The Top Regular Savers Discussion Thread

nottsphil

clairec666 said:

20122013 said:

drphila said:

gt94sss2 said:

20122013 said:

These are the VM's Current accounts I can see on their website, which one is the cheapest / no frills account which qualifies for the VM RS account, please?

https://uk.virginmoney.com/current-accounts/pca/

M Plus, I believe. That's the conclusion I came to last year when I had to open a current account for the RS

 I only wanted to open one account and ended up with 2 now 3 :

- M Plus (MP)

- M Plus Saver  (MP S)

- Regular Saver (RS)

I have funded my RS account.  Do i need to fund the other 2 accounts as well?  and can I close the MP S account? 

You can close the current account and the regular saver will stay open. I used mine to switch out for a switching bonus. This resulted in the M Plus Saver also being closed, so I'm just left with the regular saver.

It's worth noting that VM make setting up new payees relatively easy, and the fact that your nicknames for them appear prominently in the payee list makes it quicker to pay multiple payees at the beginning of the month for those who like to do these things manually. 
Also, they let you override the payee account verification check (I believe it can take a working day for your new account to be registered) unlike Lloyds, who refused payment to my new Monmouthshire account today. VM now have that business...

s71hj

Unusually quiet day on this thread. Anyone know any good jokes (yes I KNOW this is off topic) 

s71hj

s71hj said:

Unusually quiet day on this thread. Anyone know any good jokes (yes I KNOW this is off topic) 

I've worked it out! Everyone is off opening endless Cahoot Simple Savers and converting them to Sunny  Day savers 

20122013

Seting up Standing Order to pay externally into Virgin Regular Saver

Yesterday I had made my first payment by direct transfer via Chase.  Just now, I have been trying to set up a Standing Order from my Flex Account (Nationwide) but got this error :

'We’re unable to check the payee details you entered. Some accounts can’t be checked. This doesn't mean the details you've entered are incorrect. If you're unsure, confirm the details with the payee. Cancel the payment if you think someone might be trying to scam you.' 

Is this because certain banks (eg VM) will not accept SO ? I have checked the account details and have manually inputted - I have this month to keep trying - another way to memorise numbers. 

VM website says:

Can I pay into my Regular Saver Exclusive by standing order? 

Yes. You can do this from an external account or another account with Virgin Money.

If you choose to pay in by standing order, we suggest you pick a date no later than the 26th of the month. This ensures your money will reach your account by the end of the calendar month.

Bridlington1

s71hj said:

s71hj said:

Unusually quiet day on this thread. Anyone know any good jokes (yes I KNOW this is off topic) 

I've worked it out! Everyone is off opening endless Cahoot Simple Savers and converting them to Sunny  Day savers 

Yes, sorry that was my fault. This thread could get a bit busier by tomorrow though given that's when the next BOE base rate decision is due to be announced.

badger09

Reg_Smeeton said:

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

IIRC, the T&Cs for this particular issue stated no withdrawals, but were silent on the matter of early closure, rather than actually prohibiting it. 

The most recent issue clearly states that early closure is possible, which IMO is reasonable in the case of a variable rate account. Tying customers in to a product with a variable rate which has been substantially reduced is unfair. Again. IMO.  

wmb194

badger09 said:

Reg_Smeeton said:

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

IIRC, the T&Cs for this particular issue stated no withdrawals, but were silent on the matter of early closure, rather than actually prohibiting it. 

The most recent issue clearly states that early closure is possible, which IMO is reasonable in the case of a variable rate account. Tying customers in to a product with a variable rate which has been substantially reduced is unfair. Again. IMO.  

Monmouthshire Exclusive RS issue 2

From the terms in the "Regular Saver Terms and Conditions" PDF:

"Closure of your Regular Saver account is allowed at any time without notice or penalty."

In my experience this is usual with Monmouthshire.

https://web.archive.org/web/20240821170621/https://www.monbs.com/savings/exclusive-regular-saver-issue-2/

Daringly

20122013 said:

Seting up Standing Order to pay externally into Virgin Regular Saver

Yesterday I had made my first payment by direct transfer via Chase.  Just now, I have been trying to set up a Standing Order from my Flex Account (Nationwide) but got this error :

'We’re unable to check the payee details you entered. Some accounts can’t be checked. This doesn't mean the details you've entered are incorrect. If you're unsure, confirm the details with the payee. Cancel the payment if you think someone might be trying to scam you.' 

Is this because certain banks (eg VM) will not accept SO ? I have checked the account details and have manually inputted - I have this month to keep trying - another way to memorise numbers. 

Had the same issue shortly after opening the new RS account. A few hours later the details could be matched without issues. No problem setting up a SO. 

Nasqueron

nottsphil said:

clairec666 said:

20122013 said:

drphila said:

gt94sss2 said:

20122013 said:

These are the VM's Current accounts I can see on their website, which one is the cheapest / no frills account which qualifies for the VM RS account, please?

https://uk.virginmoney.com/current-accounts/pca/

M Plus, I believe. That's the conclusion I came to last year when I had to open a current account for the RS

 I only wanted to open one account and ended up with 2 now 3 :

- M Plus (MP)

- M Plus Saver  (MP S)

- Regular Saver (RS)

I have funded my RS account.  Do i need to fund the other 2 accounts as well?  and can I close the MP S account? 

You can close the current account and the regular saver will stay open. I used mine to switch out for a switching bonus. This resulted in the M Plus Saver also being closed, so I'm just left with the regular saver.

It's worth noting that VM make setting up new payees relatively easy, and the fact that your nicknames for them appear prominently in the payee list makes it quicker to pay multiple payees at the beginning of the month for those who like to do these things manually. 
Also, they let you override the payee account verification check (I believe it can take a working day for your new account to be registered) unlike Lloyds, who refused payment to my new Monmouthshire account today. VM now have that business...

VM happy to take the risk of a customer willingly giving their money to scammers and then asking for a refund when they lose it while Lloyds aren't. I know which of the 2 I'd trust with my funds

Speculator

Daringly said:

20122013 said:

Seting up Standing Order to pay externally into Virgin Regular Saver

Yesterday I had made my first payment by direct transfer via Chase.  Just now, I have been trying to set up a Standing Order from my Flex Account (Nationwide) but got this error :

'We’re unable to check the payee details you entered. Some accounts can’t be checked. This doesn't mean the details you've entered are incorrect. If you're unsure, confirm the details with the payee. Cancel the payment if you think someone might be trying to scam you.' 

Is this because certain banks (eg VM) will not accept SO ? I have checked the account details and have manually inputted - I have this month to keep trying - another way to memorise numbers. 

Had the same issue shortly after opening the new RS account. A few hours later the details could be matched without issues. No problem setting up a SO. 

had same problem from  Santander app. Normally, the app lets you send the payment even if details don't match but not on this occasion.

Got around it by selecting "business" and payment reached my Virgin regular within seconds.