Digital regular savings account

sheramber

I no longer  pay anything in to my RBS digital saver. The money just sits there gaining interest. 

Flugelhorn

glennevis said:

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.

thanks! I'll do the same and redirect my £150 elsewhere

pochisoldi

With Natwest, I stopped paying in and scrape the monthly interest paid into another account.

If you CBA transferring every month, then I suggest transferring accrued interest+£22 every other month (i.e. "this month's interest" plus £22, so that when next month's interest arrives sits there earning the full whack until the next time you transfer).

Note that once you reach £5k, when comparing accounts you should use the 5.37% gross figure, not the 5.5% AER when working out interest, because once you hit £5k and start scraping the excess, the compounding (interest on the monthly interest received) stops (or drops to 1.15%AER).

friolento

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

You don't have to make any deposit in any month, and the interest rate you get only depends on your balance, not on the amount of your deposit.

friolento

vacheron said:

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.

Presumably you mean SO when you say DD, as it is not possible to make deposits into the Natwest or RBS RS by DD.

Whatever your deposit method is, there's not much point adding any more money once you got to £5,000.

surreysaver

Speculator said:

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

Or stop paying in when it reaches £5k and skim every month the day after interest has been paid 

HedgehogRulez

surreysaver said:

Speculator said:

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

Or stop paying in when it reaches £5k and skim every month the day after interest has been paid 

this is the correct answer