The Top Regular Savers Discussion Thread

clairec666

https://forums.moneysavingexpert.com/discussion/comment/81864979#Comment_81864979

Although it's worth mentioning that other providers often state in the T&Cs that they'll return the full amount. E.g. if the limit is £250, you deposit £100, then attempt to deposit another £200, they'll return the whole £200.

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/81865046#Comment_81865046

Indeed they do, which was why my post was informed by my experience of what Principality had done previously. There are also others (Co Op spring to mind) who might close the account as a result of a second overpayment, but I’m not aware of Principality taking such a stance.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/81865055#Comment_81865055

Overpayments…

Co-op gave me a strong ticking off by snail mail when I accidentally overfunded, and implied that they would shut my account if I did it again. I've been very careful ever since.

Without trawling through all the regular saver T&Cs, I think Principality are an anomaly, and it's actually quite decent of them to only return the excess. Most other providers seem to be stricter.

Dizzycap

https://forums.moneysavingexpert.com/discussion/comment/81864748#Comment_81864748

It's was back to working around 3am although I did have to wait 5 minutes for the text to arrive.

EDIT: PBS code arrived without issue as of 3.49pm today.

Dizzycap

https://forums.moneysavingexpert.com/discussion/comment/81864820#Comment_81864820

Maybe you now can't see it as a maturity option if you already hold a PBS Christmas 2026 Saver? That would certainly save time in the future with the maturity options that are actually available so that you can plan other RS uses for the matured funds rather than a rejection at the 11th hour!

nottsphil

https://forums.moneysavingexpert.com/discussion/comment/81864794#Comment_81864794

You'd think so, but it's listed on here as being the same as Lloyds/BoS. However, Brid admitted that the source of the information for the latter was a single poster who claimed to have worked it out.

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/81865083#Comment_81865083

I have always wondered why providers seem to just reject the whole excess, as surely the customer is just going to return the maximum permitted anyway.

Do they prevent oversubscribers from then making a payment for that month, or is it cheaper to have payments just bounce back rather than having to accept and split them as Principality do?

roose0

https://forums.moneysavingexpert.com/discussion/comment/81864794#Comment_81864794

From my past experience, it will be treated as having been received today for interest calculation.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81865178#Comment_81865178

It will be much easier to bounce a payment that does not meet the criteria. Clearly some have gone to the trouble of setting up systems to deal with this, but it would seem most have not.

I'm reminded of what it took for Darlington to correct an overpayment they made.

Sometimes it's easier to click undo if you can.

Also, what if the overpayment arose because the customer mixed up their accounts and didn't intend to fund the account in question? Probably safer to leave the ball in their court.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/81865178#Comment_81865178

I would hazard a guess that it's simpler for their systems to just bounce back the entire amount.