The Top Regular Savers Discussion Thread

masonic

Bob2000 said:

jameseonline said:

Bob2000 said:

Well, l can see from the last few posts that Principality is wising up to multiples  of same issue number accounts.

So, who has had their accounts  closed, and are we talking hours, days, or weeks before they get in contact?

I've so far closed on maturity  my issue 3s, had three of them, but currently  have two Xmas savers. 
Do you think one of them will be shut down eventually?

Bob if you have seen the posts then surely you wouldn't need to ask?🤔

Principality send emails to people saying to login to view messages.

Seems to me it's an issue that doesn't really matter to you yet you want to stir the pot

I have seen the posts, yes,
l'm asking because l dont log in every day on the forum and noticed folks saying about Principality being more proactive  regarding duplicate accounts.
It does matter to me because l have some accounts due to mature  in the next few weeks. Having already 2 Xmas RS,1 issue4 6month RS(which l was/might try to get more?).
I've got enough pots to stir today with a Sunday roast. l definitely  don't need another one!

I've got one maturing in a month's time. It's a shame it wasn't a few days earlier or I could have had the benefit of the festive period to thwart manual intervention. Though perhaps if I choose just before Christmas I'll be granted a present in the form of a second Xmas RS.

PowerSavingMode

flaneurs_lobster said:

GetRichOrDieSaving said:

Bridlington1 said:

GetRichOrDieSaving said:

This comment isn’t in relation to any specific RS but I do contribute to around 15-20 regular savers as result of this thread monthly and it is linked directly to this.

I recently had my tax code altered (I’m a 20% tax payer, so £1000 tax free amount) because I exceeded my personal interest tax allowance which is fine, I understand why.  

Now like most of us I do chase the higest rates and jump through hoops to achieve these, but I don’t calculate my expected interest or even keep track of it. I just take it, leave, or renew onto the next issue etc. Due to my lackadaisical attitude I’ve always just assumed that paying 20% on interest if I did exceed the personal tax allowance would most likely work out better for me financially regardless in the long run. That’s based on having regular savers of 6%+ per year over lesser paying ISAs (currently with T212 at 4.05%). I’m currently contributing £4,200 monthly to RS. 

Now I know many others in this thread have large monthly contributions to RS and I’m ware that most likely run a tighter ship, but do you share the same assumption about paying the tax on interest? 

I also anticipate that as the RS rates naturally descrese overtime in line with BOE rates that I will eventually drop back under £1000 interest. 

I currently do not max out my ISA contributions and instead use this for everyday finances and spare money £1,000- £3,000 at any given time, which is why I have the T212 easy access S&S ISA. My current strategy (which I’m happy with) is saving in RS’s for 12 mornths, then paying off my annual 10% mortgage allowance in December, so don’t carry to much money over per annum. 

I generally take the approach that I'll stick my money wherever it earns the most interest (post tax) at the time, I'd rather fund a 6% RS than a 4% ISA at the moment on the grounds that even getting taxed on the interest on a 6% RS still leaves me (as a 20% taxpayer) with more money overall than a 4% ISA would.

I still keep track of how much interest I earn, but I'm a fair bit over the PSA at the moment so for me it's mainly the interest rates on cash ISAs vs regular savers I look at, especially now that I've got so much RS capacity at higher interest rates to the point it makes sense for me to pull money from ISAs to fund RSs.

Like yourself I'm assuming regular savers will slip back over the coming months, but I'm making the same assumption with variable ISA rates so it anything my collection of fixed rate RSs are probably going to take more of a priority for the next few months.

I've held back on funding some of my more ``borderline" RSs for this month owing to a shortage of available funds with a view to review the savings landscape more towards the end of the month.

A similar approach and attitude then, thanks for that. 

The high interest rates won’t be around for much longer and we have seen some chunky decreases in the past few months anyway so can only assume that my tax on interest problem will be somewhat short term. However they will rise again one day and I just want to make sure I have the right attitude towards it for my circumstances.

I appreciate the reply. 

