Regular Savings Accounts Article Discussion

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  • mhoc wrote: »
    Please can I ask does anyone think a Virgin Money - Regular E-saver Issue 7 might be launched in September?

    son is looking for another totally flexible regular saver - one that he can add to or withdraw at any time, ideally over 1.75% and ideally operate online. A few I thought might be suitable only allow one withdrawal a year and his income is not constant enough to have limited withdrawals.
    He has his Nationwide Flexclusive 5% and Virgin Money - Regular E-saver Issue 6 which really are all he needs but he has had a good salary month and its annoying him that he has money in his current account earning nothing :D
    I think I might get him to open a branch based one if another Virgin Money - Regular E-saver is not due

    Nothing is guaranteed with the timetable for the launch of new RS accounts, but Issue 7 of the Virgin Money Regular E Saver should launch on (or around) 13 September, with maturity date of 20 October 2018. (Issue 6 launched on 13 July, with maturity 20 August 2018). Best advice is to check the regular savings section of the Virgin Money website daily. Usually a kind soul on here will alert readers to a new launch on the day it happens.
  • dekkard
    dekkard Posts: 228
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    Nothing is guaranteed with the timetable for the launch of new RS accounts, but Issue 7 of the Virgin Money Regular E Saver should launch on (or around) 13 September, with maturity date of 20 October 2018. (Issue 6 launched on 13 July, with maturity 20 August 2018). Best advice is to check the regular savings section of the Virgin Money website daily. Usually a kind soul on here will alert readers to a new launch on the day it happens.

    Virgin Regular Saver Issue 7 available now.
  • chamelion
    chamelion Posts: 473
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    edited 22 September 2017 at 8:23AM
    dekkard wrote: »
    Provided you have more than £1k in savings, the Charter Savings Easy Access account paying 1.26% seems to beat the top two open to all regular saver accounts: Leeds Regular Saver (effective rate 1.24%) and the Virgin Money Regular Saver (effective rate 1.21%).

    Or am I missing something?

    What I don't get is why people would go for such a low rate regular savers when you have places like atom bank offering 1.9% for a year commitment - which is essentially what you'd do with a regular saver at potentially far lower return.
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  • IanManc
    IanManc Posts: 2,069
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    edited 22 September 2017 at 7:40AM
    dekkard wrote: »
    Provided you have more than £1k in savings, the Charter Savings Easy Access account paying 1.26% seems to beat the top two open to all regular saver accounts: Leeds Regular Saver (effective rate 1.24%) and the Virgin Money Regular Saver (effective rate 1.21%).

    Or am I missing something?

    You're missing something. And you've just made up the "effective rate" figures you have quoted, and they're nonsense.

    The true effective rate of the Leeds account is 2.3% and the Virgin one is 2.25%. You only get interest for money which is actually in the account in any savings account.

    This issue has been done to death on these forums and has been explained ad nauseam.
  • I have had a Yorkshire BS Regular Saver since 2006, paying an annual bonus of 3.5% on balances up to £20k. Clearly this is a very good rate these days and I have been transferring in the maximum contribution of £500 per month from other savings, and keeping the balance as high as I can. However, the Society has now made a decision to convert this account into a lower interest account paying 1.5% p.a. Can they legally do this?
  • eskbanker
    eskbanker Posts: 30,394
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    robertrdw wrote: »
    I have had a Yorkshire BS Regular Saver since 2006, paying an annual bonus of 3.5% on balances up to £20k. Clearly this is a very good rate these days and I have been transferring in the maximum contribution of £500 per month from other savings, and keeping the balance as high as I can. However, the Society has now made a decision to convert this account into a lower interest account paying 1.5% p.a. Can they legally do this?
    Probably worth reading the dedicated thread on this at http://forums.moneysavingexpert.com/showthread.php?t=5722669 but I believe the view is that they're acting in compliance with their Ts & Cs by giving 60 days notice of the change. Do you believe there is some sort of permanent binding commitment to the old rate and if so, do you have any backup for this?
  • ctdctd
    ctdctd Posts: 1,079
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    eskbanker wrote: »
    Probably worth reading the dedicated thread on this at http://forums.moneysavingexpert.com/showthread.php?t=5722669 but I believe the view is that they're acting in compliance with their Ts & Cs by giving 60 days notice of the change. Do you believe there is some sort of permanent binding commitment to the old rate and if so, do you have any backup for this?

    The 3.5% bonus was fixed in the original terms of the account - that is why the only way the YBS can exit is to close the account. They are transferring the deposits to a new account, or you can withdraw with no penalty between 14th Oct and 14th Dec which is their 60 days notice.
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  • dekkard
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    Virgin Regular Saver Issue 8 available now.

    2.25% as with previous issue.
  • schiff
    schiff Posts: 20,095
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    dekkard wrote: »
    Virgin Regular Saver Issue 8 available now.

    2.25% as with previous issue.

    For the first time I'm hesitating with a Virgin RS. Well two actually. It's the impact of the change in the base rate. I'm disappointed that 2.35% or something like it was not offered. The difference would be tiny but encouraging. I know I'll come to terms with it and open both but even so. I don't bother with RSs under 2.25% this time round, the available funds never having been bottomless anyway.
  • schiff wrote: »
    For the first time I'm hesitating with a Virgin RS. Well two actually. It's the impact of the change in the base rate. I'm disappointed that 2.35% or something like it was not offered. The difference would be tiny but encouraging. I know I'll come to terms with it and open both but even so. I don't bother with RSs under 2.25% this time round, the available funds never having been bottomless anyway.

    The Virgin RS accounts allow withdrawals, so it's worth having as long as you've got cash earning <2.25%.
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