The Top Regular Savers Discussion Thread

WillPS

Dizzycap said:

pecunianonolet said:

Quick question, Santander and Lloyds regular saver. 

I put 200 into Santander and 250 into the Lloyds regular saver but had to take the 200 from Santander out and some of the Lloyds regular saver. I am reading their withdrawal terms but I am not sure if I can within the same month replace those funds e.g. put the 200 back into Santander. Apologies if it is obvious but been a looong day....

Unfortunately, any monies withdrawn from a RS can't be relaced at a later date. I hope that helps

Not universally true.

Virgin Money specifically allows it. Natwest/RBS don't stop you adding funds back in the same month you took it out either.

pecunianonolet

jaypers said:

pecunianonolet said:

Quick question, Santander and Lloyds regular saver. 

I put 200 into Santander and 250 into the Lloyds regular saver but had to take the 200 from Santander out and some of the Lloyds regular saver. I am reading their withdrawal terms but I am not sure if I can within the same month replace those funds e.g. put the 200 back into Santander. Apologies if it is obvious but been a looong day....

Would appear you cannot……..

”Maximum monthly deposit: £200. This means the maximum balance you can have at the end of the term is £2,400 (plus interest). If you take money out and then pay it back in, it’ll count towards this monthly limit.”

Dizzycap said:

pecunianonolet said:

Quick question, Santander and Lloyds regular saver. 

I put 200 into Santander and 250 into the Lloyds regular saver but had to take the 200 from Santander out and some of the Lloyds regular saver. I am reading their withdrawal terms but I am not sure if I can within the same month replace those funds e.g. put the 200 back into Santander. Apologies if it is obvious but been a looong day....

Unfortunately, any monies withdrawn from a RS can't be relaced at a later date. I hope that helps

Thanks both, that makes it clear for Santander. I think Lloyds can be replaced within the month if I read it right.

allegro120

pecunianonolet said:

jaypers said:

pecunianonolet said:

Quick question, Santander and Lloyds regular saver. 

I put 200 into Santander and 250 into the Lloyds regular saver but had to take the 200 from Santander out and some of the Lloyds regular saver. I am reading their withdrawal terms but I am not sure if I can within the same month replace those funds e.g. put the 200 back into Santander. Apologies if it is obvious but been a looong day....

Would appear you cannot……..

”Maximum monthly deposit: £200. This means the maximum balance you can have at the end of the term is £2,400 (plus interest). If you take money out and then pay it back in, it’ll count towards this monthly limit.”

Dizzycap said:

pecunianonolet said:

Quick question, Santander and Lloyds regular saver. 

I put 200 into Santander and 250 into the Lloyds regular saver but had to take the 200 from Santander out and some of the Lloyds regular saver. I am reading their withdrawal terms but I am not sure if I can within the same month replace those funds e.g. put the 200 back into Santander. Apologies if it is obvious but been a looong day....

Unfortunately, any monies withdrawn from a RS can't be relaced at a later date. I hope that helps

Thanks both, that makes it clear for Santander. I think Lloyds can be replaced within the month if I read it right.

Lloyds https://www.lloydsbank.com/savings/monthly-saver.html
"Bear in mind you may not be able to replace what you withdraw. This is because of the monthly deposit limits." - I've no idea what exactly "may not" means in this context, but my notes say that you cannot replace withdrawn money.  Please let us know if you manage to withdraw and replace.

rallycurve

allegro120 said:

pecunianonolet said:

jaypers said:

pecunianonolet said:

Quick question, Santander and Lloyds regular saver. 

I put 200 into Santander and 250 into the Lloyds regular saver but had to take the 200 from Santander out and some of the Lloyds regular saver. I am reading their withdrawal terms but I am not sure if I can within the same month replace those funds e.g. put the 200 back into Santander. Apologies if it is obvious but been a looong day....

Would appear you cannot……..

”Maximum monthly deposit: £200. This means the maximum balance you can have at the end of the term is £2,400 (plus interest). If you take money out and then pay it back in, it’ll count towards this monthly limit.”

Dizzycap said:

pecunianonolet said:

Quick question, Santander and Lloyds regular saver. 

I put 200 into Santander and 250 into the Lloyds regular saver but had to take the 200 from Santander out and some of the Lloyds regular saver. I am reading their withdrawal terms but I am not sure if I can within the same month replace those funds e.g. put the 200 back into Santander. Apologies if it is obvious but been a looong day....

Unfortunately, any monies withdrawn from a RS can't be relaced at a later date. I hope that helps

Thanks both, that makes it clear for Santander. I think Lloyds can be replaced within the month if I read it right.

