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  • FIRST POST
    • Special_Saver2
    • By Special_Saver2 27th Nov 07, 10:33 PM
    • 1,115Posts
    • 4,041Thanks
    Special_Saver2
    Regular Savings Accounts: The Best Currently Available List!
    • #1
    • 27th Nov 07, 10:33 PM
    Regular Savings Accounts: The Best Currently Available List! 27th Nov 07 at 10:33 PM
    **THIS THREAD HAS NOW BEEN MOVED TO HERE!!**
    http://forums.moneysavingexpert.com/showthread.php?t=5776240

    I welcome you to join our discussion there.

    SS2
    Last edited by Westie983; 25-02-2018 at 11:44 AM.
Page 317
    • Wheres My Cashback
    • By Wheres My Cashback 2nd Oct 17, 3:52 PM
    • 2,991 Posts
    • 37,344 Thanks
    Wheres My Cashback
    20/10/17? .
    Originally posted by mgarl10024
    Oops...typo...corrected
    • gingercordial
    • By gingercordial 2nd Oct 17, 3:58 PM
    • 1,160 Posts
    • 1,198 Thanks
    gingercordial
    Have also posted this in a separate thread...

    VRS ISSUE 1 matures 20/10/17 - Max balance permitted £3500

    Today I have had £10.48 returned to me entitled A/c limit breach, however the £10.48 was interest into the a/c which should be excluded from the max permissible balance.

    Maximum deposit limit £3,500 a year. For all accounts the maximum deposit limit also applies to joint accounts.
    • If a monthly deposit results in your account going over the maximum £250 per calendar month deposit limit we will return the
    additional money to you. This does not include any interest you have asked to be added direct to your account.

    Have contacted Virgin and awaiting a call back.

    Anyone else had this ?
    Originally posted by Wheres My Cashback
    I've just come on here looking for information about this, as I had a random £10.39 deposited into my feeder account today and I couldn't work out where from - I'm looking at the Tesco current account app and can't see that it has any kind of reference. Eventually scrutinising my spreadsheet found that this was the amount of interest added to my first Virgin RS (the one due to mature at the end of the month) back in March. Logging in to Virgin I see the same "breach" message.

    I will send them a message now too.
    • steve65e
    • By steve65e 2nd Oct 17, 4:19 PM
    • 153 Posts
    • 94 Thanks
    steve65e
    At the moment my extra £10.46 is still in the account balance, and no message, so they must pick it up at the end of the day.

    They are clearly in breach of their t&cs but it's hard to get upset about a 1p loss of interest.
    • Wheres My Cashback
    • By Wheres My Cashback 2nd Oct 17, 4:26 PM
    • 2,991 Posts
    • 37,344 Thanks
    Wheres My Cashback

    They are clearly in breach of their t&cs but it's hard to get upset about a 1p loss of interest.
    Originally posted by steve65e
    But 1p is not the point, it's an error which could effect thousands of people. Some customers will be concerned and call them at their own time and expense to query it.
    Any account holder would expect as the norm for their account to be managed correctly.
    • Wheres My Cashback
    • By Wheres My Cashback 2nd Oct 17, 4:37 PM
    • 2,991 Posts
    • 37,344 Thanks
    Wheres My Cashback
    I fail to understand why try investing time arguing the thing which is very insignificant.

    Is it worthy arguing, calling, sending email for
    the additional interest rate of £10.48 for 18 days based on 2.25% ?? It is just 1.16p. I understand it is against T&C but s it worthy to invest time on this considering what you could potentially get !!!
    Originally posted by adindas
    Who's arguing ? It was simply a question of 'why have you returned funds' labelled as a/c limit breached'?

    I'd suggest most account holders (outside this thread) would be concerned as they would have no idea why and what, if any implications there are etc. let's face it, a high volume of customers who open these accounts have no idea of how RSs in terms of interest actually work. You just have to look at the number of threads started stating they haven't been paid enough interest at the end of the term.
    Last edited by Wheres My Cashback; 02-10-2017 at 4:40 PM.
    • gingercordial
    • By gingercordial 2nd Oct 17, 4:42 PM
    • 1,160 Posts
    • 1,198 Thanks
    gingercordial
    I fail to understand why try investing time arguing the thing which is very insignificant.

