The Top Regular Savers Discussion Thread

gt94sss2

s71hj said:

Re Monmouthshire branch regular saver, other than obviously the account number as reference, are the account number and sort code for pay in the same as for the app exclusive RS? 

Yes, they are.

Ch1ll1Phlakes

s71hj said:

Aidanmc said:

s71hj said:

Aidanmc said:

s71hj said:

Aidanmc said:

Kim_13 said:

surreysaver said:

Speculator said:

roked said:

I closed my Coventry seasonal RS today due to the rate dropping below my threshold and wanted to use the funds for other RS's anyway. Surprised to see that I seem to have only got a two-week penalty on interest instead of a full month. Not complaining

There should be no penalty for closing due to the rate drop.

If I understand Coventry's T&Cs correctly, it is within a certain amount of time of receiving notification of the rate drop - not of the rate actually dropping.
Can't remember when Coventry sent out its notifications, but I think it was quite a while ago 

They sent it on 18/8, but there has been confusion this time around due to the wording of that email suggesting it was 30 days from the effective date rather than the notification date. 

Coventry haven’t responded to my secure message sent before they opened yesterday, if they don’t answer soon I guess I will close the Loyalty Saver myself and then raise a complaint if a penalty is applied.

You can close it penalty free until 2nd October.
I closed mine last week also without penalty.

Is there a penalty for early closure of the Coventry Loyalty Seasonal saver? 

I kept the Seasonal saver for now.
But the same terms should apply as the rate was reduced also.
Penalty free until 2nd October

Is there a way to close it in the app? I can't see an obvious button to press? 

I dont use the app at all.
But you can close it in online banking

In online banking £2,292.83 is suggested closing balance ie £42.83 interest. Does this look like no penalty applied? I'm rubbish at those sort of sums! 

Without knowing the dates of your deposits it would be hard to confirm this is correct. A rough calculation using an interest rate of 5.25% (though I know it did start higher than this) provides the following
You haven't reached a full nine months of holding the account so expected interest is lower than £48.62 and higher than £38.84 (as you've had the account at least eight months) so yes from what I see that sounds about right for penalty free.

Note: I don't have this account so I don't know when the rate reductions were and please let me know if I've used incorrect figures.

A separate rough calculation with guessed rate reductions gives a range of around £41.50 to £51.25 so again seems fine.

35har1old

Born2Save_3 said:

Coventry Sunny Day Saver Maturity Options

I've been told that I should have received a letter which outlined some maturity options.  Just wondered if opening a new Sunny Day Saver or keeping the existing going was an option ?

My Coventry Sunny matured and became an Easy Access account at < 3% so I moved the money elsewhere.

Of the new accounts available only the Loyalty Mortgage Saver (2) is appealing at 4.8%.  Does anyone know if the Coventry are sticklers over actually having a mortgage or is entering genuine details of a mortgage necessary ? 

Thanks

Doesn't appear in current list of available accounts 

s71hj

Ch1ll1Phlakes said:

s71hj said:

Aidanmc said:

s71hj said:

Aidanmc said:

s71hj said:

Aidanmc said:

Kim_13 said:

surreysaver said:

Speculator said:

roked said:

I closed my Coventry seasonal RS today due to the rate dropping below my threshold and wanted to use the funds for other RS's anyway. Surprised to see that I seem to have only got a two-week penalty on interest instead of a full month. Not complaining

There should be no penalty for closing due to the rate drop.

If I understand Coventry's T&Cs correctly, it is within a certain amount of time of receiving notification of the rate drop - not of the rate actually dropping.
Can't remember when Coventry sent out its notifications, but I think it was quite a while ago 

They sent it on 18/8, but there has been confusion this time around due to the wording of that email suggesting it was 30 days from the effective date rather than the notification date. 

Coventry haven’t responded to my secure message sent before they opened yesterday, if they don’t answer soon I guess I will close the Loyalty Saver myself and then raise a complaint if a penalty is applied.

You can close it penalty free until 2nd October.
I closed mine last week also without penalty.

Is there a penalty for early closure of the Coventry Loyalty Seasonal saver? 

I kept the Seasonal saver for now.
But the same terms should apply as the rate was reduced also.
Penalty free until 2nd October

Is there a way to close it in the app? I can't see an obvious button to press? 

I dont use the app at all.
But you can close it in online banking

In online banking £2,292.83 is suggested closing balance ie £42.83 interest. Does this look like no penalty applied? I'm rubbish at those sort of sums! 

