The Top Regular Savers Discussion Thread

Kim_13

Chadsman said:

bristolleedsfan said:

Re Coventry withdrawals 

I requested late morning today, arrived by middle of the afternoon.

Coventry are now doing same day withdrawals?

Logged in an hour or so ago to redistribute proceeds from a matured Loyalty RS and was able to get same day to Sunny Day Saver but tomorrow to nominated account. Will make sure I request in the morning when Sunny Day comes out - afternoon cut off perhaps?

Bridlington1

Chadsman said:

bristolleedsfan said:

Re Coventry withdrawals 

I requested late morning today, arrived by middle of the afternoon.

Coventry are now doing same day withdrawals?

Only for internal transfers in my experience, if ever I've sent money to a nominated account it has arrived the next working day.

Middle_of_the_Road

Bridlington1 said:

Chadsman said:

bristolleedsfan said:

Re Coventry withdrawals 

I requested late morning today, arrived by middle of the afternoon.

Coventry are now doing same day withdrawals?

Only for internal transfers in my experience, if ever I've sent money to a nominated account it has arrived the next working day.

Requested withdrawal today just after 3pm. Funds arrived around 7:15

allegro120

pecunianonolet said:

Coop Regular Saver

I opened my reg saver last year in March and the first funding was on the 10th of April. Technically, the saver should mature on the 9th. I usually receive from all institutions either a letter or online message informing me about maturity, when funds are available or when I can open a new one but total radio silence from Coop. I also got a Smart Saver open with them in case they move funds and interest there. 

Coop processes are rather peculiar in some cases so when will I get interest paid and when can I open a new reg saver with them?

I have received maturity communication 2 weeks before the maturity date. They morph your RS into easy access and you can withdraw your funds from there. You can then apply for your next RS.

Digital_Payback

allegro120 said:

pecunianonolet said:

Coop Regular Saver

I opened my reg saver last year in March and the first funding was on the 10th of April. Technically, the saver should mature on the 9th. I usually receive from all institutions either a letter or online message informing me about maturity, when funds are available or when I can open a new one but total radio silence from Coop. I also got a Smart Saver open with them in case they move funds and interest there. 

Coop processes are rather peculiar in some cases so when will I get interest paid and when can I open a new reg saver with them?

I have received maturity communication 2 weeks before the maturity date. They morph your RS into easy access and you can withdraw your funds from there. You can then apply for your next RS.

That was my experience too. 

WindfallWendy

Hi everyone -
Not sure if this is a suitable question for this thread, but I assume you guys have this kind of thing on your mind too...

I have got about £30k that I have had sat in an interest gathering Kroo current account, and have built a portfolio of 10-12 Regular Savers due to mature and generate £1600+ of interest in 25/26.

My pickle is that I wanted to avoid a tax return for 25/26, but if I'm earning that much in interest, I'm going to owe a bit of tax. So I guess my question(s) is/are:

Do HMRC take tax automatically on savings via changing your tax code, if you don't do a tax return? 
Does anyone try and manage their interest income to avoid paying tax on it? Any tips?
What are people's motivations to make so much money on interest, that tax becomes due?

My plan is to eventually have moved my windfall (~£180k) into ISAs/pensions/home improvements over the next couple of years, but I must admit to being a little bit obsessed with the system I've created to maximise what the financial markets are offering. 
So I guess I'm just interested to see if there is anything anyone can tell me that will help me decide whether to keep playing the game into 26/27 as I'm starting to plan that now, with 2 or 3 year bond options which are being offered (e.g. Principality) when my RegSavs are reaching maturity.

Sorry if this details the thread, but hopefully it is on brand conversation?

WillPS

Self assessment is only required if you earn more than £10k in interest. If you can generate that on £30k I'm sure we'd all love to know how!

On amounts lower than that, HMRC will calculate the tax and adjust your tax code such that you pay the tax owed over the course of the following year. If they're unable to do that then you'll get a bill to pay.

FYI - a self assessment form, just for savings income, is such an incredibly simple thing to do, it really isn't worth worrying about it.

WindfallWendy

WillPS said:

Self assessment is only required if you earn more than £10k in interest. If you can generate that on £30k I'm sure we'd all love to know how!

On amounts lower than that, HMRC will calculate the tax and adjust your tax code such that you pay the tax owed over the course of the following year. If they're unable to do that then you'll get a bill to pay.

FYI - a self assessment form, just for savings income, is such an incredibly simple thing to do, it really isn't worth worrying about it.

Thanks - this is true. I'm probably overthinking it.

Bigwheels1111

WindfallWendy said:

WillPS said:

Self assessment is only required if you earn more than £10k in interest. If you can generate that on £30k I'm sure we'd all love to know how!

On amounts lower than that, HMRC will calculate the tax and adjust your tax code such that you pay the tax owed over the course of the following year. If they're unable to do that then you'll get a bill to pay.

FYI - a self assessment form, just for savings income, is such an incredibly simple thing to do, it really isn't worth worrying about it.

Thanks - this is true. I'm probably overthinking it.

I filed my self assessment yesterday, very easy now.

It asks a few questions, thus limiting the section you need to fill out.

Mine was Income and interest only.

Took 10 minutes from start to finish.

bristolleedsfan

Chadsman said:

bristolleedsfan said:

Re Coventry withdrawals 

I requested late morning today, arrived by middle of the afternoon.

Coventry are now doing same day withdrawals?

When you can cancel a payment

If you make a payment to your named bank account Monday - Friday before 5pm (excluding bank holidays) it will be processed the same banking day. As a result, you'll be unable to cancel the payment.

https://www.coventrybuildingsociety.co.uk/member/help/savings/withdrawing-from-an-account.html