The Top Regular Savers Discussion Thread

jd84

https://forums.moneysavingexpert.com/discussion/comment/82115818#Comment_82115818

My Virgin account is still showing as 6.5% despite the interest being added with yesterday's date.

I noticed their email notification says it will be switched after maturity, rather than on maturity, so wasn't sure whether to empty it today, or not?

I know they don't process transactions over the weekend (or bank holidays) so may potentially get a few more days out of it, if it doesn't end up switching until Tuesday, although I'm assuming they intentionally picked the 28th rather than the 31st on purpose.

Think I'll check it again tomorrow and see how it looks. Should still be able to make faster payment out, even if their statement doesn't reflect any withdrawals until the 1st.

Born2Save_3

Principality 6M RS withdrawal after maturity with no maturity instructions

I didn't set up any maturity instructions for a 6M RS and the account became a Maturity Easy Access account. A few days after maturity I used the website money transfer facility, which went as expected. A few days later I noticed I'd received a message :

"Hello
Thank you for your secure message.
As your account has not matured within the last 14 days you are unable to open a maturity product. Please visit our website to view all our available products along with the rates and terms and conditions.
If you have any further queries, please send us a secure message using Your Account or talk to one of our team on 0330 333 4000."

I noticed that my withdrawal had generated a sent message with appropriate information in. This doesn't normally happen. But it does remind me of the occasional messages generated when some people gave maturity instructions.

At the time I gave withdrawal instructions and received the message above it was within 14 days of the RS maturity. I'm just curious, if having missed giving maturity instructions, there is a 14 day window to open maturity products ? In the case of this account I don't recall receiving a letter or an email notifying me of maturity and the ability to provide maturity instructions.

I had another 6M RS mature yesterday and the only maturity options provided were 1+ year fixed accounts and the 1Yr RS I 39 at 4.75%A Fix. I think there were 5 possible accounts in total to choose from.

charlie12525

https://forums.moneysavingexpert.com/discussion/comment/82118350#Comment_82118350

Virgin and Principality…

My Virgin RS3 also still showing 6.5% so not emptying it yet. Interest of 120.87 was paid in yesterday though so it has probably matured and is not actually earning 6.5%.

Another two Principality 6m RS accounts matured and closed over the last 2 days. It will be a hard winter this year. Don't know what I'll fuel the wood burning stove with. I'll miss all those Principality letters.

KneadtheDough

https://forums.moneysavingexpert.com/discussion/comment/82118321#Comment_82118321

Principality

I simply look at what has arrived in my nominated bank account (after giving instructions to close upon maturity) and subtract what I have paid in (detailed on a spreadsheet)… the result is the interest added.

fuzzzzy

https://forums.moneysavingexpert.com/discussion/comment/82118423#Comment_82118423

Yes I am numerate enough to work it out but I like to have the supporting paperwork, and it is a PITA to have to contact a provider to ask for it.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82118454#Comment_82118454

why do you need 'supporting paperwork'? Is it for a mortgage?

Section62

https://forums.moneysavingexpert.com/discussion/comment/82118526#Comment_82118526

https://www.gov.uk/keeping-your-pay-tax-records/savings-investments-and-pensions

friolento

https://forums.moneysavingexpert.com/discussion/comment/82118532#Comment_82118532

OK, understand. Though you can only keep what you got in the first instance - - - and keeping a record of what you have in which account doesn't mean the provider has to send you a statement. You can keep your own records, which is what I do.

Over the last few decades, I have usually been holding in excess of 100 current and savings accounts at any point in time, along with some investment accounts, some of which are wrapped (SIPP, ISAs), some aren't. I am required to submit an annual Self Assessment. I keep detailed records, on transaction level, of my accounts in AceMoney, and I just report my total unwrapped interest for the tax year as a single sum. Last tax year, I had over 270 taxable interest payments. most of which were once annual payments. In total I had 3,468 taxable interest payments over the last ten years. I would have nightmares if I had to keep interest statements by the providers for all these accounts. AceMoney lets me produce a report by date, amount and account for each of my taxable interest payments in seconds. I also know at any point in time how much money I have where, which is probably worth more than having supporting data should HMRC ever ask for it.

Touch wood, HMRC have never asked me for additional details, presumably because there is at least an approximate close match between the figure I report, and the figures reported by the providers.If you keep detailed records yourself, there is unlikely to ever be a dispute that could not be resolved in no time.

You don't have to use AceMoney - any record you keep about your taxable interest income will do - spreadsheet, pen and paper etc etc will all do, as long as your records are complete. You can, of course, also choose to collect interest statements from the providers, but that is without doubt a lot more admin extensive, and not necessarily complete.

Section62

https://forums.moneysavingexpert.com/discussion/comment/82118559#Comment_82118559

You can, of course, also choose to collect interest statements from the providers, but that is without doubt a lot more admin extensive, and not necessarily complete.

Which takes us back to the point fuzzzzy was making. Banks and building societies that don't automatically provide closing statements and have no online access to account information after an account is closed, make it harder to keep the records you need to for tax purposes.

Keeping a spreadsheet showing payments into an account and deducting the sum from the amount transferred out at maturity is a method of estimating interest (or calculating interest if folk prefer), but it isn't evidence of interest paid.

I do a similar thing to you, keeping records of transactions including interest payments in spreadsheets. But I think "without doubt a lot more admin extensive" is likely to be an arguable point for some people - especially those who don't normally do a SA. It is probably less admin intensive to shove paper/digital statements into a (virtual) shoebox and hold on to them for 6 years on the off chance that HMRC come knocking, rather than spending time entering everything into accounting software/spreadsheets.

I have spreadsheets and a shoebox. But then my situation isn't exactly normal, so I want to be prepared for when that knock on the door comes.

pecunianonolet

Please, Please, Please

Put the name in the title of the institution you talk about.