Without knowing the dates of your deposits it would be hard to confirm this is correct. A rough calculation using an interest rate of 5.25% (though I know it did start higher than this) provides the following
You haven't reached a full nine months of holding the account so expected interest is lower than £48.62 and higher than £38.84 (as you've had the account at least eight months) so yes from what I see that sounds about right for penalty free.

Note: I don't have this account so I don't know when the rate reductions were and please let me know if I've used incorrect figures.

A separate rough calculation with guessed rate reductions gives a range of around £41.50 to £51.25 so again seems fine.

Brill thanks. Is that from a tool you have created or some off the shelf one? Looks really useful for this game! Thank you for sharing. 

Aidanmc

Ch1ll1Phlakes said:

s71hj said:

Aidanmc said:

s71hj said:

Aidanmc said:

s71hj said:

Aidanmc said:

Kim_13 said:

surreysaver said:

Speculator said:

roked said:

I closed my Coventry seasonal RS today due to the rate dropping below my threshold and wanted to use the funds for other RS's anyway. Surprised to see that I seem to have only got a two-week penalty on interest instead of a full month. Not complaining

There should be no penalty for closing due to the rate drop.

If I understand Coventry's T&Cs correctly, it is within a certain amount of time of receiving notification of the rate drop - not of the rate actually dropping.
Can't remember when Coventry sent out its notifications, but I think it was quite a while ago 

They sent it on 18/8, but there has been confusion this time around due to the wording of that email suggesting it was 30 days from the effective date rather than the notification date. 

Coventry haven’t responded to my secure message sent before they opened yesterday, if they don’t answer soon I guess I will close the Loyalty Saver myself and then raise a complaint if a penalty is applied.

You can close it penalty free until 2nd October.
I closed mine last week also without penalty.

Is there a penalty for early closure of the Coventry Loyalty Seasonal saver? 

I kept the Seasonal saver for now.
But the same terms should apply as the rate was reduced also.
Penalty free until 2nd October

Is there a way to close it in the app? I can't see an obvious button to press? 

I dont use the app at all.
But you can close it in online banking

In online banking £2,292.83 is suggested closing balance ie £42.83 interest. Does this look like no penalty applied? I'm rubbish at those sort of sums! 

Without knowing the dates of your deposits it would be hard to confirm this is correct. A rough calculation using an interest rate of 5.25% (though I know it did start higher than this) provides the following
You haven't reached a full nine months of holding the account so expected interest is lower than £48.62 and higher than £38.84 (as you've had the account at least eight months) so yes from what I see that sounds about right for penalty free.

Note: I don't have this account so I don't know when the rate reductions were and please let me know if I've used incorrect figures.

A separate rough calculation with guessed rate reductions gives a range of around £41.50 to £51.25 so again seems fine.

The Seasonal RS was originally 6%,
dropping to 5.75% on 3 March, 
5.5% from 2 June
5.25% from 1 September

roked

Born2Save_3 said:

Manual Transfers using Nationwide Current Account

One of the greatest pains on the 1st of the month is selecting the correct predefined payee from a list and being certain it is the correct one.  As Nationwide do not allow duplicates of "Own Description", in my list of the order of payments and the amount, I have recorded the text string for "Own Description" for the payee.  On the Nationwide website when it comes to selecting payee I used the browser find function and copy pasted "Own Description".  It worked very well, almost too well, yet being first time I still checked it hadn't got the wrong payee.  This really speeded up the process and took away manual search for payee which I really dislike.

After 2 hours of being logged in Nationwide will force you off.  Also they seem to randomly require extra verification for some existing payees.  Further I've noticed that after doing over around 40 manual transfers they may not let faster payments go through immediately and they won't let you see the status of recent faster payments.

I prefer to do manual payments as it gives me more flexibility and certainty.

I have wondered if there was a current account and website that would allow complete transfers to be stored and edited as need be.  So when it comes to doing transfers you can select and go.  I guess this may be similar to the way transfers for payroll are done.

I've talked to Nationwide about making changes to their website and adding functionality but there was no interest or prospect.  I guess most retail customers don't do 50+ transfers on one day every month.

Use the app. I had the same frustrations as you and they updated the app 3 months or so ago and its a lot easier. It has its own inbuilt search option for payee, using description as you said, it filters it then in a couple of chars and only shows the ones relevant with the full details of the bank details visible.

