The Top Regular Savers Discussion Thread

poolboy

Yes I do my principality internal transfers online, I think it's ve got about 8 on the go.  The maturity options online, as stated before, allow multiple versions of the same account.

I didn't think it was worth the hassle but 7+ % persuaded me.

schiff

Just be aware that Principality does internal transfers manually, in response to secure messages.  I've done several recently, and two of those were done completely wrong due to clerical error. The CS apologised and fixed the errors quickly on my request. But you have to really keep on your toes, and be prepared to spend an hour on the phone if need be. It will be a long time before I do another internal transfer with Principality.

That must take for ever! I simply deposit the £1575 I need for my RSs into the easy access no limit account a day or so before the FDOTM. At midnight plus a minute or so I use the facility in Account Services to switch the funds into each of my ten RSs. Takes 10-15 minutes and it's instant. No need for standing orders

subjecttocontract

I'm intrigued to know why schiff said:

Just be aware that Principality does internal transfers manually, in response to secure messages.  I've done several recently, and two of those were done completely wrong due to clerical error. The CS apologised and fixed the errors quickly on my request. But you have to really keep on your toes, and be prepared to spend an hour on the phone if need be. It will be a long time before I do another internal transfer with Principality.

That must take for ever! I simply deposit the £1575 I need for my RSs into the easy access no limit account a day or so before the FDOTM. At midnight plus a minute or so I use the facility in Account Services to switch the funds into each of my ten RSs. Takes 10-15 minutes and it's instant. No need for standing orders

I'm intrigued to know why you avoid using standing orders.

allegro120

mebu60 said:

allegro120 said:

apt said:

Stolas said:

allegro120 said:

Stolas said:

allegro120 said:

clairec666 said:

mebu60 said:

Principality 6 Month RS 7.5% AER / 7.36% gross

Apologies if already mentioned, I've only skimmed back two pages. 

My existing 6 Month RS 8.0% matures 3 September. About to find out if can have 6 Month RSs (plus Christmas RS 7.0%). 

You should be able to get the 7.5% account (which is issue 3) as your 8% account was a previous issue. You can have one of each issue.

You can have as many as you can get of each issue.  I have four issue 3 accounts.

How exactly do you manage this - do you simply open multiple accounts and hope they don’t notice? 

The terms seem pretty clear “This can be a joint account, but you can’t have more than one of this issue number of the Regular Saver in your name.” 

I opened the first issue3 when it was launched.  The other 3 were offered as maturity options for other Regular Savers.  I also have two Christmas RSs, first was opened at the launch - second as a maturity option.

Ah I see! I have an issue 2 regular saver maturing this month, so if I’m understanding you correctly I can transfer across that balance to a new issue 3 at maturity? 

You can only transfer £200 as the first month's payment.

Just to add. The account number remains the same, which is handy for those who are using SOs and for me too because I don't need to set up another payee.

Someone suggested earlier to open a Principality standard EA (not triple access) then can make one transfer to that followed by internal transfers. Worth considering for sure. 

I did consider this, but decided against it.  I'm very comfortable with funding them all directly from bank accounts.  Payees are already set up, I can't see much point in opening an extra account for sub-distribution.

schiff

I feel that it gives me more control. I've got the time and I'm always late to bed. My 'office' hours are from midnight on!
I've got about 35 RSs on the go and 15 are by pre-arranged faster payments from my main current account with Santander. The 10 at Principality already explained. For reasons to avoid charges on my Club Lloyds C/A and to qualify for the £5 Halifax reward and the Nationwide £100 I channel the rest via those accounts (the two at Lloyds, the Nationwide RS and the Halifax and Bank of Scotland [both on the same app] are the job of a few minutes). So with 20 of my RSs I know the requirements for that month have been met within up to an hour, all on my phone apart from Principality. The reminder are checked later in the day, in the case of Monmouth who are regularly leggitty last, two days later. 

Kim_13

allegro120 said:

mebu60 said:

allegro120 said:

apt said:

Stolas said:

allegro120 said:

Stolas said:

allegro120 said:

clairec666 said:

mebu60 said:

Principality 6 Month RS 7.5% AER / 7.36% gross

Apologies if already mentioned, I've only skimmed back two pages. 

