The Top Regular Savers Discussion Thread

PRAISETHESUN

s71hj said:

PRAISETHESUN said:

surreysaver said:

allegro120 said:

s71hj said:

Quick question about Natwest and RBS. In order to continue to meet the criteria for the associated current account you have to pay in £1250 a month . Myself and wife have sole and joint. Would a payment into the joint one count as meeting that criteria for both of us on all 3 accounts? 

I don't think it will cover other 2 accounts.  In my understanding it is £1250 per account, not per person, but I might be wrong.

According to a poster who corrected me on this issue, it does 
https://forums.moneysavingexpert.com/discussion/6616817/natwest-reward-account-how-quickly-can-i-take-the-1250-payment-out/p2#latest

I can also confirm this. I've got multiple Reward accounts with both NatWest and RBS. I pay £1250 each month into one account at each bank and it qualifies me for all my Reward accounts.

So do you pay into a joint account and it counts for both of you? (as is often the way with these things I've probably spent as much time typing these queries as it would take to make 4 payments as opposed to 2, but sometimes there's a satisfaction in discovering a new loophole😂) 

I can't speak about joint accounts as all my accounts are sole accounts (shhh ) But I'd be very suprised if it didn't work the same way. The T&Cs are very clear about only needing to pay in one payment into any eligible NatWest/RBS account you hold in order to qualify for the monthly rewards. If push came to shove, I suspect you'd probably be successful making a complaint if their system didn't pay the rewards automatically in your situation.

apt

chris_the_bee said:

mhoc said:

Its very interesting that in July we were all in a flap about maturing Principality savers and how many new Principality six month savers issue 3s we could open.
Then having sorted them all out it all went calm and serene again until Virgin and Monmouthshire sprung new regular savers on us this week causing far more issues than Principality ever did    

The next thing I am pondering is about Nationwide 6.5% fixed which is due to mature at the end of September - whether to close and start a new Nationwide 6.5% variable - is there any benefit.
Or just to hang on until October and assume that Nationwide will still have a 6.5% saver.

Also pondering about the LLoyds and Halifax savers if they need to be renewed - maturity dates in May 2026.

No cash flow issues just keen to keep the best rates for as long as feasible.
Bank of England have another meeting  this week and mid September - numerous rumours floating around regarding another rate drop this year and the thinking is September. ....

I think Nationwide 6.5% fixed is not fixed but variable. quote:-
We pay one of two different interest rates on your account, the higher interest rate and the lower interest rate. Which interest rate we pay depends on how many times you take money out of your account. Both interest rates are variable, meaning they can go up or down

Variable in theory, but up to now Nationwide has never changed the rate on its variable regular savers. If they want to offer a different rate they bring out a new issue closing the previous issue but leaving its interest rate unchanged. Polar opposite to this is the Skipton Member RS which is directly linked to base rate so is very likely to go down by 0 25% this month 

Bridlington1

apt said:

chris_the_bee said:

mhoc said:

Its very interesting that in July we were all in a flap about maturing Principality savers and how many new Principality six month savers issue 3s we could open.
Then having sorted them all out it all went calm and serene again until Virgin and Monmouthshire sprung new regular savers on us this week causing far more issues than Principality ever did    

The next thing I am pondering is about Nationwide 6.5% fixed which is due to mature at the end of September - whether to close and start a new Nationwide 6.5% variable - is there any benefit.
Or just to hang on until October and assume that Nationwide will still have a 6.5% saver.

Also pondering about the LLoyds and Halifax savers if they need to be renewed - maturity dates in May 2026.

No cash flow issues just keen to keep the best rates for as long as feasible.
Bank of England have another meeting  this week and mid September - numerous rumours floating around regarding another rate drop this year and the thinking is September. ....

