Regular Savings Accounts Article Discussion

System

Sea_Shell wrote: »

With yesterdays exciting Virgin news, I needn't of opened the Monmouthshire BS RS. I only sent my cheque off for the first £250 on Thursday!!! I was going to pull the money at 2.25% and put it here at 2.5%, but that's a non-starter now. (Goes off to check T&C's for any obligation to make a minimum monthly deposit?)

No "new" money to add to RS's, so it's all just a case of moving to the best home (N'wide, Santander etc.) on a month by month basis.

Although I have just been accepted for M&S CA, so will then switch another account to them, and open the 5% RS. Another line on the spreadsheet!!!

I KNOW RIGHT? I'm the exact same position as you. I have opened both Monmouthshire and the VM Store Reg, and also need to extra lines on the spreadsheet .... but I'm now using an additional one instead haha.

tg99

EachPenny wrote: »

I tried this in my first year as a HSBC customer a couple of years ago. The printed T&C's were not clear then, so I phoned and asked to change my SO date. I was told it wasn't possible to do this. I complained, and got an official letter saying that although I could change the date (bring it forward to the start of the month) I would "maximise [my] interest" by retaining the SO date as per the original one.

I thought it worth a punt and excitedly waited for my interest at the end of the year. They paid me as if the monthly deposits had been made on the original day - effectively I'd been giving them an interest free loan for 20-something days I queried this and was told (in effect) "we told you so".

Interesting you've had a different outcome.... perhaps because you've been a customer longer?

Yeah I changed mine to first of month too after the initial deposit but my total interest was the same as if I had not done so.

schiff

mhoc wrote: »

Well I can see this is going to be fun.

Postcript - got an appointment for Chester TSB but I have a 15 day wait so I've vented my annoyance on twitter to the CEO.
Chester said it takes about half an hour to open one and they will need my ID - why???? It takes me about 4 minutes to open a new Virgin e saver online including funding it and setting up a new standing order.

Are you really going to all this trouble and expense for a 2% RS?

Once my last one at this rate matured I stopped bothering with them.

Could you not keep your funds in a Bank of Scotland or Santander account paying 1.5% till something worthwhile comes along?

Just my tuppence worth

veryintrigued

schiff wrote: »

Are you really going to all this trouble and expense for a 2% RS?

Once my last one at this rate matured I stopped bothering with them.

Could you not keep your funds in a Bank of Scotland or Santander account paying 1.5% till something worthwhile comes along?

Just my tuppence worth

I have sympathy for your response.

As someone whose TSB RS 'matures' next month and hasn't a branch close by I'll be tempted to wait until the IT has been fixed rather than jumping through hoops.

And I'm someone very, very keen on RS - with well over £10k been 're saved' in RS each month.

isasmurf

Westie983 wrote: »

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

Westie983

I refer you to the T&C

Monthly payments in: After the first payment into the account you must make 11 more payments on the same date each month by standing order from a qualifying current account.

glider3560

schiff wrote: »

Are you really going to all this trouble and expense for a 2% RS?

Once my last one at this rate matured I stopped bothering with them.

I'm starting to think the same. My ISA pays 1.40% tax-free, so I would need to get 2.33% in a regular saver to cover the tax (apart from the £500 tax-free allowance).

Westie983

isasmurf wrote: »

I refer you to the T&C

Fair enough, never had a problem, in the years I have had one, but again this maybe a new condition, lets see if I get the right interest next month.

Westie983

OceanSound

Westie983 wrote: »

You can amend the standing order date after the first payment has gone out, you have quoted me but taken bits out,

Sorry I don't understand your question.

Westie983

For brevity. to save ink. Not to conceal, deceive or manipulate. I promise!.
BTW, you ought to have said 'you can't choose the date at the time of account opening as it's set to the date of the month of account opening'. (because, presumably, you are funding the Regular saver and not the SO. i.e. it doesn't make sense to say '...you cant choose the date as its opened and funded on the day you open the regular saver....')

Anyway, others in this thread have reported that HSBC's terms prohibits changing date now.

OceanSound

Can anyone please confirm the difference in interest earned from M&S Monthly saver if the Standing order comes in on the 01st of each month, instead of 20th.

I opened account on 20 July. Noticed on online banking that the SO didn't have the amend feature to begin with, but after a few days it appeared.

The M&S terms says this:

Each standing order must be 1 month after the date of the previous standing order (or initial
deposit) and you can only make 1 payment each month. If your regular payment is less than
£250, you may increase your payment in later months as long as your balance does not exceed
the relevant maximum monthly balance.

If I need to change date, does this mean I have to setup a new standing order and cancel the previous one?

surreysaver

OceanSound wrote: »

Can anyone please confirm the difference in interest earned from M&S Monthly saver if the Standing order comes in on the 01st of each month, instead of 20th.

I opened account on 20 July. Noticed on online banking that the SO didn't have the amend feature to begin with, but after a few days it appeared.

The M&S terms says this:

If I need to change date, does this mean I have to setup a new standing order and cancel the previous one?

You cannot change the date of the M&S Monthly Saver. As the account matures a year after opening, it should make no difference whether you fund it on the 1st or 20th, as a year is a year and you cannot change the date.