The Top Regular Savers Discussion Thread

brucefan_2

Re Monmouthshire

Account opening via the app took just over 11 hours (overnight)  of the screen trundling away telling me it would be a 'few minutes'

Paid £5 into the account from Lloyds at just past midday (COP not happy about it - checked and double checked all numbers correct) - no deposit showing in the account as at time of posting this message.

I had hoped to get £500 in today and then another lot tomorrow - looking unlikely at the moment.

skitskut

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 it's due to be collected.

I set up a future dated payment from Tesco to HSBC/FD for the day the £250/£300 is due. Tesco sends it out about 3am that day. Not had any issues.

bioboybill

Were all the Virgin Money 10% RS supposed to mature today? I didn't make my first payment until August 5th 2024, but still expected the final interest to be added today, but it wasn't.

Middle_of_the_Road

bioboybill said:

Were all the Virgin Money 10% RS supposed to mature today? I didn't make my first payment until August 5th 2024, but still expected the final interest to be added today, but it wasn't.

Everyone's matured today, but interest for July won't be credited until September

exel1966

bioboybill said:

Were all the Virgin Money 10% RS supposed to mature today? I didn't make my first payment until August 5th 2024, but still expected the final interest to be added today, but it wasn't.

Middle_of_the_Road said:

bioboybill said:

Were all the Virgin Money 10% RS supposed to mature today? I didn't make my first payment until August 5th 2024, but still expected the final interest to be added today, but it wasn't.

Everyone's matured today, but interest for July won't be credited until September

None, have matured yet, they mature overnight tonight.

Withdraw current funds manually tomorrow and then request closure whereby you'll receive further interest due. If you don't close you wont receive final interest until 30/09 and it'll only be earning a nominal amount in the meantime.
This doesn't need further input as it's been discussed at detail here in the past 2 weeks.

ColdIron

bioboybill said:

Were all the Virgin Money 10% RS supposed to mature today? I didn't make my first payment until August 5th 2024, but still expected the final interest to be added today, but it wasn't.

It matures today but won't become an Everyday Saver until tomorrow (at 1.75%)

Interest is paid quarterly and the last one was the beginning of July so the next one (for July's 10.38% interest and the lower rate for August and September) will be at the end of September

If you want the money early, and why wouldn't you, you will have to close the account

masonic

exel1966 said:

If you don't close you wont receive final interest until 30/09 and it'll only be earning a nominal amount in the meantime.

A more precise definition of nominal amount is nothing, as unpaid interest does not accrue further interest.

Stargunner

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 prefer to miss out on a few pence of interest, by having the money in the current account in advance of the payment going out, Then I can get on with whatever I am doing that day without having to worry  about  transferring money around at the last moment.

TheBanker

Can anyone tell me what happens when the Co-op regular saver matures? My first deposit was 1 August so I think it matures tomorrow. Is the money available straight away or is it one of those odd ones where it vanishes for a couple of days then comes back?

friolento

I emptied my Virgin Money RS yesterday, and then requested closure. As requested, the outstanding interest got paid into my non-Virgin current account, and the RS has now vanished. All done and dusted within 24 hours.