Regular Savings Accounts Article Discussion

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  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    1882 wrote: »
    If I close my Nationwide current account by transferring to another provider what happens to my RS account? Does it continue until completion or would it be closed immediately?
    Answered in your regular saver account T&Cs. See conditions 3, 4 & 5.
  • OceanSound
    OceanSound Posts: 1,482 Forumite
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    soulsaver wrote: »
    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.
    Has anyone been able to change (amend) the Standing Order (SO) amount for the First Direct Regular saver?
    When I click on 'amend' and change the amount from £250 to £100 and save. it gives an error.
    I noticed there was a 'create new SO' option. Would it be ok to create a new SO then delete the old one?
  • Westie983
    Westie983 Posts: 5,213 Ambassador
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    OceanSound wrote: »
    Has anyone been able to change (amend) the Standing Order (SO) amount for the First Direct Regular saver?
    When I click on 'amend' and change the amount from £250 to £100 and save. it gives an error.
    I noticed there was a 'create new SO' option. Would it be ok to create a new SO then delete the old one?

    You can if you give them a call,

    Westie983
    I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.
    Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%
    Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%
    Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%
    Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%
    £2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%
    The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%
    Total £4095.19/£7332.95 = 55.84%
  • schiff
    schiff Posts: 20,099 Forumite
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    OceanSound wrote: »
    Has anyone been able to change (amend) the Standing Order (SO) amount for the First Direct Regular saver?
    When I click on 'amend' and change the amount from £250 to £100 and save. it gives an error.
    I noticed there was a 'create new SO' option. Would it be ok to create a new SO then delete the old one?

    I was involved in something like this. By mistake I used a figure of £250 (which is the usual sum we tend to think in!) instead of £300 and then found I couldn't add the additional £50. Phoned them and was told that if I did £350 the following month it would work out OK - they arranged it at their end. That worked as intended and subsequent £300 transfers have worked perfectly.
  • OceanSound
    OceanSound Posts: 1,482 Forumite
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    schiff wrote: »
    I was involved in something like this. By mistake I used a figure of £250 (which is the usual sum we tend to think in!) instead of £300 and then found I couldn't add the additional £50....

    Sorry, my current First Direct Regular Saver SO is actually for £300 not £250 (I was thinking of the M&S Bank Monthly Saver SO when I wrote the post, that one is for £250 - which is the maximum).

    For First Direct Regular Saver, has anyone created new SO and deleted old one through online banking, as opposed to calling first direct. It's just that I usually end up on the phone for a while each time I call them.

    The info about the product says 'you can change the amount of your standing order at any time', and it doesn't say we must phone to change the amount.
  • Annieddiva
    Annieddiva Posts: 168 Forumite
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    edited 18 November 2018 at 2:59PM
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    Hi oceansound - I've just amended the standing order value in the past, unless their systems have recently changed...as I know they were doing some housekeeping last weekend, you could always use their live chat which I find useful if I don't want to call...
  • OceanSound
    OceanSound Posts: 1,482 Forumite
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    edited 20 November 2018 at 5:25PM
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    Annieddiva wrote: »
    Hi oceansound - I've just amended the standing order value in the past, unless their systems have recently changed...as I know they were doing some housekeeping last weekend, you could always use their live chat which I find useful if I don't want to call...
    thanks. When I tried to ammed error message said 'sorry, we can't amend this standing order online. Please call us on 03456 100 100. Quoting ref: H3L.'
    I did play around creating a new SO through internet banking, seemed a bit tedious. Happen to see that the existing SO had 'history' entries of when the payments have been made. So, I figure creating new SO then deleting old one would mess-up how many payments have been made already etc. So in the end fired-off a secure message to support and it was actioned promply.

    I didn't know this sorta thing could be done via online chat (wasn't even aware FirstDirect had live chat). Come to think of it, have managed to get things done via HSBC chat (for HSBC account). Something to be aware of for next time :)
  • Watermarc
    Watermarc Posts: 7 Forumite
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    Hey all,
    In the past 3 years I've had 3 regular saver accounts: First one was with First Direct (5% on £300/mth with linked current acc), second with HSBC (5% on £250/mth with Advance current account), third with Nationwide (5% on £250/mth with Flex current account).


    I had always thought that these were limited time promo savings accounts that you could only open once in your lifetime, but my Nationwide one has just matured and on logging in this last time it asked me if I'd like to open the same type of 5% reg saver again. I started the application not thinking it would let me do it but it did!


    Do all the 5% regular savers let you reopen them in the following year? Have I been needlessly chasing 5% reg savers around different banks for the past 2 years?!
  • EachPenny
    EachPenny Posts: 12,239 Forumite
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    Watermarc wrote: »
    Do all the 5% regular savers let you reopen them in the following year? Have I been needlessly chasing 5% reg savers around different banks for the past 2 years?!
    In a word, 'yes'.

    There are some regular savers that are on-offs, but with the 5% ones you mention you can open a new one as soon as the old one has matured (and the bank's system has updated itself).
    "In the future, everyone will be rich for 15 minutes"
  • llyndu
    llyndu Posts: 4 Newbie
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    I am rather confused - I’ve just tried the drip feed calculator which is helpful, however I can’t understand the results!!
    Taking £3000 in a 4% account and dripping it into a 5% regular savers account at £300 per month over 2 years gives the results below; however surely if the £3000 was held in a 4% account with no withdrawals it would earn more interest than on a declining balance?? These results show that the interest from the normal savings account is the same whether the drip feed is taken or not.

    I’m not exactly a maths wizard though.....

    Normal Savings Account

    After 11 months your normal savings account was empty and the drip feeding stopped. The interest up to that point was...
    Total interest earned: £127
    £45 from the normal savings & £82 in the regular saver.
    Regular Saver

    If you'd kept the money only in the normal savings account you'd have earned £45 in interest[/I].
    Try with different inputs
    The
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