I think Nationwide 6.5% fixed is not fixed but variable. quote:-
We pay one of two different interest rates on your account, the higher interest rate and the lower interest rate. Which interest rate we pay depends on how many times you take money out of your account. Both interest rates are variable, meaning they can go up or down

Variable in theory, but up to now Nationwide has never changed the rate on its variable regular savers. If they want to offer a different rate they bring out a new issue closing the previous issue but leaving its interest rate unchanged. Polar opposite to this is the Skipton Member RS which is directly linked to base rate so is very likely to go down by 0 25% this month 

They have done in the past. Their Flex RS issue 1 paid 2% when I first opened it in 2022, its rate more than doubled over its term, their Start to Save Issue 2 also increased its interest rate over the duration of its term.

badger09

apt said:

badger09 said:

Skipton 
Thanks for the heads up on Skipton’s slow processing of incoming SOs early hours on 1st. I intended to set up SO from BoS from 1Sept but will fund by FP or debit card instead. 

Debit card payments only earn interest from the the third working day 

But they have been earning me £5pm Halifax Reward so I can live with the minuscule loss of interest. 

trickydicky14

But they have been earning me £5pm Halifax Reward

It will be a sad day when that comes to an end.

sheffieldeagle

trickydicky14 said:

But they have been earning me £5pm Halifax Reward

It will be a sad day when that comes to an end.

In deed. I've had a free Guardian for the last few years on the back of my three reward accounts.

Cheers

MisterMotivated

trickydicky14 said:

But they have been earning me £5pm Halifax Reward

It will be a sad day when that comes to an end.

Though the blow will be softened somewhat by the fact they'll essentially pay all your rewards up until your renewal date in one go

Aidanmc

MisterMotivated said:

trickydicky14 said:

But they have been earning me £5pm Halifax Reward

It will be a sad day when that comes to an end.

Though the blow will be softened somewhat by the fact they'll essentially pay all your rewards up until your renewal date in one go

what's this??

PowerSavingMode

Aidanmc said:

MisterMotivated said:

trickydicky14 said:

But they have been earning me £5pm Halifax Reward

It will be a sad day when that comes to an end.

Though the blow will be softened somewhat by the fact they'll essentially pay all your rewards up until your renewal date in one go

what's this??

HALIFAX REWARD ACCOUNT

That's a different thread. This should help:

Re: Halifax Scrapping £5/Cinema ticket Rewards

jameseonline

OrangeBlueGreen said:

I wonder how long we’ll have to wait to get our closing Virgin interest if their systems were down on Friday and of course the 10% will have attracted a lot of customers in the first place so I imagine the queue to be very long. 

They really should update their systems so customers can close accounts themselves, it is 2025. The zero balance thing may make sense internally, but it’s not customer friendly at all and nonsensical. Though now Nationwide has bought them, they won’t care. Hopefully Nationwide will soon merge everything into their own systems, getting rid of double profiles and the mess that was never ironed out when they merged the 2 old Yorkshire and Clydesdale banks. 

I don’t mind Virgin as a bank and their products, but it does feels that behind the scenes it’s very old school like a telephone exchange with cables and connections between a multitude of systems that do not make for a good customer experience.

Edit: Really they should just have it so that final interest is paid when a regular saver matures and it would save customers from having to do all of this.

So we going with Virgin defo went down then?, sorry it's just Virgin IG said to me there were no known issues yet I was on several calls to them and on at least 2 calls they told me there were.

There's also been multiple posts here and elsewhere saying there's been no issues yet others clearly have.

Maybe that's the problem with Virgin, like my mobile provider they clearly lie, departments dont talk to eachother etc.😏

If Clydesdale couldn't merge everything dating back to when they took over the original Virgin Money etc what makes you think Nationwide would be upto the job?, god knows how many systems Nationwide have now inherited in addition to their own 🤣, I expect it will be multiple online logins for a while.

Virgin seems to be more modern than say Monmouthshire BS but Virgin is clearly bigger as the Bank it is and clearly has big issues.

Just have to hope Nationwide can make things better for what were/still are Virgin Money customers.