dropped to 6%.

3rd March for 6.25% to 6% and 2nd June for 6% to 5.75%.

Links to lists of previous interest rate reductions appear on the first page of the Archived thread:
https://forums.moneysavingexpert.com/discussion/comment/80268179/#Comment_80268179

easysaver

Aidanmc said:

Can the Coventry BS Loyalty RS be closed now without penalty or do i have to wait until interest rate reduction takes effect?

If you try and close the account (online, I don't think you can close an account on the app) it'll give you the closing amount including accrued interest. e.g. for my Loyalty Seasonal Saver I get just over £41 in interest which roughly agrees with having paid in £250 a month for 8 months. This would imply there is no 30 day interest penalty applied. I think the Loyalty RS and Loyalty Seasonal Saver have this same 30 day interest penalty.