The Top Regular Savers Discussion Thread

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.

Bridlington1

Penrith Regular Saver 200 (Issue 2) and Penrith Regular E-Saver 200 (Issue 1) at 5% NLA.