Regular Saver Thread New and Restarted

AirlieBird · 16 April 2018 at 3:28AM

chiefnoodle wrote: »

Help to Save is now open, for those who are eligible (receiving Tax credits) it easily beats any regular saver, with interest of 44.5% (not a typo), see here
http://forums.moneysavingexpert.com/showthread.php?t=5827120

Once again, it is NOT open to everyone who is eligible. It is in a trial.

https://www.gov.uk/government/publications/help-to-save-what-it-is-and-who-its-for/the-help-to-save-scheme

Help to Save started with a trial in January 2018, rolling out in stages. It will be available to all those eligible from October 2018.

It does NOT have an interest rate of 44.5%. It has 0% interest. It has a bonus of 50% of the highest balance during the first two years and 50% of the highest balance in the second two years less the highest balance in the first two years.

This bonus is not payable unless participating in the trial.

https://www.legislation.gov.uk/ukdsi/2018/9780111162880/regulation/5

5.—(1)The duty under section 2 of the Act does not apply to Help-to-Save accounts opened before 16th October 2018 unless the individual opening the account is an eligible person taking part in the trial.

(2)For the purposes of this regulation “the trial” means a test of all the systems required to deliver Help-to-Save accounts, which will run from the date of the coming into force of these Regulations to 15th October 2018.

Westie983 · 17 April 2018 at 12:50PM

adindas wrote: »

Thanks you for Information regarding Club Lloyds MS

I did it with Halifax RSA £25 + £225 and it went through.

I don't think Halifax have the term regarding this multiple payment within a month.

Halifax have the same T&C's and say standing order and not orders, you may find that the second payment is sent back or that it remains but it wont be at the interest payment of 2.50% and you may not find this out till the interest is paid in a years time.

I would close the account and reopen another one and fund it with £250 in one transaction.

https://www.halifax.co.uk/savings/accounts/fixed-term/regular-saver/

Westie983

eskbanker · 17 April 2018 at 1:06PM

adindas wrote: »

It does not specifically mention multiple payments by SO is not allowed.

It does in the Ts & Cs:

You can only pay in once a month

Westie983 · 17 April 2018 at 1:49PM

adindas wrote: »

https://www.halifax.co.uk/savings/accounts/fixed-term/regular-saver/

Well, it says.
"You can save from £25 to £250 a month by [STRIKE]a[/STRIKE] standing order (this must reach your account by the 25th of the month)"

It does not specifically mention multiple payments by SOs are not allowed. Certainly, not to exceed the monthly allowable limit.

Anyway I have done that since last week and I just checked it a few minutes ago, the interest rate is still showing 2% on this account. Let see what happen. I will keep the forum informed.

I work for Halifax, but of course you can do what you think its best.
It says standing order not plural in your post.

The next time you will realise that you have breached the T&C's is when you don't get the correct interest in 12 months or when the payment has been sent back to you, as a duplicated payment.

You may also find your account is changed to a everyday saver account due to your duplicated payment and the interest is lower for that account, and you will no longer have a active regular saver account at the higher rate.

It does say in the T&C's you can only pay in once a month, but of course you know this as you have read them before opening the account, and its been linked for you to read, and others have pointed you towards it.

Westie983

liamcov · 17 April 2018 at 5:49PM

Gers wrote: »

I've managed to replace my T esco DDs in good time

Have I missed this? Are DDs from the Tesco internet saver coming to an end?

polymaff · 17 April 2018 at 5:50PM

liamcov wrote: »

Have I missed this? Are DDs from the Tesco internet saver coming to an end?

22nd April 2018

liamcov · 17 April 2018 at 6:10PM

karlie88 wrote: »

Just to add to the above - you can also request closure of accounts once logged in.

So that pesky 'Access Saver' account that I've had for several months with £250 in it has finally gone! :T

I think some of us managed to inherit that account by being a bit too eager when Leeds BS's regular saver was launched. Cheque's arrived today, deposited via my phone and the account no longer present on online banking.

My Leeds Issue 5 matures soon - how far in advance can I request closure and will they send me a cheque without having to visit a branch?

mhoc · 17 April 2018 at 6:17PM

liamcov wrote: »

My Leeds Issue 5 matures soon - how far in advance can I request closure and will they send me a cheque without having to visit a branch?

good question - mine matures at the start of July so I will be watching your progress with this.
I've just had a look and its up to issue 14 paying 2.55% - how did that happen so quickly - have they jumped a few issues or have they been re-issuing every few weeks?

http://www.leedsbuildingsociety.co.uk/savings/regularsaver/

Westie983 · 17 April 2018 at 6:31PM

liamcov wrote: »

My Leeds Issue 5 matures soon - how far in advance can I request closure and will they send me a cheque without having to visit a branch?

I closed Issue 3 and was sent a cheque without having to visit a branch (not that there is one near me anyway)

How far in advance I don't know but if you send the withdrawal form they action it, as I post dated my issue 3 and its was closed early earlier then I wanted.

So I would say within 10 days of maturity.

Westie983

Speculator · 17 April 2018 at 7:16PM

When my previous Leeds BS regular matured, they gave me the option to transfer the money by bacs to my current account. All done online, didn't need to visit branch.

Regular Saver Thread New and Restarted

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