Digital regular savings account

Dribblesup

I have this account with my bank paying higher interest up to a max balance of £5,000 thereafter it drops to 1%.
What happens if I stop making regular payments at the limit ?

Ayr_Rage

Dribblesup said:

I have this account with my bank paying higher interest up to a max balance of £5,000 thereafter it drops to 1%.
What happens if I stop making regular payments at the limit ?

Time to log on to whatever bank you are using and read the full Ts and Cs of the account.

vacheron

If it's the one I am thinking of (Natwest), then you can make withdrawls any time and keep the payments running.
I assume that your concern is that stopping the regular payments may reduce the <£5k rate?

I just moved some out myself yesterday when I noticed that there is a £5K higher interest cap, but I have kept the DD running.

ordnancesurvey84

Are you referring to the Digital Regular Saver account offered by Nat West and RBS?
If so, then nothing - you don't need to make regular payments into the account and will continue to earn interest on the £5,000 balance.

WillPS

It's Natwest or RBS, and the answer is nothing changes.

Everything up to and including £5000 earns the headline rate, every penny above that earns the lower rate.

There is no minimum pay in.

You should skim the interest off the top each month and move it somewhere more profitable.

Flugelhorn

vacheron said:

If it's the one I am thinking of (Natwest), then you can make withdrawls any time and keep the payments running (if your concern is that stopping the regular payments may reduce the <£5k rate).

I just did that myself yesterday when I noticed that there is a £5K higher interest cap.

just checked on my RBS version of the same - looks like you have to put at least £1 in a month

surreysaver

Dribblesup said:

I have this account with my bank paying higher interest up to a max balance of £5,000 thereafter it drops to 1%.
What happens if I stop making regular payments at the limit ?

As you are leaving us to guess which bank you have this account with, it's a good thing we're good at guessing.
Once you have reached £5k with the NatWest Digital Saver (or the RBS one, as they're both the same), then nothing happens if you stop making regular payments.

WillPS

Flugelhorn said:

vacheron said:

If it's the one I am thinking of (Natwest), then you can make withdrawls any time and keep the payments running (if your concern is that stopping the regular payments may reduce the <£5k rate).

I just did that myself yesterday when I noticed that there is a £5K higher interest cap.

just checked on my RBS version of the same - looks like you have to put at least £1 in a month

Only a suggestion. Nothing changes when nothing is sent (or an amount between 0 and £1 for that).

kimwp

Check your Terms and conditions. I have the NatWest and RBS digital savers and I dont have any further money going in, I just skim off anything over 5k every now and then.

glennevis

Flugelhorn said:

vacheron said:

If it's the one I am thinking of (Natwest), then you can make withdrawls any time and keep the payments running (if your concern is that stopping the regular payments may reduce the <£5k rate).

I just did that myself yesterday when I noticed that there is a £5K higher interest cap.

just checked on my RBS version of the same - looks like you have to put at least £1 in a month

No you don't. I have the RBS version and have been skimming off the interest for at least 6 months.

Speculator

stop paying in when it reaches 4900 and skim every 6 months.