Regular Savings Accounts Article Discussion

Wheres_My_Cashback

typistretired wrote: »

Good news - the interest rate on your Virgin Money savings account is increasing

We are pleased to let you know that on 2 August 2018, the Bank of England increased the Base Rate* to 0.75%. Following this change, we will be increasing the interest rate on your Virgin Money savings account shown below.

From 1 September 2018, your account will earn:
interest % On savings balances
Gross† AER††
Regular E-Saver Issue 9
2.50% 2.50% 2.47% 2.50% £1+**

Keep up, you're well behind the times

Westie983

SoozyJ22 wrote: »

Can you clarify "after the first payment has gone out" please? Do you mean the first standing order payment or the initial payment to fund the account? I opened a RS yesterday and the initial payment has gone in with the standing order set up with next payment date of 23rd of September. I can't see a way to change the date - or by 'change' do you mean set up a new SO for the 1st of the month and delete the mid-month one?

Thanks very much.

Yes, you open the account and make the first payment when the account is opened, this is transfered as part of the account opening process. (which you have done)

You are then to pay into the account for the next 11 months, so you can then set up a standing order to pay into the regular saver on whatever date you wish. (if you cant change the date of the standing order, then set up a new one with the date you want) When I open mine, I always make the payment myself manually and not as part of the opening process, therefore I can set up my own standing orders,

I understand if you chose the transfer now option it sets up and standing order for you on the same date as your opening date.

I opened mine on the 28th September, and made the first payment, and then set up a standing order to make the next payment on the 1st October.

Westie983

Westie983

I have had HSBC regular savers for the last eight years and have always changed the standing order date to the 1st and opened it as close as I can to the end of the month. I have always had the correct interest applied.

As long as I agree to the T&C's then I will get interest I am owed, as mentioned the only RS I have seen and hold that says the date must remain the same is First Direct .

How do I make payments into my Regular Saver Account?
Your first payment will be taken from your 1st Account on the day you open your account. This will be followed by another 11 monthly payments which can only be made by standing order (we will set this up for you).
How to manage your account
You can view your account online or you can manage it over the phone, including amending your standing order payment. You can change the amount of the monthly standing order between £25 and the maximum monthly balance (in multiples of £5) but you can only make one standing order payment to your account in any one month. The date of your standing order payment needs to remain the same once set up.

Compared to HSBC

Minimum/Maximum Balance:
The minimum deposit in month 1 is £25
The maximum balance is £3,000 at the end of the 12 month term
Regular Deposits:
Regular deposits must be made by standing order each month
The minimum monthly deposit is £25 per month
The maximum monthly deposit is £250 per month
If you don't pay in the maximum allowed in any month, you can carry over the unused subscriptions and catch up in future months
How to manage the account
Once opened you can view your account balance via Online Banking, our Mobile Banking App, in branch or via Telephone Banking. You can change the amount of your standing order via Telephone Banking.

Westie983

typistretired

Only logged onto to my computer a short while ago. Posted as soon as I saw the email.There are 2 threads on Regular Savers now. Do you use the discussion to inform on increase or the new Regular Saver updated version. I thought the updated thread was for new Regular Savers and the discussion for talking about Regular Savers. I have now also received the email for E10 so expecting email for E11 in couple of hours

Westie983

isasmurf wrote: »

HSBC requires payments on the same date each month

No they don't they just require you to fund the account each month.

Westie983

veryintrigued

typistretired wrote: »

Only logged onto to my computer a short while ago. Posted as soon as I saw the email.There are 2 threads on Regular Savers now. Do you use the discussion to inform on increase or the new Regular Saver updated version. I thought the updated thread was for new Regular Savers and the discussion for talking about Regular Savers. I have now also received the email for E10 so expecting email for E11 in couple of hours

I think this is the best place for the chit chat stuff on Virgin.

That's my opinion.

I tend to think of the other thread as new issues like you?

typistretired

Bank of Scotland, Lloyds, TSB, Nationwide, Principality to name a few, allow you to change your standing orders online. Firstdirect, HSBC and Marks & Spencer who are all under the HSBC banner don't. Never tried ringing them up though.

This is what first direct state online under FAQs for Regular Saver

"Can I change the date for my Regular Saver payment?

Unfortunately you can't change the date, however you can change the amount paid via the standing order by calling us on 03 456 100 100."

typistretired

soulsaver wrote: »

If you're pedantic about the word 'change' that maybe correct. But I altered HSBC SO to my HSBC reg saver by setting up another one for an earlier date and 'cancel'ing the existing one... today.. on line. I'll let you know if it fails.

Pedantic - meaning - excessively concerned with minor details or rules; overscrupulous.


Wanting to change date of a standing order to suit your financial housekeeping doesn't seem to me to be pedantic!! :rotfl:

schiff

typistretired wrote: »

Pedantic - meaning - excessively concerned with minor details or rules; overscrupulous.
Wanting to change date of a standing order to suit your financial housekeeping doesn't seem to me to be pedantic!! :rotfl:

There is always an enormous amount of chat on the subject of regular savers which is geared to making what amounts to a shilling or two by devious devices. I know it's all in the spirit of MSE but....

You have a good reason to be focussed

Otherwise, and not including you, perhaps pernickety rather than pedantic?

soulsaver

typistretired wrote: »

Bank of Scotland, Lloyds, TSB, Nationwide, Principality to name a few, allow you to change your standing orders online. Firstdirect, HSBC and Marks & Spencer who are all under the HSBC banner don't. Never tried ringing them up though. Next time I log in I might have an online chat about it.

If you're pedantic about the word 'change' that maybe correct (as opposed to delete and raise a new one maybe you see as not a 'change'?). But I altered HSBC SO to my HSBC reg saver by setting up another one for an earlier date and 'cancel'ing the existing one... today.. on line. It has accepted the 2 changes; I'll let you know if it fails or pay the interest.