The Top Regular Savers Discussion Thread

alfred64

Yorkshire are a bit slow this year. West Brom have beaten them to it.

trickydicky14

Dizzycap said:

trickydicky14 said:

West Brom winter ready savings acc
Am I correct in thinking you can only make 10 payments into this account as it says, you can pay in up to 31st Oct and take your money out on the 1st Nov.

Yes, 31st of October with a maximum funding of £1,000 - £100 max per month - A 10 month Westbrom Winter Ready RS.

Thanks for clearing that up for me, I've opened the account but I must say, 10 months at a £100 has taken the shine of it just a bit for me.

Hattie627

granta said:

West Brom - maturity question

I was expecting mine to mature on the 4th January but no interest has been added. I've just logged in and noticed my first payment in was 9 Jan 2025.
So is this one of those accounts where the date of maturity starts from the first payment date? That would explain why I can't yet close it.

Can I still open the new regular saver today or have to wait until this one closes?

Nothing in the terms of today's new Winter Ready savings account to say that you can't have one if you have an existing West Brom RS

surreysaver

Hattie627 said:

granta said:

West Brom - maturity question

I was expecting mine to mature on the 4th January but no interest has been added. I've just logged in and noticed my first payment in was 9 Jan 2025.
So is this one of those accounts where the date of maturity starts from the first payment date? That would explain why I can't yet close it.

Can I still open the new regular saver today or have to wait until this one closes?

Nothing in the terms of today's new Winter Ready savings account to say that you can't have one if you have an existing West Brom RS

I was just going to mention that! But if it takes 3-5 working days to open, my existing one will have matured anyway 

Hattie627

surreysaver said:

Hattie627 said:

granta said:

West Brom - maturity question

I was expecting mine to mature on the 4th January but no interest has been added. I've just logged in and noticed my first payment in was 9 Jan 2025.
So is this one of those accounts where the date of maturity starts from the first payment date? That would explain why I can't yet close it.

Can I still open the new regular saver today or have to wait until this one closes?

Nothing in the terms of today's new Winter Ready savings account to say that you can't have one if you have an existing West Brom RS

I was just going to mention that! But if it takes 3-5 working days to open, my existing one will have matured anyway 

My existing West Brom RS doesn't mature until 13th Jan but I've applied online today for the Winter Ready account. The terms say only one Winter Ready account per person but nothing mentioned about other RS's

allegro120

trickydicky14 said:

Dizzycap said:

trickydicky14 said:

West Brom winter ready savings acc
Am I correct in thinking you can only make 10 payments into this account as it says, you can pay in up to 31st Oct and take your money out on the 1st Nov.

Yes, 31st of October with a maximum funding of £1,000 - £100 max per month - A 10 month Westbrom Winter Ready RS.

Thanks for clearing that up for me, I've opened the account but I must say, 10 months at a £100 has taken the shine of it just a bit for me.

Whatever the limit is I'm happy with any offers paying a good rate, £100 for 10 months at 6% fixed is a healthy contribution to my RS portfolio.

topyam

The rate for the West Brom is very good. Even better that it is fixed. Given how things are heading, it's good enough for me to open.

surreysaver

topyam said:

The rate for the West Brom is very good. Even better that it is fixed. Given how things are heading, it's good enough for me to open.

Anything fixed is wise to open, even if you pay the minimum allowed to begin with. Even more wise if it is easy access (i.e. you can withdraw your deposits before the maturity date)

35har1old

clairec666 said:

Kim_13 said:

Section62 said:

clairec666 said:

Honestly, how many of us have actually been inconvenienced by Darlington's error?

Probably very few... other than those who hoped to be able to withdraw the overpayment of interest and get away with it.

About the same amount as those members of staff who are actually responsible for / able to fix the issue I suspect. The majority of the staff shouldn't have been expected to work through until it was fixed on the basis that it isn't fair to punish the majority for the 'crime' of the minority.  

Whether Darlington are worthy of complaint, for me, comes down to whether they have blocked withdrawals as well as closures (but as I don't need access to my funds for a few months, I'm not willing to burn one to find out.) If withdrawals of cleared funds were blocked as well, that would be unreasonable, but 6% interest on £1,250 for 5 months (rounded up) would be £31.25. It would take a very sudden and severe change of circumstances for the lack of access to a sum of that order to cause a problem.

Presumably most people who opened that account would intend to keep it open until maturity. If there's been a change in circumstances so that you need to withdraw, and it coincidentally happened on the same week that Darlington messed things up, then you would have a genuine cause for complaint.

I'm hardly going to blacklist Darlington over this one thing, but I have made a mental note to double check ANY interest payment from them - next time it might be lower instead of higher.

When is interest reported to HMRC by the bank or building society?

Dizzycap

35har1old said:

clairec666 said:

Kim_13 said:

Section62 said:

clairec666 said:

Honestly, how many of us have actually been inconvenienced by Darlington's error?

Probably very few... other than those who hoped to be able to withdraw the overpayment of interest and get away with it.

About the same amount as those members of staff who are actually responsible for / able to fix the issue I suspect. The majority of the staff shouldn't have been expected to work through until it was fixed on the basis that it isn't fair to punish the majority for the 'crime' of the minority.  

Whether Darlington are worthy of complaint, for me, comes down to whether they have blocked withdrawals as well as closures (but as I don't need access to my funds for a few months, I'm not willing to burn one to find out.) If withdrawals of cleared funds were blocked as well, that would be unreasonable, but 6% interest on £1,250 for 5 months (rounded up) would be £31.25. It would take a very sudden and severe change of circumstances for the lack of access to a sum of that order to cause a problem.

Presumably most people who opened that account would intend to keep it open until maturity. If there's been a change in circumstances so that you need to withdraw, and it coincidentally happened on the same week that Darlington messed things up, then you would have a genuine cause for complaint.

I'm hardly going to blacklist Darlington over this one thing, but I have made a mental note to double check ANY interest payment from them - next time it might be lower instead of higher.

When is interest reported to HMRC by the bank or building society?

Banks and building societies report interest earned by customers to HMRC annually, after the end of the UK tax year on April 5th. Most institutions have up until 30th of June to report interest to HMRC ready for the December/January tax bill, if needed.