My existing 6 Month RS 8.0% matures 3 September. About to find out if can have 6 Month RSs (plus Christmas RS 7.0%). 

You should be able to get the 7.5% account (which is issue 3) as your 8% account was a previous issue. You can have one of each issue.

You can have as many as you can get of each issue.  I have four issue 3 accounts.

How exactly do you manage this - do you simply open multiple accounts and hope they don’t notice? 

The terms seem pretty clear “This can be a joint account, but you can’t have more than one of this issue number of the Regular Saver in your name.” 

I opened the first issue3 when it was launched.  The other 3 were offered as maturity options for other Regular Savers.  I also have two Christmas RSs, first was opened at the launch - second as a maturity option.

Ah I see! I have an issue 2 regular saver maturing this month, so if I’m understanding you correctly I can transfer across that balance to a new issue 3 at maturity? 

You can only transfer £200 as the first month's payment.

Just to add. The account number remains the same, which is handy for those who are using SOs and for me too because I don't need to set up another payee.

Someone suggested earlier to open a Principality standard EA (not triple access) then can make one transfer to that followed by internal transfers. Worth considering for sure. 

I did consider this, but decided against it.  I'm very comfortable with funding them all directly from bank accounts.  Payees are already set up, I can't see much point in opening an extra account for sub-distribution.

Funding from bank accounts also means that it’s easier to meet any monthly pay ins on those. Withdrawal from an EA to bank accounts on the 1st and then onwards to Regular Savers for me. 

subjecttocontract

I take an even more simplistic view. Pay the regular savers by s/o and just forget about them until maturity. 

Dizzycap

allegro120 said:

Stolas said:

allegro120 said:

clairec666 said:

mebu60 said:

Principality 6 Month RS 7.5% AER / 7.36% gross

Apologies if already mentioned, I've only skimmed back two pages. 

My existing 6 Month RS 8.0% matures 3 September. About to find out if can have 6 Month RSs (plus Christmas RS 7.0%). 

You should be able to get the 7.5% account (which is issue 3) as your 8% account was a previous issue. You can have one of each issue.

You can have as many as you can get of each issue.  I have four issue 3 accounts.

How exactly do you manage this - do you simply open multiple accounts and hope they don’t notice? 

The terms seem pretty clear “This can be a joint account, but you can’t have more than one of this issue number of the Regular Saver in your name.” 

I opened the first issue3 when it was launched.  The other 3 were offered as maturity options for other Regular Savers.  I also have two Christmas RSs, first was opened at the launch - second as a maturity option.

I have exactly the same combination: 2 general launches of The Christmas RS & RS Issue 3 & the rest as maturity options. There is absolutely nothing wrong or incorrect with havng 2 or more of the same PBS savings account in a sole name, providing the other accounts were opened as maturity options.

Having said that, application errors do occur and sometimes you end up with 2 of the same savings account when the T&C's clearly state only one - this happened to me last year with both the YBS Christmas RS & The Co-Op RS.

masonic

subjecttocontract said:

I take an even more simplistic view. Pay the regular savers by s/o and just forget about them until maturity. 

I'd love to implement more automation into my monthly routine, but in practice it is very difficult.

First, the money must be moved from the a savings account, which changes from time to time, to my main account. Then it does a circuit around the current accounts that require monthly funding (and I may as well make internal transfers to the RS at those banks while I take care of that). Finally, payments direct into the remaining RS.

I know one or two banks allow standing orders to pay out on non-working days, but not any I use currently. And if I have to rely on myself to get money into the source account, then I consider it a risk if I am unable to do so, simply manage to forget, or fall victim to a delay or banking failure.

At least with my manual 10 minute roundabout once a month, nothing gets triggered without the funds being received into each sending account.

I remember at the advent of Open Banking imagining this sort of flow of payments being possible to automate seamlessly from a third party provider, but nothing anywhere near this seems possible. The best I've seen is a single savings provider randomly helping itself to money it thinks you won't spend that month.

schiff

It 's a healthy sign that we all have our tricks and foibles.