Regular Savings Accounts Article Discussion

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  • tg99
    tg99 Posts: 1,199 Forumite
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    dekkard wrote: »
    Also, I contacted Virgin Money to ask about the next Issue (number 4) of their Regular E-saver. They said it is coming but couldn't specify when.

    The intervals between Issues 1-3 suggest it will come in March this year.

    From memory, I think the store issue 3 should poss be available shortly (and before e saver 4) if following previous intervals. Begs the question of whether to go into store now to open the store Matchday Reg saver or wait till store issue 3 also available and thus kill two birds with one stone so to speak.
  • Westie983
    Westie983 Posts: 5,213 Ambassador
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    tg99 wrote: »
    From memory, I think the store issue 3 should poss be available shortly (and before e saver 4) if following previous intervals. Begs the question of whether to go into store now to open the store Matchday Reg saver or wait till store issue 3 also available and thus kill two birds with one stone so to speak.

    I think I will wait to see if Issue 3, comes out then follow it with the Issue 4, then do what you may do, discuss the Matchday saver, It will replace my Bucks RS which is paying 1.75%...

    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%
  • badger09
    badger09 Posts: 11,211 Forumite
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    dekkard wrote: »
    Nice one. I'm pretty sure this wasn't available last week. Seems new.
    Jo_Blogs wrote: »
    It wasn't :);). With effect, as of today ;):p.


    :rotfl:


    Whoop whoop. Not like me to be to be the 1st to spot something new.

    Not bad for an elderly (67 + 1 day) badger:p
  • mhoc
    mhoc Posts: 19,262 Forumite
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    Quoting myself again. I emailed YBS and they said you can have the new regular saver if you also have the previous regular saver so its worth messaging to check if this applies to you.

    Even though I am registered on line it has to be done the old fashioned way so I rang them up, 10 mins of terms and conditions (all online anyway) and then the pack arrives 2 days later. I took this into our local branch with my forms completed (I suspect they like you to have a formal interview but I didn't) and I got my passbook there and then.

    The manager also told me that new bonds will be available shortly and fixed rate ISAs so I registered my email for updates

    mhoc wrote: »
    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, maximum of £12000. It is through open to anyone over the age of 11.

    http://www.ybs.co.uk/savings/regular/index.html
    http://www.ybs.co.uk/savings/regular/monthly-regular-saver.html
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  • prasangv
    prasangv Posts: 2 Newbie
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    Does it matter what date of the month I put subsequent deposits? If I open a regular saver and make my first deposit on the 10th of the month, should following months' deposits be on the same date - in order to maximise interest by the end of the 12 months? Or should I deposit on the 1st of the month from month 2 onwards to maximise interest?
  • soulsaver
    soulsaver Posts: 5,976 Forumite
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    prasangv wrote: »
    Does it matter what date of the month I put subsequent deposits? If I open a regular saver and make my first deposit on the 10th of the month, should following months' deposits be on the same date - in order to maximise interest by the end of the 12 months? Or should I deposit on the 1st of the month from month 2 onwards to maximise interest?

    Depends on the terms, some are ok, some not.
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  • Stompa
    Stompa Posts: 8,348 Forumite
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    prasangv wrote: »
    Does it matter what date of the month I put subsequent deposits? If I open a regular saver and make my first deposit on the 10th of the month, should following months' deposits be on the same date - in order to maximise interest by the end of the 12 months? Or should I deposit on the 1st of the month from month 2 onwards to maximise interest?
    For the Virgin Regular savers I've been making the 2nd and subsequent deposits on the 1st of the month without encountering any problems.
    Stompa
  • badger09
    badger09 Posts: 11,211 Forumite
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    Stompa wrote: »
    For the Virgin Regular savers I've been making the 2nd and subsequent deposits on the 1st of the month without encountering any problems.

    Me too.

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  • tg99
    tg99 Posts: 1,199 Forumite
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    Westie983 wrote: »
    I think I will wait to see if Issue 3, comes out then follow it with the Issue 4, then do what you may do, discuss the Matchday saver, It will replace my Bucks RS which is paying 1.75%...

    Westie983

    Have got my appointment now to open the store Matchday Saver but must be busy at the Haymarket branch as there is a 2 week wait time. On the plus side, waiting longer gives a bit more time for them to launch the store issue 3 ready for my appointment.....
  • Gers
    Gers Posts: 12,032 Forumite
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    badger09 wrote: »
    Virgin Money:T

    Matchday E Saver £250 pm 2.25%

    I don't think this has been mentioned, or how long it has been available, but I've just opened one (in addition to my existing 3 Reg e Savers;)):

    There's also a parallel Store version for those who can easily get to one.

    Some guff about MUFC benefits which might be of interest:cool: to some of you.

    Thanks Badger - just spotted this during an idle surfing moment and now opened both accounts. I've got two other regular saver (BOS and M&S) accounts maturing this month so these will help fill the gaps.
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