The Top Regular Savers Discussion Thread

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. 

clairec666

TheBanker said:

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?

Can't remember what the exact maturity process was, but my spreadsheet shows that my Co-op RS matured on 2nd May and I used the balance to fund my other regular savers the same day.

allegro120

TheBanker said:

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?

It turns into a Smart Saver and you can withdraw funds from there straight away.

Marcoos

TheBanker said:

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?

Mine matured a couple of days ago, 29th. Yesterday it converted to the simple saver with interest added. 

Withdrew it all and moved elsewhere. 

I’ve reapplied for another, waiting for that to be processed. Have a feeling this won’t be quick. 

clairec666

Marcoos said:

TheBanker said:

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?

Mine matured a couple of days ago, 29th. Yesterday it converted to the simple saver with interest added. 

Withdrew it all and moved elsewhere. 

I’ve reapplied for another, waiting for that to be processed. Have a feeling this won’t be quick. 

Took a few days for them to open my new one

jameseonline

Wonder when the Virgin Regular Saver will convert

TheBanker

Co-op Regular Saver
Thanks everyone. It's already matured this morning so I've withdrawn the balance (as I need it). Interestingly, the mobile app transaction listing has a line for credit interest, but the amount is blank. Interest has clearly been credited though as the balance has increased compared to yesterday. I am sure they will catch up at some point. I'll leave the Smart Saver open until the figure appears, as I need it for my tax return spreadsheet.

My Virgin RS hasn't matured yet.

I feel rich having both of these mature today... but the money is earmarked for spending next week, then the whole cycle can start again!