The Top Regular Savers Discussion Thread

[Deleted User]

For those far cleverer than me, if I closed my Principality 8% saver 3 around 3 weeks early (if allowed), how much would I lose out on interest?

Thankyou in advance.

apt

It's issue 2 that is 8% and as a closed issue there's no point closing it early. Wouldn't bother closing issue 3 early given the limited term.

janusd

[Deleted User] said:

For those far cleverer than me, if I closed my Principality 8% saver 3 around 3 weeks early (if allowed), how much would I lose out on interest?

additionally to what @apt says, you'll soon get your maturity options (perhaps by the end of the week) - one of which should be to open an(other) Issue 3 - assuming it's still available then... weirdly, the new accounts keep the same account number details as the original maturing issue.

Hattie627

[Deleted User] said:

For those far cleverer than me, if I closed my Principality 8% saver 3 around 3 weeks early (if allowed), how much would I lose out on interest?

Thankyou in advance.

Assuming you have the maximum of £1200 in the account (6 X £200 payments) you would lose about £5.53 interest by closing 3 weeks earlier. Nothing to be gained from doing it unless you really need the money earlier or you have a better home for it (unlikely). You would also lose the potential opportunity of rolling over £200 to another 6 month RS at a good (FIXED) interest rate. 

intalex

intalex said:

masonic said:

Do you not remember participating in a discussion about this trick a year ago?

I really don't but it's a good trick, hope the 7% lasts through this week...

My old FD RS disappeared at around 2am this morning and app allowed me to submit application for a new one (still 7%) so hopefully I'm "safe".... are the maturing funds always deposited into the easy access account before the new one is opened and funded, or has anyone had vice versa?

masonic

intalex said:

intalex said:

masonic said:

Do you not remember participating in a discussion about this trick a year ago?

I really don't but it's a good trick, hope the 7% lasts through this week...

My old FD RS disappeared at around 2am this morning and app allowed me to submit application for a new one (still 7%) so hopefully I'm "safe".... are the maturing funds always deposited into the easy access account before the new one is opened and funded, or has anyone had vice versa?

Based on my experience, the money should turn up tomorrow and the new account might also be opened tomorrow if you are lucky, otherwise over the weekend (there's precendent for them being opened on Saturdays and Sundays).

intalex

My Skipton Members Regular Saver is on my list at 7.50% but online it's showing a 7.00%, I can't find any history (nothing on the latest rate change PDF) and can only assume it's a variable rate account which tracks the BoE rate?

Matures end of the month anyway and maturity value has already been pre-calculated so it is what it is, but it's still worth knowing how the account works as regular savers with variable rates don't ring a bell...

Aidanmc

janusdesign said:

[Deleted User] said:

For those far cleverer than me, if I closed my Principality 8% saver 3 around 3 weeks early (if allowed), how much would I lose out on interest?

additionally to what @apt says, you'll soon get your maturity options (perhaps by the end of the week) - one of which should be to open an(other) Issue 3 - assuming it's still available then... weirdly, the new accounts keep the same account number details as the original maturing issue.

I didnt know this. So when maturity options arrive and select open another issue 3 regular saver, does £200 go into that and where does the remainder go?

apt

intalex said:

My Skipton Members Regular Saver is on my list at 7.50% but online it's showing a 7.00%, I can't find any history (nothing on the latest rate change PDF) and can only assume it's a variable rate account which tracks the BoE rate?

Matures end of the month anyway and maturity value has already been pre-calculated so it is what it is, but it's still worth knowing how the account works as regular savers with variable rates don't ring a bell...

The rate is/was fixed, unlike the current Members Regular saver which is 2% above base rate. The fixed rate was 7%. 7.5% was the rate for the previous issue.

intalex

apt said:

The rate is/was fixed, unlike the current Members Regular saver which is 2% above base rate. The fixed rate was 7%. 7.5% was the rate for the previous issue.

Got it, so I must have missed out updating the rate (on my list) at the last renewal...