Alternatively, all the info is in list of payees too without having to click each one like you do on the website. I also like that it has the last 5 paid at the top, so you can easily see for when you have that inevitable 'did I do that one' moment 

Extra verification is also quick as it just prompts you for 3 of your passnumbers (rather than the calculator online) or you can set up biometrics if you prefer. It does still occasionally prompt for the calculator, mainly for new payees.

I cant comment on the fast payments one, I am only doing 30 odd a month currently, so not seen if that is an issue with the app.

I now fly though these payments on the 1st (compared to before), simply going down my spreadsheet and doing a few clicks on the app each time. 

roked

s71hj said:

Ch1ll1Phlakes said:

s71hj said:

Aidanmc said:

s71hj said:

Aidanmc said:

s71hj said:

Aidanmc said:

Kim_13 said:

surreysaver said:

Speculator said:

roked said:

I closed my Coventry seasonal RS today due to the rate dropping below my threshold and wanted to use the funds for other RS's anyway. Surprised to see that I seem to have only got a two-week penalty on interest instead of a full month. Not complaining

There should be no penalty for closing due to the rate drop.

If I understand Coventry's T&Cs correctly, it is within a certain amount of time of receiving notification of the rate drop - not of the rate actually dropping.
Can't remember when Coventry sent out its notifications, but I think it was quite a while ago 

They sent it on 18/8, but there has been confusion this time around due to the wording of that email suggesting it was 30 days from the effective date rather than the notification date. 

Coventry haven’t responded to my secure message sent before they opened yesterday, if they don’t answer soon I guess I will close the Loyalty Saver myself and then raise a complaint if a penalty is applied.

You can close it penalty free until 2nd October.
I closed mine last week also without penalty.

Is there a penalty for early closure of the Coventry Loyalty Seasonal saver? 

I kept the Seasonal saver for now.
But the same terms should apply as the rate was reduced also.
Penalty free until 2nd October

Is there a way to close it in the app? I can't see an obvious button to press? 

I dont use the app at all.
But you can close it in online banking

In online banking £2,292.83 is suggested closing balance ie £42.83 interest. Does this look like no penalty applied? I'm rubbish at those sort of sums! 

Without knowing the dates of your deposits it would be hard to confirm this is correct. A rough calculation using an interest rate of 5.25% (though I know it did start higher than this) provides the following
You haven't reached a full nine months of holding the account so expected interest is lower than £48.62 and higher than £38.84 (as you've had the account at least eight months) so yes from what I see that sounds about right for penalty free.

Note: I don't have this account so I don't know when the rate reductions were and please let me know if I've used incorrect figures.

A separate rough calculation with guessed rate reductions gives a range of around £41.50 to £51.25 so again seems fine.

Brill thanks. Is that from a tool you have created or some off the shelf one? Looks really useful for this game! Thank you for sharing. 

Like already mentioned, it does depend on when you opened the account and when the deposits are made. If it helps as a guide, my interest was £46.02 and I opened it on December 18th (with the first deposit) and deposited the full amount on the 1st of every month (except this month of course). I used a spreadsheet to calculate all the daily interest, with the rate drops and thats how I knew it was out by two weeks.

Ch1ll1Phlakes

s71hj said:

Ch1ll1Phlakes said:

s71hj said:

Aidanmc said:

s71hj said:

Aidanmc said:

s71hj said:

Aidanmc said:

Kim_13 said:

surreysaver said:

Speculator said:

roked said:

I closed my Coventry seasonal RS today due to the rate dropping below my threshold and wanted to use the funds for other RS's anyway. Surprised to see that I seem to have only got a two-week penalty on interest instead of a full month. Not complaining

There should be no penalty for closing due to the rate drop.

If I understand Coventry's T&Cs correctly, it is within a certain amount of time of receiving notification of the rate drop - not of the rate actually dropping.
Can't remember when Coventry sent out its notifications, but I think it was quite a while ago 

They sent it on 18/8, but there has been confusion this time around due to the wording of that email suggesting it was 30 days from the effective date rather than the notification date. 

Coventry haven’t responded to my secure message sent before they opened yesterday, if they don’t answer soon I guess I will close the Loyalty Saver myself and then raise a complaint if a penalty is applied.

You can close it penalty free until 2nd October.
I closed mine last week also without penalty.

Is there a penalty for early closure of the Coventry Loyalty Seasonal saver? 

