The Top Regular Savers Discussion Thread

jaypers

clairec666 said:

Monmouthshire - just wondering if I've interpreted this correctly? 



So if I paid in by faster payment on a Friday, it wouldn't be received (and therefore earning interest) until Monday? Or even Tuesday if the Monday is a bank holiday?

If so, best to avoid funding on a Friday, to minimise loss of interest.

I’ve found that you won’t see it until next working day but the ‘posting date’ will be the day you pay it, regardless of weekend or weekday so all should be good. 

clairec666

jaypers said:

clairec666 said:

Monmouthshire - just wondering if I've interpreted this correctly? 



So if I paid in by faster payment on a Friday, it wouldn't be received (and therefore earning interest) until Monday? Or even Tuesday if the Monday is a bank holiday?

If so, best to avoid funding on a Friday, to minimise loss of interest.

I’ve found that you won’t see it until next working day but the ‘posting date’ will be the day you pay it, regardless of weekend or weekday so all should be good. 

Ah. I wonder whether it will earn interest from the 'posting date'? The T&Cs say "As soon as we receive the money, the amount you deposit through an electronic payment will start to earn interest"

I know I said a couple of pages back that I can't be bothered messing around with days for the sake of a tiny bit of interest, but as I'm depositing £1500 I reckon it's worth the effort!

david72

If you have an existing Coventry Loyalty Seasonal Saver account (NLA), withdrawals are now penalty-free from today (prior to today any withdrawals would have cost you 30 calendar days interest on the amount withdrawn).

https://web.archive.org/web/20250115162036/https://www.coventrybuildingsociety.co.uk/member/product/savings/regular_saver/loyalty-seasonal-saver.html

As the interest rate of this account is no longer particularly competitive (down to 5.25% AER), keen regular savers may wish to start using this account to trickle feed into better paying regular saver accounts from now.

SJMALBA

jaypers said:

clairec666 said:

Monmouthshire - just wondering if I've interpreted this correctly? 



So if I paid in by faster payment on a Friday, it wouldn't be received (and therefore earning interest) until Monday? Or even Tuesday if the Monday is a bank holiday?

If so, best to avoid funding on a Friday, to minimise loss of interest.

I’ve found that you won’t see it until next working day but the ‘posting date’ will be the day you pay it, regardless of weekend or weekday so all should be good. 

It shows as the date sent, but according to page 1 of this thread:

'Deposits on non-working days: Treated as having been received the next working day.'

SJMALBA

SJMALBA said:

Hanley - will a debit card payment be credited/earn interest today, or should I leave it until Monday?

Decided to give it a go - instantly appears in the account, but I'll see tomorrow if the extra accrued interest is on the basis of a £300 or £600 balance...

where_are_we

We use SO`s to fund our many RS`s because of ease and simplicity over manual payments. Since the rise of EA interest rates we do not fund hub current account until the actual day SO`s go out. We are well into 5 figures for Monday`s deposit and I calculate we avoid losing interest of about £2 a day gained in 5% EA accounts. Because Monday is the first working day of November the gain over a weekend is greater.
On Monday we will get an early morning text explaining lack of funds and then we transfer the fund to cover all payments.
Hopefully their are no ramifications from the bank concerning this procedure.

topyam

friolento said:

topyam said:

Just went through all mine and made a note of which ones to fund today, and which to leave until Monday

Those i need to leave are: 
AIB
Co-Op
Progressive

Those I can fund:
Principality
Zopa
Newcastle
Manchester

Did you start your Zopa on a 1st?

Good point... no
They do accept working days, but i need to wait on that one.

Hattie627

happybagger said:

Surprised not had Stafford (Railway) BS RS interest today, due 31 Oct. They had a banner on their website yesterday saying it "would be credited at midnight and viewable on 1st Nov"

Same here. I wonder if whoever composed the banner forgot the 1st is a Saturday and it won't be visible until Monday 3rd, presumably dated 31st October,

happybagger

Hattie627 said:

happybagger said:

Surprised not had Stafford (Railway) BS RS interest today, due 31 Oct. They had a banner on their website yesterday saying it "would be credited at midnight and viewable on 1st Nov"

Same here. I wonder if whoever composed the banner forgot the 1st is a Saturday and it won't be visible until Monday 3rd, presumably dated 31st October,

Now credited.

allegro120

friolento said:

Out of interest, how much extra money are people typically make by doing manual transfers rather than SOs? How much effort goes into doing the transfers manually, and how much effort goes into figuring out whether the money gets credited in the RA earlier than via SOs? How do you handle being on holidays / work / busy / sick on a 1st?

Extra money. I've never been interested in calculating this.  I know that avoiding cash drag helps to maximise the return, so it is definitely better to control the deposits manually.
I used to use SOs for this some years ago without giving it any thought, but stopped when I ended up being charged an overdraft fee. It was Nationwide. Unlike others, they process internal SOs at weekends so the deposit scheduled for Nationwide current account arrived 3 days (extended weekend) after the SO was paid into RS.  This made me think about the appropriateness of using SOs.  
I'm glad I stopped using standing orders, manual deposits are much more convenient.  It would've been a nightmare if I had to go back to SO method now.  I don't mind FD, it's the only one with this requirement and I get notification on my phone when £300 it taken so I can bring my 1st Account back to zero.

Holidays/being away from home.  I use my phone and iPad.  Not as convenient as desktop for some transactions and admin, but I don't mind because it is rare when I'm away on RS distribution dates.  I have all relevant spreadsheets on my google drive so can access everything I need at any time.  Had a bit of problem in Italy a couple of months ago, Lebara didn't work there.  It wasn't at transactional time of the month, but if I faced that problem I'd just accept it and do my distribution when I'm back home (could be much worse if I used SOs in that situation).

Effort.  I don't feel like making a lot of effort, but it is a bit tedious to do all transactions in one go.  I recently started scheduling some of my deposits at the end of month when I am sure what I'm funding in upcoming month.  I'm currently feeding mainly from my Sunny Cahoots and have enough funds there to do it without pre-funding from elsewhere.