The Top Regular Savers Discussion Thread

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.

mhoc

Still persisting with Monmouthshire.
This morning I tried via the app asking it to send the code via email but each time it said the IOP was incorrect!
I then tried via text I am still getting double codes and the 2nd one let me in!
But it seems to dislike me logging out and then trying to log back in again a few minutes later as now I am getting no text codes and the codes via email are still not recognized. 
I cant log in online as it says my ID or password is not correct - they were only reset last week. 
I have one payment in one account set up online on the 26th and yesterday I sent one to the 2nd account as a test to see if it was possible - it is listed on the app. This so far has not bounced back to me but its not showing on the app either 
No letters from Monmouthshire yet 

I think I just need to ignore it all for now and hope things resolve themselves eventually or at least before the start of September.
And go away and make another Cahoot sunny days as a distraction technique  

Nick_C

Submitted a request to Virgin to close my matured RS on Friday (using the form to close a current account).  Still waiting.  Tried calling just now.  Agent said he would put a request through to the back office, but it would not be actioned until Friday or Monday.  

Eco_Miser

Nasqueron said:

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

VM require a box ticked (from a long list) indicating what type of transaction you are making (own account, paying friend/relative, paying bill, paying employee, ... paying unexpected invoice, making refund) EVERY time you make a payment. I suspect those at the end of the list would trigger further questioning and more specific warnings.

Lloyds let me log in and send money with just a password and 'memorable data', VM require me to use a security token.

chris_the_bee

Nick_C said:

Submitted a request to Virgin to close my matured RS on Friday (using the form to close a current account).  Still waiting.  Tried calling just now.  Agent said he would put a request through to the back office, but it would not be actioned until Friday or Monday.  

Ditto, submitted 3 closure requests then phoned them just now. Incredible how it takes 7-9 days (hopefully) to close an account.

irregular_saver

Nick_C said:

Submitted a request to Virgin to close my matured RS on Friday (using the form to close a current account).   

Same here. Today the matured RS has disappeared from my list of accounts on the Virgin app. Still awaiting the final interest payment to my nominated account (Santander). 

In comparison my Progressive RS matured yesterday. Account closed and funds withdrawn to my nominated account within hours. 

crumpet_man

For those who have closed the matured Virgin RS, what was the interest received upon closure?  Not the total interest received, just the last payment.

Trying to work out if it is worth the time to phone up Virgin to close the account (already tried online, still waiting for it to be done) as all I am missing out on is the interest I could receive on the final interest payment.