Lloyds https://www.lloydsbank.com/savings/monthly-saver.html
"Bear in mind you may not be able to replace what you withdraw. This is because of the monthly deposit limits." - I've no idea what exactly "may not" means in this context, but my notes say that you cannot replace withdrawn money.  Please let us know if you manage to withdraw and replace.

For example if you deposit £100 this month and then withdraw £50, you will be able to replace those £50 because you still have room for £150 within the £250 monthly limit.
You wouldn't be technically replacing it but paying it back in using your monthly limit. I think that's why they use "may not"

pecunianonolet

rallycurve said:

allegro120 said:

pecunianonolet said:

jaypers said:

pecunianonolet said:

Quick question, Santander and Lloyds regular saver. 

I put 200 into Santander and 250 into the Lloyds regular saver but had to take the 200 from Santander out and some of the Lloyds regular saver. I am reading their withdrawal terms but I am not sure if I can within the same month replace those funds e.g. put the 200 back into Santander. Apologies if it is obvious but been a looong day....

Would appear you cannot……..

”Maximum monthly deposit: £200. This means the maximum balance you can have at the end of the term is £2,400 (plus interest). If you take money out and then pay it back in, it’ll count towards this monthly limit.”

Dizzycap said:

pecunianonolet said:

Quick question, Santander and Lloyds regular saver. 

I put 200 into Santander and 250 into the Lloyds regular saver but had to take the 200 from Santander out and some of the Lloyds regular saver. I am reading their withdrawal terms but I am not sure if I can within the same month replace those funds e.g. put the 200 back into Santander. Apologies if it is obvious but been a looong day....

Unfortunately, any monies withdrawn from a RS can't be relaced at a later date. I hope that helps

Thanks both, that makes it clear for Santander. I think Lloyds can be replaced within the month if I read it right.

Lloyds https://www.lloydsbank.com/savings/monthly-saver.html
"Bear in mind you may not be able to replace what you withdraw. This is because of the monthly deposit limits." - I've no idea what exactly "may not" means in this context, but my notes say that you cannot replace withdrawn money.  Please let us know if you manage to withdraw and replace.

For example if you deposit £100 this month and then withdraw £50, you will be able to replace those £50 because you still have room for £150 within the £250 monthly limit.
You wouldn't be technically replacing it but paying it back in using your monthly limit. I think that's why they use "may not"

I have just tried exactly the above and the transaction is denied with a message that the amount exceeds the limit of the destination account but if I lower the amount it worked to make up the limit. 

For context, I only use the Santander and Lloyds reg saver to short term park some funds I had left over in Feb/ March because the rate is above easy access and I can move the interest payment into next tax year.

francoghezzi

Melton Adcock Regular Saver

A 5 star service from Melton. I sent my application form on Monday, the account has been opened and funded yesterday and today I was able to go on line and see my account and money duly registered. On Monday, although it wasn't requested, as a new customer, I sent my council tax letter as a prove of address for them and today was returned in the post. I hope this could be helpful for those who are thinking of opening the account. I made a couple of phone calls also and the people there are absolutely lovely.  

Bridlington1

Bridlington1 said:

Bridlington1 said:

surreysaver said:

PowerSavingMode said:

surreysaver said:

Bridlington1 said:

surreysaver said:

Speculator said:

Melton Adcock Regular Saver

Posted my application on Wednesday, account showing online this morning with zero balance.

Didn't realise you'd be able to see it online. Thought it was all managed offline. I might pop up and open an account then, I wasn't going to bother as I'd thought there was no online visibility 

It's also worth noting as well that you can make withdrawals from Melton's regular savers over the phone. IIRC when I made a withdrawal from one of their accounts last year the funds took a day or so to arrive in my nominated account.

Do you know whether I'd be able to withdraw online from Melton's Aldcock?

The product literature says: "you can make withdrawals from your account without notice or penalty, by visiting a branch of the Society or by sending us your passbook and written instructions to us. You can also transfer funds from your account to a nominated bank or building society account."

I presume that means you can either message (online?) Melton with your withdrawal instructions...

That's the trouble with presumptions. It says nothing about online visibility, but you have to manage it by post or in person. Another poster says they can see the account online. So it all starts to become a bit vague. That's why I'm asking!

All I can do in this case is relay my own experience with Melton BS.

I can confirm that last year I phoned them to make a withdrawal from my Melton RS Issue 4 and they sent the funds to my nominated bank account despite that account being advertised as branch/post, in that respect it's not too dissimilar to the way Leeds BS allows withdrawals over the phone.