Can I ask about people's record-keeping when it comes to interest income?

I have a nagging worry that I'm failing to keep sufficient detail at the account level, in fact I'm failing to keep any detail other than the Statements/Certificates issued by the providers after the year end. 

I'm currently funding ~30 RS/mth with ~£8k/mth (this is not sustainable for much longer, ISAs are depleting..). Interest earnings are ~£5k/yr (according to HMRC).

Is there any reason why I need to maintain a separate record of EVERY interest payment (monthly, annual)? 

Reworking my spreadsheets to capture individual interest payments at the account level is a serious chunk of work and would be onerous to maintain unless I can rethink the layouts.

I read here of mistakes/omissions being made by the institutions in their annual reporting to HMRC, don't think these errors are endemic but is this sufficient reason to check my actuals against annual statements against HMRC's figures?

Do others maintain a record of EVERY interest credit to their savings accounts or do you rely on your bank's statements/transaction listings?

If HMRC were to decide that I needed to move to Self Assessment (there's no reason why they would at the moment) are my records sufficiently detailed to provide the data required?

The last year or so, I have been doing exactly that: recording on a table within a general savings spreadsheet the interest paid during each tax year as it becomes payable to me. I know I'm not going to get every recording — for example, banks usually give a tax / interest statement well after any given tax year has finished — but it gives me an idea of where I'm heading. I have completely forgotten (until reading a post earlier in this thread) about including things such as the Nationwide Fairer Share payment. So my way is not exactly scientific!

Dizzycap

chris_the_bee said:

Bob2000 said:

WillPS said:

Bob2000 said:

Well, l can see from the last few posts that Principality is wising up to multiples  of same issue number accounts.

So, who has had their accounts  closed, and are we talking hours, days, or weeks before they get in contact?

I've so far closed on maturity  my issue 3s, had three of them, but currently  have two Xmas savers. 
Do you think one of them will be shut down eventually?

My wife's were 3rd and 5th Dec, maturity information added around 6pm on the 2nd and the 4th respectively.

Both maturity instructions were carried out at around 0915 on the 3rd and 5th, but then subsequently the accounts were closed with the remaining £200 returned around 1600 both days.

We've had to shift strategy pretty rapidly - so it's a great vindication for speculatively opening accounts just outside current usefulness - Darlington @ 6% had gone unfunded since August but is now back on the 'fully fund' list. Finally opened a Skipton accounts as they have just hovered under our usefulness radar up to now (the heady 8% days were all missed because we hadn't been members long enough).

Also refreshed and funded Halifax @ 5.5%. Had to close BOS as no renewal options presented but that too will be refreshed and funded once that's actioned. Depressingly even opened and funded a Lloyds Monthly Saver @ 5.25%... although likely just an easy access saver than one that'll get fully funded. 

Still no online access for Loughborough Holiday Saver @ 5.6% but given it's within 6 months of term this too might unexpectedly get a little more than the minimal funding it's had. My notes say the account allows 1 withdrawal and a branch trip is doable if needs be.

So, in your case, they returned  the funds almost  immediately. (Principality) I've got 3 accounts  maturing in the next few weeks, but am not sure now whether to chance applying for duplicates of already holding accounts?

Principality
Has to be worth a chance. I had two duplicate 6MRS rejected and funds returned to me, but a duplicate X-masRS was accepted.

This makes me wonder if Principality have a set number of accounts per issue type & once reached, maturity instructions are not actioned?

Born2Save_3

Nationwide Future Payments for Funding RS

As I do manual payments and do not want to use Standing Orders, to potentially make things a bit easier on the 1st of the month and to manage months when it may not be convenient to do all the transfers on the 1st, I'm thinking about using Nationwide future payments. This may also help manage having to do extra security checks on the 1st at around the 30+ transfers point.

Some questions to anyone who's used Nationwide future payments : 

* Do you know roughly what time the transfer was made at ?  i.e. just after midnight, around 3am, after 8am etc

* If you set up a transfer for a non-banking (working) day, was the transfer made on that day or the next banking day ?

