The Top Regular Savers Discussion Thread

Bridlington1

Stargunner said:

Aidanmc said:

Just applied for my first ever First Direct RS. 

Says it may take 3 working days to open and first deposit will be taken then.

I set monthly deposit at £300. If it happens there is no cash in the FD current account at the time deposit is to be taken, what happens?

Can you not make sure that there is £300 in it.

I just don't like keeping money in current accounts earning no interest, even if it is only overnight so I just let FD go overdrawn briefly on the day the regular saver SO goes out. I've an arranged OD with them that covers it and they've a rather generous cut off for charging overdraft fees of 23:45 on the day it goes overdrawn.

I do the same if I write cheques, pay the cheque from an account with an arranged OD facility and then put the money to cover the cheque in my current account the day it goes overdrawn.

Aidanmc

Stargunner said:

Aidanmc said:

Just applied for my first ever First Direct RS. 

Says it may take 3 working days to open and first deposit will be taken then.

I set monthly deposit at £300. If it happens there is no cash in the FD current account at the time deposit is to be taken, what happens?

Can you not make sure that there is £300 in it.

I could yes, but if i thought it was going to take 3 working days to open it would be sitting there until maybe next Tuesday. But anyway, i've set up a payment to go to the FD current account tomorrow, so if it gets opened tomorrow all good.

I'm used to manually funding my RS's thats all, will just have to remember to send the £300 to FD current acc day before its due to be collected.

s71hj

Bridlington1 said:

Stargunner said:

Aidanmc said:

Just applied for my first ever First Direct RS. 

Says it may take 3 working days to open and first deposit will be taken then.

I set monthly deposit at £300. If it happens there is no cash in the FD current account at the time deposit is to be taken, what happens?

Can you not make sure that there is £300 in it.

I just don't like keeping money in current accounts earning no interest, even if it is only overnight so I just let FD go overdrawn briefly on the day the regular saver SO goes out. I've an arranged OD with them that covers it and they've a rather generous cut off for charging overdraft fees of 23:45 on the day it goes overdrawn.

I do the same if I write cheques, pay the cheque from an account with an arranged OD facility and then put the money to cover the cheque in my current account the day it goes overdrawn.

My worry would be if I make a lash up of it even once, all the gain is lost

Aidanmc

Bridlington1 said:

Stargunner said:

Aidanmc said:

Just applied for my first ever First Direct RS. 

Says it may take 3 working days to open and first deposit will be taken then.

I set monthly deposit at £300. If it happens there is no cash in the FD current account at the time deposit is to be taken, what happens?

Can you not make sure that there is £300 in it.

I just don't like keeping money in current accounts earning no interest, even if it is only overnight so I just let FD go overdrawn briefly on the day the regular saver SO goes out. I've an arranged OD with them that covers it and they've a rather generous cut off for charging overdraft fees of 23:45 on the day it goes overdrawn.

I do the same if I write cheques, pay the cheque from an account with an arranged OD facility and then put the money to cover the cheque in my current account the day it goes overdrawn.

Yes this is my reasoning too.

I didn't set up any overdraft though, wonder what happens then?

Bridlington1

Aidanmc said:

Bridlington1 said:

Stargunner said:

Aidanmc said:

Just applied for my first ever First Direct RS. 

Says it may take 3 working days to open and first deposit will be taken then.

I set monthly deposit at £300. If it happens there is no cash in the FD current account at the time deposit is to be taken, what happens?

Can you not make sure that there is £300 in it.

I just don't like keeping money in current accounts earning no interest, even if it is only overnight so I just let FD go overdrawn briefly on the day the regular saver SO goes out. I've an arranged OD with them that covers it and they've a rather generous cut off for charging overdraft fees of 23:45 on the day it goes overdrawn.

I do the same if I write cheques, pay the cheque from an account with an arranged OD facility and then put the money to cover the cheque in my current account the day it goes overdrawn.

Yes this is my reasoning too.

I didn't set up any overdraft though, wonder what happens then?

I don't know for certain as I've never gone over my OD limit with FD, but in the case of HSBC, in my experience the account goes overdrawn and you'll get a text saying if you don't pay the money into your current account by whichever time the payment shan't go through.

allegro120

Aidanmc said:

Stargunner said:

Aidanmc said:

Just applied for my first ever First Direct RS. 

Says it may take 3 working days to open and first deposit will be taken then.

I set monthly deposit at £300. If it happens there is no cash in the FD current account at the time deposit is to be taken, what happens?

Can you not make sure that there is £300 in it.

I could yes, but if i thought it was going to take 3 working days to open it would be sitting there until maybe next Tuesday. But anyway, i've set up a payment to go to the FD current account tomorrow, so if it gets opened tomorrow all good.

I'm used to manually funding my RS's thats all, will just have to remember to send the £300 to FD current acc day before its due to be collected.

Don't forget about the weekends, SO won't go out until the next working day. 

Bobblehat

Bridlington1 said:

Stargunner said:

Aidanmc said:

Just applied for my first ever First Direct RS. 

Says it may take 3 working days to open and first deposit will be taken then.

I set monthly deposit at £300. If it happens there is no cash in the FD current account at the time deposit is to be taken, what happens?

Can you not make sure that there is £300 in it.

I just don't like keeping money in current accounts earning no interest, even if it is only overnight so I just let FD go overdrawn briefly on the day the regular saver SO goes out. I've an arranged OD with them that covers it and they've a rather generous cut off for charging overdraft fees of 23:45 on the day it goes overdrawn.

I do the same if I write cheques, pay the cheque from an account with an arranged OD facility and then put the money to cover the cheque in my current account the day it goes overdrawn.

I take my hat off to an "Extreme MSE'r"!

subjecttocontract

It's so much easier to pay by standing order and not get upset by loosing what is probably a few pennies in lost interest. That way you can get on with the more important things in your life.

savethepandas

allegro120 said:

snow62 said:

MonBS letter with signature form arrived today.  Not sure why they felt the need to send a full-sized envelope, folded into four - surely that costs them more (large letter).  Dug out smaller one from previously as it's easier to post into the small letter box up the road. Added account online, now showing as 'Pending'.  Sent payment even though letter says won't be able to transact until signature form is received; however, CoP fine so hope it's credited today.

A4 size envelope was excessive for what needs to be posted . I guess they've just ran out of small envelopes. 

I've sent payment (CoP fine) and it was returned back to my bank the next day.

I received an A4 envelope, a one page signature form and a "tell us what you think" postcard.

OH received an A5 envelope, a two page signature form and no postcard.

The covering letters had been formatted differently, but both made reference to their "Excellent Customer Service"

subjecttocontract

Monmouth BS CEO pay estimated to be £229,253 (median pay). I think members would expect things to run a little better generally and I guess the ' buck stops with the CEO'.