The Top Regular Savers Discussion Thread

apt

ColdIron said:

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

The interest for July won't be added until the end of September according to the VM email.

ColdIron

apt said:

ColdIron said:

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

The interest for July won't be added until the end of September according to the VM email.

Hmm, I see what you mean

• ³Interest accrued during July in your Regular Saver Exclusive account will be carried forward to the Everyday Saver account and will be capitalised at the end of September.

Bobblehat

apt said:

ColdIron said:

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

The interest for July won't be added until the end of September according to the VM email.

VM chat person just confirmed something very similar by saying I'll get 10% on RS balance up to 31st July , then it converts to ES, then mickey mouse percent on balance up to 30th September when it's paid into the new account. The implication is that the interest accrued on the RS in the last month is not paid into the RS, but eventually into the ES at the end of September! I might as well close on 1st August and put the proceeds into something better!

mebu60

flaneurs_lobster said:

ForumUser7 said:

Good workaround! I have the 7% NLA Members RS till December, so think I’m kind of stuck for now haha

I've got the 7% maturing 04/08, swithering about closing it now to get the new issues or leaving it to term.

Mine is midnight on Friday 1 August so not expecting to see the funds until the Monday.

Underwhelmed by Skipton's separate secure messaging service for maturities 'in case someone accesses your main logon details'. Given the separate system uses email address I'd say any ne'er-do-well is more likely to crack that before my main logon! 

subjecttocontract

My Virgin reg saver matures 31st July. So I think my plan would be to let it mature, withdraw the balance on 1st Aug', wait until September for my July interest. Couldnt care less if the account remains open if there is a zero balance.
What a palaver or malarkey ?

Stargunner

subjecttocontract said:

My Virgin reg saver matures 31st July. So I think my plan would be to let it mature, withdraw the balance on 1st Aug', wait until September for my July interest. Couldnt care less if the account remains open if there is a zero balance.
What a palaver or malarkey ?

I am considering closing mine on the 30th July. They should then pay me the accrued interest, and I will use the funds towards funding my other Reg savers from the 1st August.

mebu60

Stargunner said:

subjecttocontract said:

My Virgin reg saver matures 31st July. So I think my plan would be to let it mature, withdraw the balance on 1st Aug', wait until September for my July interest. Couldnt care less if the account remains open if there is a zero balance.
What a palaver or malarkey ?

I am considering closing mine on the 30th July. They should then pay me the accrued interest, and I will use the funds towards funding my other Reg savers from the 1st August.

That's my thinking too, close on 30th / 31st.

Does anyone know the VM closure protocol? Is there an automated option online or is it secure message / phone call? If the latter action on the 30th probably prudent! 

ColdIron

mebu60 said:

Stargunner said:

subjecttocontract said:

My Virgin reg saver matures 31st July. So I think my plan would be to let it mature, withdraw the balance on 1st Aug', wait until September for my July interest. Couldnt care less if the account remains open if there is a zero balance.
What a palaver or malarkey ?

I am considering closing mine on the 30th July. They should then pay me the accrued interest, and I will use the funds towards funding my other Reg savers from the 1st August.

That's my thinking too, close on 30th / 31st.

Does anyone know the VM closure protocol? Is there an automated option online or is it secure message / phone call? If the latter action on the 30th probably prudent! 

A couple of pages back

https://forums.moneysavingexpert.com/discussion/comment/81545332/#Comment_81545332

ForumUser7

PRAISETHESUN said:

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.

How long does it take though? Is it immediate and automated, or manually processed?

etienneg

PRAISETHESUN said:

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.

When I select the three dots and "Close an account" it takes me to a screen labelled "Close a current account", which I don't want to do. It doesn't matter if I have the regular saver selected or not before I select the three dots - the same thing happens. Any ideas?