    Is it worthy arguing, calling, sending email for
    the additional interest rate of £10.48 for 18 days based on 2.25% ?? It is just 1.16p. I understand it is against T&C but s it worthy to invest time on this considering what you could potentially get !!!
    Originally posted by adindas
    I'm not arguing with them! I was perplexed at having an extra £10 appear in my current account as I had no idea what that was. Now I have identified it as coming from Virgin, I have dropped them a quick message to tell them their systems aren't working as they are supposed to in line with the T&Cs. I though they might like to know this so they can fix it and avoid the same thing happening (and loads of questions from savers) as each subsequent RS matures, this being number one. It took me two minutes to write a message. I am not demanding compo...

    ETA: in fact seeing as my Tesco current account is not full this week it's earning more (3%) back with me than in the RS (2.25%) so why would I complain?
    • steve65e
    • By steve65e 2nd Oct 17, 4:44 PM
    • 153 Posts
    • 94 Thanks
    steve65e
    I agree entirely that banks should be forced to follow their own t&cs, and I hope they will rapidly fix their programming error. I might even send them a secure message if they return my £10.46. But more in the spirit of helping them than moaning and demanding my 1.43p.
    • schiff
    • By schiff 2nd Oct 17, 4:49 PM
    • 17,981 Posts
    • 9,366 Thanks
    schiff
    I fail to understand why try investing time arguing the thing which is very insignificant.

    Is it worthy arguing, calling, sending email for
    the additional interest rate of £10.48 for 18 days based on 2.25% ?? It is just 1.16p. I understand it is against T&C but is it worth it to invest time on this considering what you could potentially get !!!
    Originally posted by adindas
    I agree. My £10.49 is the interest credited on 11/3/17 and I don't mind one bit being paid 18 days early. The 'lost' interest is a penny.

    But it does need clarifying with another 14 accounts to come to maturity!
    • Wheres My Cashback
    • By Wheres My Cashback 2nd Oct 17, 4:49 PM
    • 2,991 Posts
    • 37,344 Thanks
    Wheres My Cashback
    Virgin have responded and confirmed it is an IT error affecting ALL RS accounts.
    They said they would happily accept a re-deposit of the same amount, but I declined. They also assured me that it will not occur on other live RS accounts in their system due to mature in future months.
    • schiff
    • By schiff 2nd Oct 17, 4:51 PM
    • 17,981 Posts
    • 9,366 Thanks
    schiff
    I agree entirely that banks should be forced to follow their own t&cs, and I hope they will rapidly fix their programming error. I might even send them a secure message if they return my £10.46. But more in the spirit of helping them than moaning and demanding my 1.43p.
    Originally posted by steve65e
    Where exactly do you get £1.43 from? I'm puzzled.
    • schiff
    • By schiff 2nd Oct 17, 4:53 PM
    • 17,981 Posts
    • 9,366 Thanks
    schiff
    Virgin have responded and confirmed it is an IT error affecting ALL RS accounts.
    They said they would happily accept a re-deposit of the same amount, but I declined. They also assured me that it will not occur on other live RS accounts in their system due to mature in future months.
    Originally posted by Wheres My Cashback
    What are the odds that this discussion will continue
    • Wheres My Cashback
    • By Wheres My Cashback 2nd Oct 17, 5:01 PM
    • 2,991 Posts
    • 37,344 Thanks
    Wheres My Cashback
    What are the odds that this discussion will continue
    Originally posted by schiff
    Evens...and again maybe on 01/12 as the next one is due to mature on 20/12
    • EachPenny
    • By EachPenny 2nd Oct 17, 5:03 PM
    • 5,162 Posts
    • 13,782 Thanks
    EachPenny
    What are the odds that this discussion will continue
    Originally posted by schiff
    I now understand why Virgin's phone lines were so busy when I tried to call about something else earlier!
    "In the future, everyone will be rich for 15 minutes"
    • Vortigern
    • By Vortigern 2nd Oct 17, 7:10 PM
    • 2,456 Posts
    • 1,653 Thanks
    Vortigern
    Virgin have responded and confirmed it is an IT error affecting ALL RS accounts.
    Originally posted by Wheres My Cashback
    I think it's called an OSWF error.
    • bubieyehyeh
    • By bubieyehyeh 2nd Oct 17, 8:48 PM
    • 389 Posts
    • 113 Thanks
    bubieyehyeh
    I search the forum, and the saffron bs website, but yet to find out if it is possible to pay a 13th monthly payment into the saffron 12 month fixed regular saver account. Does anyone know?
    • TheShape
    • By TheShape 2nd Oct 17, 9:24 PM
    • 1,293 Posts
    • 1,103 Thanks
    TheShape
    I search the forum, and the saffron bs website, but yet to find out if it is possible to pay a 13th monthly payment into the saffron 12 month fixed regular saver account. Does anyone know?
    Originally posted by bubieyehyeh
    I thought I'd find out today when my SO would normally be sent to Saffron but I appear to have set the final payment for 01/09/17 so no payment attempted today.

