The Top Regular Savers Discussion Thread

WillPS

chris_the_bee said:

Digital_Payback 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. 

I sent 2 automated payments to be credited to 2 separate Skipton regular savers, funds sent from Starling Bank at 1.40am on 1st August. 

They are both showing today and credited today, 4th August. 

I’ll be doing a manual posting from now on at a later time of the day. Until now Skipton deposits always showed same day as posted, usually within a couple of hours.
Lesson learned. 

Skipton are not a clearing bank, so they will not see or credit payments until the next working day.

Not being a clearing bank is an irrelevance. Nationwide is not a clearing bank, nor are many of the fintechs. 

This is a 'slow old system' issue. 

dingling68

Skipton Regular Saver - deposit date

I have been told on chat that the interest will be calculated from 1st August, as the late date of 4th August is due to a processing delay at their end but I guess we won't know for sure until the interest is credited

hpas251

Digital_Payback said:

easysaver said:

Skipton BS
Anyone else waiting for their deposits (faster payment from Chase at 01:23 on 1st Aug) from yesterday to show on their account(s)? I've experienced this before and it's irritating to say the least.
What do others do to avoid it? Can I fund my base rate tracker and do internal transfers from there? But won't that payment not get credited on time too? Fundamentally, is Skipton BS just unreliable?

I’m still waiting for 2 automated payments to be credited to 2 separate Skipton regular savers, funds sent from Starling Bank at 1.40am yesterday, 1st August. 

I had this problem with a manual payment sent at 12.10am on Friday. It was finally credited this morning. There seems to a delay when payments are sent in the early hours of the morning of the 1st of the month. The system at either Skipton or Barclays (who process payments on behalf of Skipton) seems to not recognise that it's a new month until later in the day. RBS and Nationwide do not have this problem though.

jameseonline

Just managed to pay into a Principality 6 month despite Virgin telling me on phone they released the payment and getting a notification on app following a block days ago.

Got several adjustments on my current account transactions list too which are to do with the 1st of August payments I made & disappeared off the transactions list.

So basically nothing went anywhere & £200 went into my current account today.

*SIGH*

hpas251

SH88SH88 said:

Digital_Payback said:

easysaver said:

Unreliable Skipton BS
My deposits made early hours on 1st Aug are now showing but dated 4th Aug.
Standing orders/scheduled payments have now been cancelled. I'll make manual payments during business hours, if I remember/have time etc.
Question for MSE's, does this happen with any other bank/building society who also offer RS's? It's the randomness of the process that irritates me more than the actual delay. Does anyone actually have an explanation for why some payments get credited on the day and others are only credited the following business day? I've not heard any explanation that holds up.
Very poor form from Skipton BS.

 It maybe that Standing Order payments are treated differently from Faster Payment. The latter seem to be processed faster and on the same day. 

Digital_Payback said:

easysaver said:

Unreliable Skipton BS
My deposits made early hours on 1st Aug are now showing but dated 4th Aug.
Standing orders/scheduled payments have now been cancelled. I'll make manual payments during business hours, if I remember/have time etc.
Question for MSE's, does this happen with any other bank/building society who also offer RS's? It's the randomness of the process that irritates me more than the actual delay. Does anyone actually have an explanation for why some payments get credited on the day and others are only credited the following business day? I've not heard any explanation that holds up.
Very poor form from Skipton BS.

 It maybe that Standing Order payments are treated differently from Faster Payment. The latter seem to be processed faster and on the same day. 

Skipton seem to be allergic to Weekends, if you try to do an INTERNAL transfer on a Saturday it refuses and says only on weekdays,  so this gets forward dated to be actioned on Monday .....

Ditto for Bank Holidays. Nationwide can do instant internal transfers on weekends and BHs though.

Reg_Smeeton

badger09 said:

Reg_Smeeton said:

Re:  Monmouthshire Exclusive RS issue 2 ( the 4.9% one)

I thought this account had no withdrawals before maturity but I can see online that I have the option to withdraw or transfer to my other MBS accounts. Is this due to the interest rate recently dropping or was I mistaken in my assumption? Just assessing my options as mine still has six weeks to run and could do with freeing up some money to fund more competitive RS’s at the moment

I queried this with MONBS and was told it was not possible to close this RS. Mine was due to mature late August but I closed it online several months early. Expected amount of interest was credited to date of closure. 