* Was the future transfer a faster payment ?

* If a transfer failed, do know know the reason ? Were you able to remedy for further future transfers ?

I called Nationwide CS earlier and they couldn't tell me what time a transfer would take place at, but they can tell me the time of a transfer that has already taken place.  I haven't seen a way through the Nationwide online website to see the time of a transfer.  But I have seen the time a Faster Payment was credited/executed in the extra details in NatWest, but never seen it in Nationwide.

Thanks in advance for your help.

gt94sss2

Am thinking that a thread where individuals share their (sanitised) spreadsheet templates to keep track of savings/dividend income may be useful to many and save those without spreadsheet skills a lot of hassle..

trickydicky14

Bob2000 said:

jameseonline said:

Bob2000 said:

Well, l can see from the last few posts that Principality is wising up to multiples  of same issue number accounts.

So, who has had their accounts  closed, and are we talking hours, days, or weeks before they get in contact?

I've so far closed on maturity  my issue 3s, had three of them, but currently  have two Xmas savers. 
Do you think one of them will be shut down eventually?

Bob if you have seen the posts then surely you wouldn't need to ask?🤔

Principality send emails to people saying to login to view messages.

Seems to me it's an issue that doesn't really matter to you yet you want to stir the pot

I have seen the posts, yes,
l'm asking because l dont log in every day on the forum and noticed folks saying about Principality being more proactive  regarding duplicate accounts.

It does matter to me because l have some accounts due to mature  in the next few weeks. Having already 2 Xmas RS,1 issue4 6month RS(which l was/might try to get more?).
I've got enough pots to stir today with a Sunday roast. l definitely  don't need another one!

How exactly does the time it takes PBS to notify you that it intends to shut down your account matter. You just make up your mind to go for an extra account and risk it or you don't.

Bridlington1

gt94sss2 said:

Am thinking that a thread where individuals share their (sanitised) spreadsheet templates to keep track of savings/dividend income may be useful to many and save those without spreadsheet skills a lot of hassle..

So far as I'm concerned I've no objections to people sharing their spreadsheets for managing their regular savers in this thread, so long as the main focus is on managing regular savers then I'd say it falls within the scope of this thread and I'm happy for people to discuss them here.

If anyone wishes to launch their own thread on how to set up/manage a spreadsheet on savings accounts more generally (especially if it includes all types of savings accounts) then I've also no objections to them doing so.

Kim_13

Dizzycap said:

chris_the_bee said:

Bob2000 said:

WillPS said:

Bob2000 said:

Well, l can see from the last few posts that Principality is wising up to multiples  of same issue number accounts.

So, who has had their accounts  closed, and are we talking hours, days, or weeks before they get in contact?

I've so far closed on maturity  my issue 3s, had three of them, but currently  have two Xmas savers. 
Do you think one of them will be shut down eventually?

My wife's were 3rd and 5th Dec, maturity information added around 6pm on the 2nd and the 4th respectively.

Both maturity instructions were carried out at around 0915 on the 3rd and 5th, but then subsequently the accounts were closed with the remaining £200 returned around 1600 both days.

We've had to shift strategy pretty rapidly - so it's a great vindication for speculatively opening accounts just outside current usefulness - Darlington @ 6% had gone unfunded since August but is now back on the 'fully fund' list. Finally opened a Skipton accounts as they have just hovered under our usefulness radar up to now (the heady 8% days were all missed because we hadn't been members long enough).

Also refreshed and funded Halifax @ 5.5%. Had to close BOS as no renewal options presented but that too will be refreshed and funded once that's actioned. Depressingly even opened and funded a Lloyds Monthly Saver @ 5.25%... although likely just an easy access saver than one that'll get fully funded. 

Still no online access for Loughborough Holiday Saver @ 5.6% but given it's within 6 months of term this too might unexpectedly get a little more than the minimal funding it's had. My notes say the account allows 1 withdrawal and a branch trip is doable if needs be.

