The Top Regular Savers Discussion Thread

Kim_13

Aidanmc said:

I will be needing to withdraw from some of my lower paying Regular savers in order to fund higher interest ones for the next month or two, until some current ones mature.

Starting with 5% ones, Santander, Penrith, Darlington, Melton RS5.

Think its better to withdraw rather that close them.

I believe the Coventry Loyalty RS has penalty for withdrawal, so will leave that for now and not fund it.

I’d also start with the ones that have the shortest term remaining (as it’s presumably less likely that you would need to replace the funds and thus be bothered that you were limited to whatever the monthly allowance is.)

Melton would be the penultimate, as an open ended account. Coventry does have an interest penalty yes (but keep an eye out for any rate reduction that could be used to obtain a penalty free withdrawal.)

IanManc

Bridlington1 said:

Aidanmc said:

I will be needing to withdraw from some of my lower paying Regular savers in order to fund higher interest ones for the next month or two, until some current ones mature.

Starting with 5% ones, Santander, Penrith, Darlington, Melton RS5.

Think its better to withdraw rather that close them.

I believe the Coventry Loyalty RS has penalty for withdrawal, so will leave that for now and not fund it.

Out of those ones Santander, Darlington and Penrith are still around at 5% so rather than withdrawing from them I'd be more inclined to ``refresh" them as it would allow you to push the maturity date on a bit.

Melton has no maturity date so you may as well just withdraw from it as you stated.

To "refresh" the Penrith one you have to go through a few hoops. You can't just close it. 

It gets shut when you make your fifth withdrawal from it. 

gt94sss2

This has reminded me that the Melton RS5 pays a lower interest rate on balances above £6,000.

Several here may be approaching that threshold.

I know one can change future interest payments on the account to be paid to another account to help mitigate this.

My question is can you withdraw from the RS5 without having to send back the passbook?

allegro120

gt94sss2 said:

This has reminded me that the Melton RS5 pays a lower interest rate on balances above £6,000.

Several here may be approaching that threshold.

I know one can change future interest payments on the account to be paid to another account to help mitigate this.

My question is can you withdraw from the RS5 without having to send back the passbook?

According to my notes "Withdrawals can be made to your nominated account by phone or by sending a secure message in online banking." 

Bridlington1

IanManc said:

Bridlington1 said:

Aidanmc said:

I will be needing to withdraw from some of my lower paying Regular savers in order to fund higher interest ones for the next month or two, until some current ones mature.

Starting with 5% ones, Santander, Penrith, Darlington, Melton RS5.

Think its better to withdraw rather that close them.

I believe the Coventry Loyalty RS has penalty for withdrawal, so will leave that for now and not fund it.

Out of those ones Santander, Darlington and Penrith are still around at 5% so rather than withdrawing from them I'd be more inclined to ``refresh" them as it would allow you to push the maturity date on a bit.

Melton has no maturity date so you may as well just withdraw from it as you stated.

To "refresh" the Penrith one you have to go through a few hoops. You can't just close it. 

It gets shut when you make your fifth withdrawal from it. 

I was able to just close my Penrith Regular E-Saver 200 online. If you go to details it should come up with an account closure option on the left hand side:

From there you can request the funds go to your nominated account.

IanManc

Bridlington1 said:

IanManc said:

Bridlington1 said:

Aidanmc said:

I will be needing to withdraw from some of my lower paying Regular savers in order to fund higher interest ones for the next month or two, until some current ones mature.

Starting with 5% ones, Santander, Penrith, Darlington, Melton RS5.

Think its better to withdraw rather that close them.

I believe the Coventry Loyalty RS has penalty for withdrawal, so will leave that for now and not fund it.

Out of those ones Santander, Darlington and Penrith are still around at 5% so rather than withdrawing from them I'd be more inclined to ``refresh" them as it would allow you to push the maturity date on a bit.

Melton has no maturity date so you may as well just withdraw from it as you stated.

To "refresh" the Penrith one you have to go through a few hoops. You can't just close it. 

It gets shut when you make your fifth withdrawal from it. 

I was able to just close my Penrith Regular E-Saver 200 online. If you go to details it should come up with an account closure option on the left hand side:

From there you can request the funds go to your nominated account.

When I tried that I got a secure message in response saying that I wasn't allowed to close it, and that they would only close it on the fifth withdrawal.

So I had to make the five withdrawals which took a week. 

ForumUser7

IanManc said:

Bridlington1 said:

IanManc said:

Bridlington1 said:

Aidanmc said:

I will be needing to withdraw from some of my lower paying Regular savers in order to fund higher interest ones for the next month or two, until some current ones mature.

Starting with 5% ones, Santander, Penrith, Darlington, Melton RS5.

Think its better to withdraw rather that close them.

I believe the Coventry Loyalty RS has penalty for withdrawal, so will leave that for now and not fund it.

Out of those ones Santander, Darlington and Penrith are still around at 5% so rather than withdrawing from them I'd be more inclined to ``refresh" them as it would allow you to push the maturity date on a bit.

Melton has no maturity date so you may as well just withdraw from it as you stated.

To "refresh" the Penrith one you have to go through a few hoops. You can't just close it. 

It gets shut when you make your fifth withdrawal from it. 

I was able to just close my Penrith Regular E-Saver 200 online. If you go to details it should come up with an account closure option on the left hand side:

From there you can request the funds go to your nominated account.

When I tried that I got a secure message in response saying that I wasn't allowed to close it, and that they would only close it on the fifth withdrawal.

So I had to make the five withdrawals which took a week. 

This made me smile because it is the exact kind of thing I would do lol. I never understand why some organisations implement silly rules, especially when they are relatively easy to get around - but just a faff for both parties involved. Like, rather than paying the fees for one withdrawal and processing it they had to pay the fees for 6 (5+the closure transfer) which will have taken much longer.

Bridlington1

IanManc said:

Bridlington1 said:

IanManc said:

Bridlington1 said:

Aidanmc said:

I will be needing to withdraw from some of my lower paying Regular savers in order to fund higher interest ones for the next month or two, until some current ones mature.

Starting with 5% ones, Santander, Penrith, Darlington, Melton RS5.

Think its better to withdraw rather that close them.

I believe the Coventry Loyalty RS has penalty for withdrawal, so will leave that for now and not fund it.

Out of those ones Santander, Darlington and Penrith are still around at 5% so rather than withdrawing from them I'd be more inclined to ``refresh" them as it would allow you to push the maturity date on a bit.

Melton has no maturity date so you may as well just withdraw from it as you stated.

To "refresh" the Penrith one you have to go through a few hoops. You can't just close it. 

It gets shut when you make your fifth withdrawal from it. 

I was able to just close my Penrith Regular E-Saver 200 online. If you go to details it should come up with an account closure option on the left hand side:

From there you can request the funds go to your nominated account.

When I tried that I got a secure message in response saying that I wasn't allowed to close it, and that they would only close it on the fifth withdrawal.

So I had to make the five withdrawals which took a week. 

I was able to close mine in April without having made the 5 withdrawals. Indeed this is the statement for the account to prove it:



I've just had a closer look at my Penrith secure messages and I've found a secure message dated 7th April thanking me for my withdrawal of £200 (doesn't specify which account) so it seems I didn't use the method I suggested.

Instead it appears I simply requested a withdrawal for the full balance of the account at the time (£200), this took the balance to £0, which is below the £1 minimum balance and thus they closed the account on these grounds.