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

SJMALBA

Middle_Sister said:

I have a Coventry Loyalty (3) Regular Saver paying 4.9%. I currently pay in £250 a month but want to reduce this to the minimum payment allowed but I can't find out what that is.  I don't think I should close it.  I want to open a new regular saver with Progressive paying 7%.  Any advice please?

From the KPI: 

Kim_13

Middle_Sister said:

I have a Coventry Loyalty (3) Regular Saver paying 4.9%. I currently pay in £250 a month but want to reduce this to the minimum payment allowed but I can't find out what that is.  I don't think I should close it.  I want to open a new regular saver with Progressive paying 7%.  Any advice please?

Minimum payment is £0, you just can't close without a penalty unless they further reduce the rate. I had one that I didn't pay into beyond the £100 required for the prize draw entry.

Middle_Sister

Kim_13 said:

Middle_Sister said:

I have a Coventry Loyalty (3) Regular Saver paying 4.9%. I currently pay in £250 a month but want to reduce this to the minimum payment allowed but I can't find out what that is.  I don't think I should close it.  I want to open a new regular saver with Progressive paying 7%.  Any advice please?

Minimum payment is £0, you just can't close without a penalty unless they further reduce the rate. I had one that I didn't pay into beyond the £100 required for the prize draw entry.

I think I'll keep it running but reduce the payment to £1.  Many thanks. 

Middle_Sister

janusd said:

Middle_Sister said:

I have a Coventry Loyalty (3) Regular Saver paying 4.9%. I currently pay in £250 a month but want to reduce this to the minimum payment allowed but I can't find out what that is.  I don't think I should close it.  I want to open a new regular saver with Progressive paying 7%.  Any advice please?

you can find a link to the archived page at Coventry in the thread below...
The Archived History Of Regular Savers Thread *** NO CHAT*** — MoneySavingExpert Forum
it's £1 per month.

I see one paying 5% so I think I'll keep it running but reduce the payment to £1.  Many thanks

Middle_Sister

SJMALBA said:

Middle_Sister said:

I have a Coventry Loyalty (3) Regular Saver paying 4.9%. I currently pay in £250 a month but want to reduce this to the minimum payment allowed but I can't find out what that is.  I don't think I should close it.  I want to open a new regular saver with Progressive paying 7%.  Any advice please?

From the KPI: 

I think I'll keep it running but reduce the payment to £1.  Many thanks

flaneurs_lobster

Kim_13 said:

Middle_Sister said:

I have a Coventry Loyalty (3) Regular Saver paying 4.9%. I currently pay in £250 a month but want to reduce this to the minimum payment allowed but I can't find out what that is.  I don't think I should close it.  I want to open a new regular saver with Progressive paying 7%.  Any advice please?

Minimum payment is £0, you just can't close without a penalty unless they further reduce the rate. I had one that I didn't pay into beyond the £100 required for the prize draw entry.

As @Kim_13 says, mine's had £100 in since day 1, no deposits since. Only there for the (unsuccessful) prize draw.

CricketLady

Middle_Sister said:

SJMALBA said:

Middle_Sister said:

I have a Coventry Loyalty (3) Regular Saver paying 4.9%. I currently pay in £250 a month but want to reduce this to the minimum payment allowed but I can't find out what that is.  I don't think I should close it.  I want to open a new regular saver with Progressive paying 7%.  Any advice please?

From the KPI: 

I think I'll keep it running but reduce the payment to £1.  Many thanks

Hi Middle Sister, might it be worth reducing to £10 per month as I think this is the amount that triggers your entry into their monthly saver draw.  You might be lucky!

xx
Edited to add: I am wrong, sorry about that!

liamcov

CricketLady said:

Middle_Sister said:

SJMALBA said:

Middle_Sister said:

I have a Coventry Loyalty (3) Regular Saver paying 4.9%. I currently pay in £250 a month but want to reduce this to the minimum payment allowed but I can't find out what that is.  I don't think I should close it.  I want to open a new regular saver with Progressive paying 7%.  Any advice please?

From the KPI: 

I think I'll keep it running but reduce the payment to £1.  Many thanks

Hi Middle Sister, might it be worth reducing to £10 per month as I think this is the amount that triggers your entry into their monthly saver draw.  You might be lucky!

xx

Yes it is a min of £10 a month for the prize draw. 

flaneurs_lobster

CricketLady said:

Middle_Sister said:

SJMALBA said:

Middle_Sister said:

I have a Coventry Loyalty (3) Regular Saver paying 4.9%. I currently pay in £250 a month but want to reduce this to the minimum payment allowed but I can't find out what that is.  I don't think I should close it.  I want to open a new regular saver with Progressive paying 7%.  Any advice please?

From the KPI: 

I think I'll keep it running but reduce the payment to £1.  Many thanks

Hi Middle Sister, might it be worth reducing to £10 per month as I think this is the amount that triggers your entry into their monthly saver draw.  You might be lucky!

xx

Might want to check that, my spreadsheet (which has been wrong) says that it's the Sunny Day Saver (2) that'll give you a draw entry for a tenner a month.

Aidanmc

Nationwide RS
Might need to free up some funds by end of month, my Nationwide RS is due to mature next month so i was going to refresh it.
Is it usually the day after closure request that a new RS can be opened?