Regular Savings Accounts Article Discussion

No, some of us "oldies" have been aware of this for a long time. Open at the end of the month and then put in a second payment a couple of days later in the subsequent month.

You can't have two as an individual. I think many of us have tried that! I did a couple of weeks ago.

It's a pity you missed the opportunity to ask when they phoned.

schiff wrote: »

You can't have two as an individual. I think many of us have tried that! I did a couple of weeks ago.

It's a pity you missed the opportunity to ask when they phoned.

Yes I know, he caught me at a busy moment unfortunately. I know he said it could be opened in branch or by phone, but not online. And since I assumed he was angling to get me in branch (to sell me something or other) I said I'd open it by phone..

dekkard wrote: »

fyi, anyone can open multiple Regular E-Savers with Virgin Money as long as the accounts have different issue numbers.

I had an issue 1 account and just also opened an issue 3. Virgin Money themselves confirmed that doing this is allowed.

Discussed here some time ago (post 4869 onwards)

http://forums.moneysavingexpert.com/showthread.php?t=608697&page=244

It would have been possible to have all 3 Virgin Regular E Savers, and the 2 branch based versions, if you had been quick;).

For anyone with a very old Yorkshire Building Society regular saver issue 2 the interest rate is decreasing from 7th March 2017 – probably all of the YBS savings accounts are doing the same.
It was 0.75% with 2% conditional bonus total 2.75% gross but it will now be 0.50% with 2% conditional bonus total 2.50% so still a very good rate.
This is a closed account but the conditions were that you had to save at least £10 a month for at least 11 months out of 12 and only one withdrawal in any account year to keep the bonus. You also could only close your account at the end of your account year or you would lose the bonus.
The good news is that the maximum you can save each month is now increasing from £250 to £500 from March 1st.
The bad news is that the account has a maximum holding balance of £20,000 which includes any interest or bonus. As you get over the £19 mark then it’s worth doing your one annual withdrawal and/or reducing down your monthly standing order. If you go over £20K you won’t get your full interest or bonus.
I did an amusing calculation as to which year it would be that my YBS account would get to that £19K point and made a note of it on the Google calendar for future housekeeping.
But then I thought I have a 4 year fixed rate ISA which will be reaching its final days next year and the contents of it will either have to be re invested somewhere (or spent!) ….
YBS only has this regular saver open now paying 1.75% - open in branch or by post, up to £500 a month for up to 2 years, one withdrawal per year, one account per person. It is through open to anyone over the age of 11.
I think only one regular saver is allowed
http://www.ybs.co.uk/savings/regular/index.html
http://www.ybs.co.uk/savings/regular/monthly-regular-saver.html