The Top Regular Savers Discussion Thread

drphila

Zekko 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

I funded my Co-Op saver today and funds were received and credited today.

But I think it will be Monday for interest to start being earned (as Bridlington1's summary) as per the T&Cs:

"All other electronic transfers (including standing
orders, Faster Payments and CHAPS)
Immediately.
(If the payment is received after 9pm or on a
non-Business Day, it will count for interest on the
next Business Day."

Dizzycap

mon3ysav3r said:

Monmouthshire BS 

I have 3 Monmouthshire Regular Savers (Issue 8, App Exclusive and "Branch" Exclusive).

I also have a Monmouthshire Instant Saver Issue 4.

Has anyone here tried funding Monmouthshire Regular Savers from the Monmouthshire Instant Saver Issue 4? 

Because if they allow it that would simplify my bank transfers this weekend.

It may seem an odd question as to whether internal transfers are allowed, but I have had money returned before from other BS such as Chorley as they don't allow (some of?) their RS to be funded from anything other than the external linked bank account.

Yes, I load my Monmouth Instant Saver & then distribute the funds into my Monmouth RS's once the funds arrive. Easy & simple to do and not had any issues.

orange-juice

drphila said:

Zekko 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

I funded my Co-Op saver today and funds were received and credited today.

But I think it will be Monday for interest to start being earned (as Bridlington1's summary) as per the T&Cs:

"All other electronic transfers (including standing
orders, Faster Payments and CHAPS)
Immediately.
(If the payment is received after 9pm or on a
non-Business Day, it will count for interest on the
next Business Day."

Good to know.  I think principality is the same too. 

topyam

Do you all wait to add £ until the first working day, or just add on the 1st of the month (for those accounts which don't recognise non working days?)

s71hj

I must confess I'm being won round to the manual payments approach having been up to this point wedded to the standing order approach. I think the whole waking up on the 2nd in hospital with some dim but growing awareness there is a problem associated with the date thing, combined with having a little more time on my hands to manage the financial affairs more sensibly are clinching it. I think I'll have to transition to it though as I have about £15000 of standing orders between me and my wife, and they are with Santander, so no nicknames to make it easy to cancel and switch to manual. That said £4500 is across only 6 Monmouthshire accounts so I guess I could easily identify and polish off those at least. 

Born2Save_3

Bulk Faster Payments

This would be nice to have, but this is a bank for businesses : 

https://www.unity.co.uk/business-banking/bulk-faster-payments-2/

Notably, up to 100 transfers can be authorised at once...  100 RS faster payment transfers in one shot, sweet !  Well, till there is a colossal SNAFU.  One by one transfers does mitigate that prospect.

Bridlington1

Born2Save_3 said:

Many transfers over a few hours...

Today with Nationwide I've done around 70 faster payments over around 4 hours.  After about 30 transfers Nationwide force me to go through extra security using a card and the card reader calculator device to complete most subsequent transfers.  After being logged on for I think either an hour or maybe two hours, I am forced off and have to log back in to continue.

This extra security transfer verification is a PITA and triples or more the time taken for each transfer.

Following @Pickledonionlover experience, I'm wondering if a call to the Account Evidence team to explain what I'm doing and request a better way to do faster payments, may help or hinder me ?

I could spread transfers to RS over several CA.  This would add a little extra effort but may be more resilient.

Trouble is, to the best of my knowledge, most consumer/retail banks don't have an easy way of importing and setting up payees. Deliberately, they don't make setting up a payee a one step process and incorporate several checks. I perfectly understand that. But in the situation where you need to set up several payees on the first of the month because one of the banks used for transfers to a portion of your RS collection, has gone down, is not going to be easy or quick.

Seems that RS aficionados are caught between a rock and a hard place; you want more, yet the system makes it harder for you the more you have.

You don't even need to move them all en masse if you don't want to. If you wish to move to funding your regular savers spread from multiple current accounts I'd just be inclined to start setting up payees for any new regular savers on different current accounts and leave the rest as they are.

I've just had a quick look at my regular savers and over half of them mature in the next year so if your collection is anything like mine you'd end up with most of your regular savers payees set up on non-Nationwide accounts within a year without needing to set up any more payees than you normally would.

Edited to add:
I probably wouldn't contact their account evidence team unless they contact you, I would just start setting up regular saver payees on different current accounts instead and leave it at that.

friolento

s71hj said:

I must confess I'm being won round to the manual payments approach having been up to this point wedded to the standing order approach. I think the whole waking up on the 2nd in hospital with some dim but growing awareness there is a problem associated with the date thing, combined with having a little more time on my hands to manage the financial affairs more sensibly are clinching it. I think I'll have to transition to it though as I have about £15000 of standing orders between me and my wife, and they are with Santander, so no nicknames to make it easy to cancel and switch to manual. That said £4500 is across only 6 Monmouthshire accounts so I guess I could easily identify and polish off those at least. 

I agree, the waking up in hospital scenario could be an issue for me too. I am reluctant to change to manual, however, since I have a very large number of monthly transfers. Like you, I use Santander as my hub account and making one-off payments even to existing payees requires going through multiple warning screens - just the thought of doing this several dozen times on the same day puts me off. Will have to think about this a bit more. 

clairec666

Quick Principality question - I submitted my maturity instructions, but there doesn't appear to be a way of going back and editing/checking them. Having a bit of a panic that I've opted to send the funds to a current account that doesn't exist any more... Does anyone remember, when you choose option 4 and choose which external account to send to, does it automatically suggest your linked current account, or do you have to input the sort code and account number manually?

Thanks everyone

friolento

clairec666 said:

Quick Principality question - I submitted my maturity instructions, but there doesn't appear to be a way of going back and editing/checking them. Having a bit of a panic that I've opted to send the funds to a current account that doesn't exist any more... Does anyone remember, when you choose option 4 and choose which external account to send to, does it automatically suggest your linked current account, or do you have to input the sort code and account number manually?

Thanks everyone

IIRC, they COP-check the external account, don’t they?

If you CASS-switched the external account, your money will still arrive with you, as it gets redirected to an existing account (unless you closed it…)

If in doubt, call Principality and get your instructions changed