Whilst I can view my Melton BS regular savers online I couldn't see an option in online banking to make a withdrawal when I tried last year unless I've missed it. I can't recall ever sending them a secure message online to make a withdrawal though so do not know if this is possible.

I'll be needing to make a withdrawal from Melton next month anyway to feed other regular savers so shall attempt to schedule a withdrawal by faster payment by secure message.

I sent Melton BS a secure message requesting transfers from the Melton RS Issue 5 to my other 3 Melton regular savers and asked whether it was possible to make withdrawals by faster payment to my nominated account by secure message too and have got this response:

Dear Bridlington1,

Thank you for your recent secure message, I can confirm that your requests to have £150 sent to your regular saver 4, £200 sent to your regular saver 6, and £150 sent to your Adcock regular saver have been placed ready for the 1st of April.

I can confirm that you are able to call and ask for funds to be transferred to your nominated account. Dependant on the amount, you may be asked a few extra questions regarding your transaction. In addition you would be asked to confirm your nominated account number along with the sort code. A confirmation letter would then be sent to you after the transaction for your records.

Should you have any further queries, please call the Society on 01664 414141.

Yours sincerely,
The Savings Team

Thus internal transfers appear to be perfectly possible by secure message, including future dated ones, but for faster payments they seem to imply you'd need to phone them. I'll contact them again tomorrow for a clarification.

Following from the above I have just spoken to Melton BS and they have said you can make withdrawals to a nominated account by faster payment by sending them a message in online banking. 

I shall update the first page of this thread accordingly this evening.

flaneurs_lobster

francoghezzi said:

Melton Adcock Regular Saver

A 5 star service from Melton. I sent my application form on Monday, the account has been opened and funded yesterday and today I was able to go on line and see my account and money duly registered. On Monday, although it wasn't requested, as a new customer, I sent my council tax letter as a prove of address for them and today was returned in the post. I hope this could be helpful for those who are thinking of opening the account. I made a couple of phone calls also and the people there are absolutely lovely.  

Just for balance...

New Melton customer, sent Adcock RS application form off 1st class w/ cheque on 17/03

Cheque cashed 21/03.

No communication whatsoever from Melton to date.

francoghezzi

flaneurs_lobster said:

francoghezzi said:

Melton Adcock Regular Saver

A 5 star service from Melton. I sent my application form on Monday, the account has been opened and funded yesterday and today I was able to go on line and see my account and money duly registered. On Monday, although it wasn't requested, as a new customer, I sent my council tax letter as a prove of address for them and today was returned in the post. I hope this could be helpful for those who are thinking of opening the account. I made a couple of phone calls also and the people there are absolutely lovely.  

Just for balance...

New Melton customer, sent Adcock RS application form off 1st class w/ cheque on 17/03

Cheque cashed 21/03.

No communication whatsoever from Melton to date.

I paid with electronic transfer from my nominated account, so much easier than writing and sending a check that is not a 'must' for them. Anyone can chose to make even the first payment from bank order just ticking the option in the application form. I guess this makes the process really quick. When they phoned me to inform that the account had been opened I was given sort code, account and reference for my bank and sent the first payment in a minute. Now waiting for next Tuesday to pay for the second calendar month

flaneurs_lobster

francoghezzi said:

flaneurs_lobster said:

francoghezzi said:

Melton Adcock Regular Saver

A 5 star service from Melton. I sent my application form on Monday, the account has been opened and funded yesterday and today I was able to go on line and see my account and money duly registered. On Monday, although it wasn't requested, as a new customer, I sent my council tax letter as a prove of address for them and today was returned in the post. I hope this could be helpful for those who are thinking of opening the account. I made a couple of phone calls also and the people there are absolutely lovely.  

Just for balance...

New Melton customer, sent Adcock RS application form off 1st class w/ cheque on 17/03

Cheque cashed 21/03.

No communication whatsoever from Melton to date.

I paid with electronic transfer from my nominated account, so much easier than writing and sending a check that is not a 'must' for them. Anyone can chose to make even the first payment from bank order just ticking the option in the application form. I guess this makes the process really quick. When the phone me to inform me that the account had been opened I was given sort code, account and reference for my bank and sent the first payment in a minute. Now waiting for next Tuesday to pay for the second calendar month

I'm guessing that you were an existing customer? Remember I am a new customer, no customer id, no logon details, no account number, no way of knowing if my application has even been accepted other than a cashed cheque.

A simple email acknowledgement of receipt I'd expect as a bare minimum after 10 days.