The Top Regular Savers Discussion Thread

apt

pecunianonolet said:

apt said:

The 10% Virgin Money RS moves to a measly 1.75% Everyday Saver at the end of the month so should be moved on to a better place then. If you don't close the Everyday Saver this month's RS interest is only capitalised in September.

So the Everyday Saver should be closed on 1st August to capitalise the interest after the last day of being paid 10% and to avoid funds being left to earn 1.75%? 

Yes. They only mention closing it by phone or letter. Hope it can also be done on the app or online.

Bobblehat

apt said:

The 10% Virgin Money RS moves to a measly 1.75% Everyday Saver at the end of the month so should be moved on to a better place then. If you don't close the Everyday Saver this month's RS interest is only capitalised in September.

.... and as Masonic predicted earlier in this thread, no sign of even a vanilla RS from VM to take its place   

PRAISETHESUN

apt said:

pecunianonolet said:

apt said:

The 10% Virgin Money RS moves to a measly 1.75% Everyday Saver at the end of the month so should be moved on to a better place then. If you don't close the Everyday Saver this month's RS interest is only capitalised in September.

So the Everyday Saver should be closed on 1st August to capitalise the interest after the last day of being paid 10% and to avoid funds being left to earn 1.75%? 

Yes. They only mention closing it by phone or letter. Hope it can also be done on the app or online.

There's an option to close your account through online banking by submitting a closure form. I've used it to close the linked savings account that comes bundled with their current account (despite what they say, it does not get automatically closed when you close your current account), and I assume this online form will also allow you to close other types of savings accounts as well.

When logged in to internet banking, from the menus across the top of the page select the three dots "More" and scroll down to "Close an account" (under the Account Services sub-heading). From there you fill in a form with details of the account you wish to close and you can nominate an account (can be with another bank) to receive any outstanding balance/interest.

subjecttocontract

What's with the need to close the account ? If you can withdraw all of the money does it matter that the account remains open with a zero balance ?

apt

subjecttocontract said:

What's with the need to close the account ? If you can withdraw all of the money does it matter that the account remains open with a zero balance ?

You can't withdraw the c. £26 interest from July before September unless you close the account.

flaneurs_lobster

subjecttocontract said:

What's with the need to close the account ? If you can withdraw all of the money does it matter that the account remains open with a zero balance ?

There will be interest accrued for the month of July.
If the RS is closed before maturity at end of July then all monies owing will be moved to your account of choice. 
If however the account matures into the Everyday Saver then the interest for July and any interest going forward will not be paid until September (VM pay interest every 3 months).

Emptying the account will not yield the interest owing, closing it will.

s71hj

flaneurs_lobster said:

subjecttocontract said:

What's with the need to close the account ? If you can withdraw all of the money does it matter that the account remains open with a zero balance ?

There will be interest accrued for the month of July.
If the RS is closed before maturity at end of July then all monies owing will be moved to your account of choice. 
If however the account matures into the Everyday Saver then the interest for July and any interest going forward will not be paid until September (VM pay interest every 3 months).

Emptying the account will not yield the interest owing, closing it will.

So is it a case of putting in the closure request for the RS the day before maturity?

flaneurs_lobster

ColdIron said:

s71hj said:

flaneurs_lobster said:

subjecttocontract said:

What's with the need to close the account ? If you can withdraw all of the money does it matter that the account remains open with a zero balance ?

There will be interest accrued for the month of July.
If the RS is closed before maturity at end of July then all monies owing will be moved to your account of choice. 
If however the account matures into the Everyday Saver then the interest for July and any interest going forward will not be paid until September (VM pay interest every 3 months).

Emptying the account will not yield the interest owing, closing it will.

So is it a case of putting in the closure request for the RS the day before maturity?

Just empty it as soon as the interest is credited, then close it at your leisure. No interest on £0

Ah, have I misunderstood? When the RS matures is the interest for July realised at that point and added to the balance of the Everyday Saver?

ColdIron

Surely just empty the account after interest has been paid at the end of July. Then close it at your leisure. No interest on £0

ColdIron

flaneurs_lobster said:

ColdIron said:

s71hj said:

flaneurs_lobster said:

subjecttocontract said:

What's with the need to close the account ? If you can withdraw all of the money does it matter that the account remains open with a zero balance ?

There will be interest accrued for the month of July.
If the RS is closed before maturity at end of July then all monies owing will be moved to your account of choice. 
If however the account matures into the Everyday Saver then the interest for July and any interest going forward will not be paid until September (VM pay interest every 3 months).

Emptying the account will not yield the interest owing, closing it will.

So is it a case of putting in the closure request for the RS the day before maturity?

Just empty it as soon as the interest is credited, then close it at your leisure. No interest on £0

Ah, have I misunderstood? When the RS matures is the interest for July realised at that point and added to the balance of the Everyday Saver?

I would imagine so. The term ends at the end of July and accrued interest is paid

Whether interest is paid into the RS (as it has done in the past) and becomes an everyday saver, or becomes a EDS with the final interest paid into that (not likely IMO) is immaterial