The Top Regular Savers Discussion Thread

Hattie627

Still looking for anyone who has actually suffered the downgrading of a Santander RS as a result of (accidental or deliberate) mis-timed funding (whether a one-off or repeated over a part/the whole of the life of the account)? Did you get forewarning of the downgrade? Did you appeal and what was the outcome of the appeal? Were you able to open a new Santander RS after the downgrade or were you barred for a period/indefinitely?

janusd

does anyone know if deposits to Dudley BS on a Saturday should appear same day or will it be Monday before it appears ?

I made a deposit to their Loyalty RS this morning - still not matching CoP, but unusually for me, I went ahead anyway (£50 to test)… sadly, Dudley's site has been flaky today and i'm often getting 504 Timeouts when asking for the OTP to be sent… just managed to login, but still not showing.

ironically, their letter arrived in the post this afternoon - it says the payee name is my Initial plus Surname, though I used the normal First / Surname when depositing - all other details are correct.

also, the letter states that the minimum opening deposit is both £50 and £500 - not very helpful!

Kim_13

Dudley Suspect it was a typo saying the minimum was both £50 (standard Dudley opening amount as it was that for the Festive RS too) and £500. £500 was the maximum for the previous issue of the Loyalty Regular Saver. Teachers were an anomaly in that the opening minimum was a full monthly deposit.

Santander I do wonder if they might be more likely to choose to enforce their terms for an 8% account than a 5% one, especially if rates start dropping. Then they don't have to give 30 days notice or whatever it is.

intalex

https://forums.moneysavingexpert.com/discussion/comment/82058467#Comment_82058467

Indeed, I am only violating it the 1 time in the first "month" per their definition, with 2 payments in that month, but otherwise I am sticking to only 1 payment per "month" per their definition 😉

allegro120

https://forums.moneysavingexpert.com/discussion/comment/82058190#Comment_82058190

"With the Santander 8% rate, I plan to abide by the terms and conditions and keep things simple. I'll stick to the monthly anniversary date and fund the account via my Santander Current Account, continuing this until the annual milestone. I doubt they will reduce the rate to an unacceptable level in the first 12 months, anyway. I’m happy with what the account offers and don't feel like crossing the line for a small gain with the potential to end up on a blacklist.

Good luck to those who snuck in an extra payment. There were reports on here a while ago confirming that going over the limit happened without any repercussions, so there's a chance you'll get away with it.

allegro120

https://forums.moneysavingexpert.com/discussion/comment/82058492#Comment_82058492

Dudley

I don't know about weekends, but I've sent mine yesterday (Friday) morning and it was showing later in the day. I couldn't get CoP working for two days, so I ignored it and sent £500. My letter arrived next day after I emailed my application, so they have processed it on the same day.

pecunianonolet

A simpe risk benefit analysis tells me that just because you may get away with it doesn't justify doing it. I am not that desperate for a little extra given the risk. Have a pint less at your next pub visit, good for your pocket and your health 😋

thefrank

https://forums.moneysavingexpert.com/discussion/comment/82058632#Comment_82058632

Lovely to read something clever every now and then

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82058632#Comment_82058632

I haven't got round to crunching the numbers in a spreadsheet, but a bit of common sense tells me that the potential interest gained by funding on the 1st is not worth it compared to the interest you could lose by having your account closed early.

If for convenience you want to fund on the 1st of the month, you can still do this, just don't fund on 1st July if you already made a late June payment. Start in August and everything will be fine.

Bridlington1

https://forums.moneysavingexpert.com/discussion/comment/82058632#Comment_82058632

Alternatively just do what I do and abstain from booze altogether, I've never touched a drop in my life. I prefer to spend my time dealing with regular savers and fiddling about with spreadsheets, occasionally popping onto this forum because a nice bank has decided to pay me 8%.