6mth Principality Regular Saver, maturity process tips please

ih8stress

Hi

I have my first 6mth Principality RS account maturing later this month and not sure of the best way to proceed going forward.

(I have searched numerous threads first, apart from the RS discussion board which is too huge to scroll through and hasn't come up with suitable answers in my search).

I have now got the option to:

1.Move all the balance into a new savings account

2.Take out some money and put the rest in a new savings account

3.Close the account and receive all the money

4.Take out all the money and open a new Regular Saver Bond

I think I have a maturity letter on its way to me about it - the above details were online.

Obviously my choice all along was to open a new Regular Saver if given the option - No. 4.

How and when exactly do I take the money out and start a new Regular Saver?

Do I open an Easy Access account to transfer the balance and interest into?

If so, is this with Principality or another bank?

Would I then pay £200 into the new 6mth Regular Saver from this EA account?

I don't have any other accounts set up with Principality.

Thank you in advance

refluxer

If you want to receive the money, plus you're intending on opening a new RS and funding it immediately, then the easiest option is to select no. 2.

You can have the money paid out to any suitable account, including the (current ?) account that the RS was funded from (you don't necessarily need to open a Principality EA account for this). After entering those bank details, they'll carry out a CoP check to ensure you've entered the right details. You should also get to choose a new RS and let them know how much you want paid into it. On maturity, they'll open the new RS account, pay the initial deposit you chose into it and send the remainder to the external account you chose.

If you want to receive all the money, open a new RS but not fund it immediately (from the existing balance), then select no. 4. You'll then be able to fund it yourself, whenever you like.

ih8stress

Thank you @refluxer - I read option 2 wrong and thought it meant opening a new saver account and not a new RS account, which is why I thought option 4 was best - proves I was right to ask on here, ha ha.

Yes, I intend to fund the new RS immediately.

I will have the balance transferred to the current acc. it is funded from - unless I can put some of it in to a second Principality Regular Saver account?

I assume if I go with option 2, they won't close the account early but will wait until it matures - on the 19th?

I will probably leave it until around the 12th, to be on the safe side

refluxer

ih8stress said:

Thank you @refluxer - I read option 2 wrong and thought it meant opening a new saver account and not a new RS account, which is why I thought option 4 was best - proves I was right to ask on here, ha ha.

Yes, I intend to fund the new RS immediately.

I assume if I go with option 2, they won't close the account early but will wait until it matures - on the 19th?

I will probably leave it until around the 12th, to be on the safe side

Yes - once the option to select your maturity instructions becomes available online, you can select them straight away and they'll only be carried out once the account matures.

It's usually a good idea to submit them once you've made your mind up, just in case you forget to do it nearer the time.

Just be aware that not all RS account providers allow you to change maturity instructions yourself online once submitted so if Principality don't allow you to do this and you change your mind, then this would probably involve needing to contact them via secure message, in plenty of time.

refluxer

ih8stress said:

I will have the balance transferred to the current acc. it is funded from - unless I can put some of it in to a second Principality Regular Saver account?

If you go for option 2, they'll first open the new RS, then fund it with the deposit you chose and send the remainder to your current account.

If by 'second' you mean you want to open two new, different RS accounts, I don't know whether that will be a maturity option but I suspect not.

ThePirates

If you don't have an issue 4 yet, open one now then use your maturity instructions to start a second!

Use online maturity rather than postal as they'll hopefully be no human intervention!

surreysaver

I always use Option 4 - and that's what I believe most others use too. Put £200 into a new Regular Saver and the rest transfers to your current account, which you supply the details of when advising them of your maturity instructions 

ih8stress

ThePirates said:

If you don't have an issue 4 yet, open one now then use your maturity instructions to start a second!

Use online maturity rather than postal as they'll hopefully be no human intervention!

@ThePirates   I only have the current Issue 3 account which is due to mature on the 19th.

Do you know when Issue 5 is out?  

It says that I can only have one Issue 4 account, so should I just open a separate Issue 4 account now and hope that I can do another one with the Issue 3 maturity options via my online account?

If so, which Option No. should I be going for?

Has this worked for other people?

Thanks

Catplan

ih8stress said:

)ThePirates said:

If you don't have an issue 4 yet, open one now then use your maturity instructions to start a second!

Use online maturity rather than postal as they'll hopefully be no human intervention!

@ThePirates   I only have the current Issue 3 account which is due to mature on the 19th.

Do you know when Issue 5 is out?  

It says that I can only have one Issue 4 account, so should I just open a separate Issue 4 account now and hope that I can do another one with the Issue 3 maturity options via my online account?

If so, which Option No. should I be going for?

Has this worked for other people?

Thanks

Option 2 or 4, but pay the money to a current account. My failures came about when I transferred to another Principality account 

Stargunner

ih8stress said:

ThePirates said:

If you don't have an issue 4 yet, open one now then use your maturity instructions to start a second!

Use online maturity rather than postal as they'll hopefully be no human intervention!

@ThePirates   I only have the current Issue 3 account which is due to mature on the 19th.

Do you know when Issue 5 is out?  

It says that I can only have one Issue 4 account, so should I just open a separate Issue 4 account now and hope that I can do another one with the Issue 3 maturity options via my online account?

If so, which Option No. should I be going for?

Has this worked for other people?

Thanks

Open an issue 4 now. Once it is opened you can select option 2 to open another one from your maturing account.

Many on here including myself have quite a few issues 4’s now. 

friolento

surreysaver said:

I always use Option 4 - and that's what I believe most others use too. Put £200 into a new Regular Saver and the rest transfers to your current account, which you supply the details of when advising them of your maturity instructions 

Me too. It’s been working like clockwork for me  multiple times.