    I don't think it's clear from the Saffron site:

    Paying money in

    Each month, for a maximum of 12 months, you can make payments from £10 up to £200, into your account at any of our branches or by post. You can make as many deposits during the month as you need to, providing they don't exceed the monthly limit of £200. Your deposits can be made by cash, cheque, or transfer from another bank or building society account. Where deposits are made by cheque we require at least seven working days before the funds are available to withdraw.

    To ensure you receive the maximum monthly interest your payments need to reach your account by the 28th of each month for them to be counted. Any missed payments can't be backdated.
    • mgarl10024
    • By mgarl10024 3rd Oct 17, 8:32 AM
    • 618 Posts
    • 438 Thanks
    mgarl10024
    I search the forum, and the saffron bs website, but yet to find out if it is possible to pay a 13th monthly payment into the saffron 12 month fixed regular saver account. Does anyone know?
    Originally posted by bubieyehyeh
    Each month, for a maximum of 12 months, you can make payments from £10 up to £200
    https://www.saffronbs.co.uk/savings/display.product/?categoryID=1&category=immediate&productID=g2



    I can't check atm, but pretty sure I tried last year and it bounced.
    • schiff
    • By schiff 3rd Oct 17, 1:30 PM
    • 17,981 Posts
    • 9,366 Thanks
    schiff
    Virgin
    What are the odds that this discussion will continue
    Originally posted by schiff
    I don't know if you can withdraw added interest from an ongoing RS without breaking the T&Cs but an interesting point arises. Does the March interest fall into the 2016/17 tax year, when it was added, or the current tax year when we'll have access.
    • mgarl10024
    • By mgarl10024 3rd Oct 17, 1:34 PM
    • 618 Posts
    • 438 Thanks
    mgarl10024
    I don't know if you can withdraw added interest from an ongoing RS without breaking the T&Cs but an interesting point arises. Does the March interest fall into the 2016/17 tax year, when it was added, or the current tax year when we'll have access.
    Originally posted by schiff
    Almost certain it applies in the tax year when it was paid, whether you have access or not.

    I remember this from a couple of years back: http://www.telegraph.co.uk/personal-banking/savings/nsi-pensioner-bond-warning-you-may-be-taxed-before-your-bond-mat/
    • glider3560
    • By glider3560 3rd Oct 17, 5:57 PM
    • 3,581 Posts
    • 2,274 Thanks
    glider3560
    I don't know if you can withdraw added interest from an ongoing RS without breaking the T&Cs but an interesting point arises.
    Originally posted by schiff
    I've said it before and I'll say it again: the Virgin Regular Savers are all instant access. There is no bonus rate. The rate is fixed. Therefore there are no conditions to get the "higher" interest rate as there isn't a lower one.

    /QUOTE]Does the March interest fall into the 2016/17 tax year, when it was added, or the current tax year when we'll have access.[/QUOTE]
    Interest counts in the year it is paid, not when you withdraw it.
    Last edited by glider3560; 03-10-2017 at 6:00 PM.

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