The Top Regular Savers Discussion Thread

clairec666

Well, some may be tempted to empty and close the account before any correction is made. Feels a bit dishonest though.

If on the other hand they don't correct it automatically, I'm not going out of my way to repay them...

Kim_13

nomorekids said:

solartom said:

Re Darlington interest payment i just cecked and it seems rather a lot(90 odd pounds) for 6 month payments anyone had that too ?

£68 for me and was expecting a tenner, well that makes my "blown my PSA" even worse, especially if they now don't pay anymore next tax year. 

wondering what will happen but nice problem to have, not complaining if we get to keep 

I do wonder if they will already have the BBSI with the incorrect figure in it - if they can’t amend it they would have to let taxpayers keep 20%, 40% or 45% of the extra, as otherwise they will be having to pay tax on income they haven’t received. No one should be left out of pocket through no fault of their own.

Hattie627

Someone at Darlington is going to be looking for a new job soon.

Bob2000

Darlington  regular saver 

I opened this regular saver( I think it is the same account  that is being discussed)? in October 2025, then emptied it in November except  for a £1. Today, l started  to fund it again £250 and after seeing  the posts on here, l had a look online. My £1 generated  a whooping 93p! 

Bobblehat

clairec666 said:

Well, some may be tempted to empty and close the account before any correction is made. Feels a bit dishonest though.

If on the other hand they don't correct it automatically, I'm not going out of my way to repay them...

Assuming they don't also pay what was expected in August (~£80), I'd like ~£9 to be paid in August, that would make it up to around £102 (£93+£9) is was expecting had the correct interest been paid in December and August!

I expect them to correct December's interest and will make a note to check what the total figure is in August. In my case estimated at ~£18+£84 

nomorekids

Bobblehat said:

clairec666 said:

Well, some may be tempted to empty and close the account before any correction is made. Feels a bit dishonest though.

If on the other hand they don't correct it automatically, I'm not going out of my way to repay them...

Assuming they don't also pay what was expected in August (~£80), I'd like ~£9 to be paid in August, that would make it up to around £102 (£93+£9) is was expecting had the correct interest been paid in December and August!

I expect them to correct December's interest and will make a note to check what the total figure is in August. In my case estimated at ~£18+£84 

and compensate for those who have to pay extra tax on the 31st Dec interest paid? I wonder ............

may be easier to just reverse and pay what everyone is expecting\?

arthurdick

solartom said:

Re Darlington interest payment i just cecked and it seems rather a lot(90 odd pounds) for 6 month payments anyone had that too ?

Darlington:

I opened my account around the 8th August, I got exactly £93 yesterday. 

Hattie627

nomorekids said:

Bobblehat said:

clairec666 said:

Well, some may be tempted to empty and close the account before any correction is made. Feels a bit dishonest though.

If on the other hand they don't correct it automatically, I'm not going out of my way to repay them...

Assuming they don't also pay what was expected in August (~£80), I'd like ~£9 to be paid in August, that would make it up to around £102 (£93+£9) is was expecting had the correct interest been paid in December and August!

I expect them to correct December's interest and will make a note to check what the total figure is in August. In my case estimated at ~£18+£84 

and compensate for those who have to pay extra tax on the 31st Dec interest paid? I wonder ............

may be easier to just reverse and pay what everyone is expecting\?

I think they will reverse the credit and re-credit with correct amount, If they leave it as it is and correct at the next interest date, they will be losing out on the use of the money they have overpaid. I doubt that this would be affordable. They are a small mutual. This could put them out of business.

gt94sss2

Kim_13 said:

nomorekids said:

solartom said:

Re Darlington interest payment i just cecked and it seems rather a lot(90 odd pounds) for 6 month payments anyone had that too ?

£68 for me and was expecting a tenner, well that makes my "blown my PSA" even worse, especially if they now don't pay anymore next tax year. 

wondering what will happen but nice problem to have, not complaining if we get to keep 

I do wonder if they will already have the BBSI with the incorrect figure in it - if they can’t amend it they would have to let taxpayers keep 20%, 40% or 45% of the extra, as otherwise they will be having to pay tax on income they haven’t received. No one should be left out of pocket through no fault of their own.

The BBSI is an annual return not an ongoing data feed like PAYE is.

happybagger

I think we're all overthinking the Darlington issue. They won't wait until maturities to correct it, they will do it as soon as possible. In order to head off any attempts to reclaim from anyone that may have closed it afterwards.

Apology letter "for confusion it may have caused" no doubt to follow.

Nobody's head will be on the block for this. Blame the "new system", other "IT issue" or "software error"

I'd also be surprised if there were any issues regarding HMRC submissions. Someone in the know may clarify clarify but I would guess the society would make a post-April 6th return for all accounts in the tax year reporting the correct figure.