So, in your case, they returned  the funds almost  immediately. (Principality) I've got 3 accounts  maturing in the next few weeks, but am not sure now whether to chance applying for duplicates of already holding accounts?

Principality
Has to be worth a chance. I had two duplicate 6MRS rejected and funds returned to me, but a duplicate X-masRS was accepted.

This makes me wonder if Principality have a set number of accounts per issue type & once reached, maturity instructions are not actioned?

If this theory is correct, we might see a 6 Month Issue 5 sooner than we think.

Bridlington1

Kim_13 said:

Dizzycap said:

chris_the_bee said:

Bob2000 said:

WillPS said:

Bob2000 said:

Well, l can see from the last few posts that Principality is wising up to multiples  of same issue number accounts.

So, who has had their accounts  closed, and are we talking hours, days, or weeks before they get in contact?

I've so far closed on maturity  my issue 3s, had three of them, but currently  have two Xmas savers. 
Do you think one of them will be shut down eventually?

My wife's were 3rd and 5th Dec, maturity information added around 6pm on the 2nd and the 4th respectively.

Both maturity instructions were carried out at around 0915 on the 3rd and 5th, but then subsequently the accounts were closed with the remaining £200 returned around 1600 both days.

We've had to shift strategy pretty rapidly - so it's a great vindication for speculatively opening accounts just outside current usefulness - Darlington @ 6% had gone unfunded since August but is now back on the 'fully fund' list. Finally opened a Skipton accounts as they have just hovered under our usefulness radar up to now (the heady 8% days were all missed because we hadn't been members long enough).

Also refreshed and funded Halifax @ 5.5%. Had to close BOS as no renewal options presented but that too will be refreshed and funded once that's actioned. Depressingly even opened and funded a Lloyds Monthly Saver @ 5.25%... although likely just an easy access saver than one that'll get fully funded. 

Still no online access for Loughborough Holiday Saver @ 5.6% but given it's within 6 months of term this too might unexpectedly get a little more than the minimal funding it's had. My notes say the account allows 1 withdrawal and a branch trip is doable if needs be.

So, in your case, they returned  the funds almost  immediately. (Principality) I've got 3 accounts  maturing in the next few weeks, but am not sure now whether to chance applying for duplicates of already holding accounts?

Principality
Has to be worth a chance. I had two duplicate 6MRS rejected and funds returned to me, but a duplicate X-masRS was accepted.

This makes me wonder if Principality have a set number of accounts per issue type & once reached, maturity instructions are not actioned?

If this theory is correct, we might see a 6 Month Issue 5 sooner than we think.

Either that or it could simply be a case of Principality staff manually checking maturing accounts whenever they get time, if they're busy more maturity instructions would be honoured, of they're less busy they'd check more accounts and be more likely to close the duplicate accounts. I'm just speculating to be honest.

Bob2000

trickydicky14 said:

Bob2000 said:

jameseonline said:

Bob2000 said:

Well, l can see from the last few posts that Principality is wising up to multiples  of same issue number accounts.

So, who has had their accounts  closed, and are we talking hours, days, or weeks before they get in contact?

I've so far closed on maturity  my issue 3s, had three of them, but currently  have two Xmas savers. 
Do you think one of them will be shut down eventually?

Bob if you have seen the posts then surely you wouldn't need to ask?🤔

Principality send emails to people saying to login to view messages.

Seems to me it's an issue that doesn't really matter to you yet you want to stir the pot

I have seen the posts, yes,
l'm asking because l dont log in every day on the forum and noticed folks saying about Principality being more proactive  regarding duplicate accounts.

It does matter to me because l have some accounts due to mature  in the next few weeks. Having already 2 Xmas RS,1 issue4 6month RS(which l was/might try to get more?).
I've got enough pots to stir today with a Sunday roast. l definitely  don't need another one!

How exactly does the time it takes PBS to notify you that it intends to shut down your account matter. You just make up your mind to go for an extra account and risk it or you don't.

It doesn't REALLY matter your right.
Maybe l'm overthinking it.