I kept the Seasonal saver for now.
But the same terms should apply as the rate was reduced also.
Penalty free until 2nd October

Is there a way to close it in the app? I can't see an obvious button to press? 

I dont use the app at all.
But you can close it in online banking

In online banking £2,292.83 is suggested closing balance ie £42.83 interest. Does this look like no penalty applied? I'm rubbish at those sort of sums! 

Without knowing the dates of your deposits it would be hard to confirm this is correct. A rough calculation using an interest rate of 5.25% (though I know it did start higher than this) provides the following
You haven't reached a full nine months of holding the account so expected interest is lower than £48.62 and higher than £38.84 (as you've had the account at least eight months) so yes from what I see that sounds about right for penalty free.

Note: I don't have this account so I don't know when the rate reductions were and please let me know if I've used incorrect figures.

A separate rough calculation with guessed rate reductions gives a range of around £41.50 to £51.25 so again seems fine.

Brill thanks. Is that from a tool you have created or some off the shelf one? Looks really useful for this game! Thank you for sharing. 

I usually do these calculations in excel so I can enter specific dates on deposits for the most accurate prediction of interest. For rough calculations like the one above I use theCalculatorSite linked here
Compound Interest Calculator - Daily, Monthly, Yearly Compounding

gt94sss2

Born2Save_3 said:

Of the new accounts available only the Loyalty Mortgage Saver (2) is appealing at 4.8%.  Does anyone know if the Coventry are sticklers over actually having a mortgage or is entering genuine details of a mortgage necessary ? 

If Coventry's records don't show you have a mortgage, they won't let you open an account.

Ch1ll1Phlakes

Aidanmc said:

Ch1ll1Phlakes said:

s71hj said:

Aidanmc said:

s71hj said:

Aidanmc said:

s71hj said:

Aidanmc said:

Kim_13 said:

surreysaver said:

Speculator said:

roked said:

I closed my Coventry seasonal RS today due to the rate dropping below my threshold and wanted to use the funds for other RS's anyway. Surprised to see that I seem to have only got a two-week penalty on interest instead of a full month. Not complaining

There should be no penalty for closing due to the rate drop.

If I understand Coventry's T&Cs correctly, it is within a certain amount of time of receiving notification of the rate drop - not of the rate actually dropping.
Can't remember when Coventry sent out its notifications, but I think it was quite a while ago 

They sent it on 18/8, but there has been confusion this time around due to the wording of that email suggesting it was 30 days from the effective date rather than the notification date. 

Coventry haven’t responded to my secure message sent before they opened yesterday, if they don’t answer soon I guess I will close the Loyalty Saver myself and then raise a complaint if a penalty is applied.

You can close it penalty free until 2nd October.
I closed mine last week also without penalty.

Is there a penalty for early closure of the Coventry Loyalty Seasonal saver? 

I kept the Seasonal saver for now.
But the same terms should apply as the rate was reduced also.
Penalty free until 2nd October

Is there a way to close it in the app? I can't see an obvious button to press? 

I dont use the app at all.
But you can close it in online banking

In online banking £2,292.83 is suggested closing balance ie £42.83 interest. Does this look like no penalty applied? I'm rubbish at those sort of sums! 

Without knowing the dates of your deposits it would be hard to confirm this is correct. A rough calculation using an interest rate of 5.25% (though I know it did start higher than this) provides the following
You haven't reached a full nine months of holding the account so expected interest is lower than £48.62 and higher than £38.84 (as you've had the account at least eight months) so yes from what I see that sounds about right for penalty free.

Note: I don't have this account so I don't know when the rate reductions were and please let me know if I've used incorrect figures.

A separate rough calculation with guessed rate reductions gives a range of around £41.50 to £51.25 so again seems fine.

The Seasonal RS was originally 6%,
dropping to 5.75% on 3 March, 
5.5% from 2 June
5.25% from 1 September

Using this and under the assumption the account was opened on the 1st January and paid into by standing order I have the following from my excel
The green is giving the expected accrued interest on September 1st, a little tweaking (which I'm not going to do sorry as I don't have the account and don't know your start date) and I'd get the £42.83 you see on September 2nd. The value in pink/red is corresponding to if the £2250 was held until the end of September. These tables always nicely highlight the regular saver interest growth over time.

Note: Some dates aren't the 1st as this is due to me adapting this table from a different account but taking into account that standing orders usually won't be processed on weekends and go through on the next working day.