The Top Regular Savers Discussion Thread

WillPS

surreysaver said:

Kim_13 said:

chris_the_bee said:

poolboy said:

I got to 5k in natwest using the 150 pcm and double roundups, then, I just used self checkout at morrisons and put items through individually.  I actually got really quick at it, every day c 10 quid earned.  I personally wouldn't do 1p card transactions although I can see it q tempting.  

NatWest
Do you earn the 6.17% on the amount over £5K?
I thought 5K was the max @ 6.17% with anything over only earning 1.25%

6.17% on £5k only, though if you had £5,050 they would still pay the higher rate on the majority - you don’t get penalised for going over as it were.

5x Roundups are now available so we can conclude that poolboy stopped paying in some time ago, before they were a thing.

Of course, once you get to £5k, its 6%, not 6.17%, as there's no longer any compounding!

Bit more than that, as you still get 1.something% interest on balances over £5k - not that you should leave it there for that!

adindaspantai

In the first p1 of this thread it is stated

https://forums.moneysavingexpert.com/discussion/6576962/the-top-regular-savers-discussion-thread/p1
"Penalty-free withdrawals: No, withdrawals/closure subject to a penalty of 30 days interest on the funds withdrawn. The penalty for closing the account is waived if Coventry BS have announced a cut to the interest rate of this account in the last 30 days. "

I have this RSA, which I opened in December 2022 and will last for 36 months, but I think it is not the same issue. I just checked it, and the terms of this earlier issue are not the same as the one above. Instead, it is stated like this:

6. Withdrawals/closure
6.1 You can make withdrawals or close this account without notice, charge or loss of interest.

Therefore, I believe there won’t be a 30-day penalty if I choose to withdraw money from this account this month. Am I correct in assuming that?

wiseonesomeofthetime

adindaspantai said:

In the first p1 of this thread it is stated

https://forums.moneysavingexpert.com/discussion/6576962/the-top-regular-savers-discussion-thread/p1
"Penalty-free withdrawals: No, withdrawals/closure subject to a penalty of 30 days interest on the funds withdrawn. The penalty for closing the account is waived if Coventry BS have announced a cut to the interest rate of this account in the last 30 days. "

I have this RSA, which I opened in December 2022 and will last for 36 months, but I think it is not the same issue. I just checked it, and the terms of this earlier issue are not the same as the one above. Instead, it is stated like this:

6. Withdrawals/closure
6.1 You can make withdrawals or close this account without notice, charge or loss of interest.

Therefore, I believe there won’t be a 30-day penalty if I choose to withdraw money from this account this month. Am I correct in assuming that?

Sounds like you have issue1, same as me. We are lucky enough to not have that restriction 😄

flaneurs_lobster

adindaspantai said:

The penalty for closing the account is waived if Coventry BS have announced a cut to the interest rate of this account in the last 30 days. "

I have this RSA, which I opened in December 2022 and will last for 36 months, but I think it is not the same issue. I just checked it, and the terms of this earlier issue are not the same as the one above. Instead, it is stated like this:

6. Withdrawals/closure
6.1 You can make withdrawals or close this account without notice, charge or loss of interest.

Therefore, I believe there won’t be a 30-day penalty if I choose to withdraw money from this account this month. Am I correct in assuming that?

You haven't stated which RS you hold but from your description it sounds like the first issue of the First Home Saver,

If so then you are correct, there are no withdrawal penalties applying to this account.

Kim_13

adindaspantai said:

In the first p1 of this thread it is stated

https://forums.moneysavingexpert.com/discussion/6576962/the-top-regular-savers-discussion-thread/p1
"Penalty-free withdrawals: No, withdrawals/closure subject to a penalty of 30 days interest on the funds withdrawn. The penalty for closing the account is waived if Coventry BS have announced a cut to the interest rate of this account in the last 30 days. "

I have this RSA, which I opened in December 2022 and will last for 36 months, but I think it is not the same issue. I just checked it, and the terms of this earlier issue are not the same as the one above. Instead, it is stated like this:

6. Withdrawals/closure
6.1 You can make withdrawals or close this account without notice, charge or loss of interest.

Therefore, I believe there won’t be a 30-day penalty if I choose to withdraw money from this account this month. Am I correct in assuming that?

Which issue of the First Home Saver do you have? You can tell easily by the rate it’s paying, which is now 4.85% for Issue 1 and 4.80% for the still accepting applications Issue 2.

If Issue 1, there are no penalties for withdrawing so go ahead and schedule a withdrawal for as much as you wish.

If Issue 2, contact them first to confirm the position as a) you don’t want the system not to recognise that there is a penalty waiver in place and charge it as there is no notice from you on file - ordinarily they give a 14 day window for the withdrawal to be made after that and b) the rate reduced on 3 March and they must have given notification of this. The penalty free period applies from date of notification not date of cut as per the terms quoted in your post, so you may be out of that period by now. Issue 2 shows online as 60 days notice required or a 60 day interest penalty. 

schiff

What is this Recite thing that appears when I try to login to MELTON? It seems to be stopping me accessing anything.

ForumUser7

schiff said:

What is this Recite thing that appears when I try to login to MELTON? It seems to be stopping me accessing anything.

Accessibility tool for websites.

It'll have popped up if you accidentally or deliberately clicked on 'Accessibility Help' in the top right of their website.

Click the red cross in the top right of the tool bar, then 'ok' on the pop up prompt to get rid of it. The page will reload, and then it should be gone.

jameseonline

WindfallWendy said:

Pretty sure I could have probably just set RS payments up without needing to send it via TSB current account, but feel I should use it, since it's there.

I think it's just the way it's setup, you can cancel the standing order & transfer money from a different bank straight into your TSB saver but I'm pretty sure you have to have the standing order setup 1st 

jameseonline

My CO OP regular has ended & has converted to a Smart Saver paying 1.68%, £3374.18 total balance, £3250 + £124.18 interest I think 🤔, thing is my statement on app says Credit Interest but no actual amount is showing, is that normal?, has my account not fully converted yet?

PowerSavingMode

jameseonline said:

My CO OP regular has ended & has converted to a Smart Saver paying 1.68%, £3374.18 total balance, £3250 + £124.18 interest I think 🤔, thing is my statement on app says Credit Interest but no actual amount is showing, is that normal?, has my account not fully converted yet?

If it matured today, then it will be showing tomorrow (or possibly Monday, now it's officially the weekend!). As it's showing as converted into a Smart Saver, you can apply for a new Co-operative RS, should you so wish.