Have attempted to close mine online now, I sent MonBS the instruction over the weekend, now showing in the online portal as “processed” but still displaying with the full balance, and interest hasn’t been added yet. 

I’m fairly sure I’m operating outside of the T&Cs but will report back whether they are currently allowing closure as I’m sure other forumites will have similarly uncompetitive accounts still some weeks from maturity

pedrodelgado

Bobblehat said:

pedrodelgado said:

Question. Would it be more beneficial to open say 4 regular savers from different providers and put the maximum allowed in each one for say the first couple of months then a nominal amount to keep them open for the remaining months, thus having a bigger overall sum for 11 or 12 months than you would have had if opening one and saving monthly into that? Any thoughts?

clairec666 said:

I'm sure @Bobblehat can rustle up a good spreadsheet to come up with the best strategy!

Best I can rustle up 



So comparing results ...

Using the 4 x RS's Pedrodelgardo mentioned (I make it £1100pm using Bridlington1's page 1 figures).
Those 4 RS's can be funded with £0 for the 10 months.
Using £2200/12 = £183.33 for 12 equal monthly fund comparison.
Picking a typical EA rate now ~ 4.5%.

4 x RS's no drip feed Total £134.65
4 x RS's +   drip feed Total £138.78
Best single RS +  drip feed £128.80
Best single RS no drip feed £83.42
No RS's, leave fund in EA  £99

If I've made any errors, I can fix and repost.

Edit: Fat-fingered EA and cloned it throughout - corrected in tables (if reprinted) and text now.

Wow, thats incredible. Thanks. Couple of things to bear in mind, the drip feed easy access is probably going to be lower in a few months time, as are the RS accounts that are not fixed rate. 

Bobblehat

pedrodelgado said:

Bobblehat said:

pedrodelgado said:

Question. Would it be more beneficial to open say 4 regular savers from different providers and put the maximum allowed in each one for say the first couple of months then a nominal amount to keep them open for the remaining months, thus having a bigger overall sum for 11 or 12 months than you would have had if opening one and saving monthly into that? Any thoughts?

clairec666 said:

I'm sure @Bobblehat can rustle up a good spreadsheet to come up with the best strategy!

Best I can rustle up 



So comparing results ...

Using the 4 x RS's Pedrodelgardo mentioned (I make it £1100pm using Bridlington1's page 1 figures).
Those 4 RS's can be funded with £0 for the 10 months.
Using £2200/12 = £183.33 for 12 equal monthly fund comparison.
Picking a typical EA rate now ~ 4.5%.

4 x RS's no drip feed Total £134.65
4 x RS's +   drip feed Total £138.78
Best single RS +  drip feed £128.80
Best single RS no drip feed £83.42
No RS's, leave fund in EA  £99

If I've made any errors, I can fix and repost.

Edit: Fat-fingered EA and cloned it throughout - corrected in tables (if reprinted) and text now.

Wow, thats incredible. Thanks. Couple of things to bear in mind, the drip feed easy access is probably going to be lower in a few months time, as are the RS accounts that are not fixed rate. 

Glad you like it!

Rates dropping will just compress the difference between the top and bottom figures and lower the overall total interest. But what can you do? We were happy enough when rates were rising!

One thing I've noticed .. the RS novice might think that leaving their £2200 in the EA (£99 interest) is better than putting it in the Best of the 4 RS's (Co-op £83.42 interest), but taking into account that seasoned MSE'ers would usually try to drip feed the RS (or RS's) from an interest paying account (e.g. an EA), then the addition of the interest from the EA plus the £83.42 would beat £99!

SCC2

Hi.
not sure if I was seeing things, but I was able to open a second principality regular saver issue 3 but having just logged in for the first time in a while it seems to have changed to Regular Saver Bond Issue 36. Anyone else had this?

Aidanmc

Re matured Virgin RS, now everday saver, has anyone been successful in getting it closed?