Derbyshire Regular Saver account

babysaver

I've read a few posts about Derbyshire's great rate of interest on their regular saver account and went on to their website to apply for an account. I e-mailed them as I couldn't find a link to apply and they've come back to me to say the account can't be managed on-line :-/

I've got all of my accounts on-line (Isa, current account, savings account, credit cards) and don't live anywhere near a Derbyshire branch. Can anyone tell me if it's straightforward managing this account by post and telephone or should I just cut my losses and go for an on-line account??

Thanks

Kazza242

I've got two regular saver accounts with the Derbyshire and I haven't had any problems managing them at all.

Before I opened my Derbyshire accounts, I had only used online savings accounts before. Also, like you, I live miles away from a Derbyshire branch. I've found it really easy to keep track of my money. I phone them once a month to check that my deposits have arrived. You will also receive a statement every April.

Do bear in mind that this is a regular savings account, which should really be used to build up middle-term savings. If you intend to make frequent withdrawals then this type of account will not suit you. I use the money in my Cahoot savings account should I need to add funds to my current account to cover a direct debit.

I've set up a standing order from my current account to my Derbyshire accounts to ensure that I don't miss a payment. The interest rate and the number of £'s allowed each month make this account well worth having, even without an on-line service, but do choose an account that suits you.

P.S. Halifax have a regular savings account which can be managed online. It pays a fixed rate of 6% and has a 1 year term. You are allowed to deposit a min of £25 and £250 max per month. After a year the funds are swept into your nominated Halifax account.

babysaver

Thank you Kazza - I think I'm just a bit addicted to checking all of my accounts every day ::)

Maybe I'll just wean myself off gradually by opening a non-internet account.....

Thanks again

ED

babysaver – Like Kazza242, I'm also pleased with Derbyshire Bdg Soc's regular, monthly savings a/c.

A satisfying way of combining online savings with a monthly a/c (via an online–linked Current a/c) can be to arrange a Standing Order to leave the Current a/c a couple of days before the 1st day of the new month – provided that the nil-interest days occur Monday or Tuesday (possibly + Wednesday). This way your £'s earn Derbyshire's rate from, say, Friday, 1st October after leaving the other institution's Current a/c on, say, Wednesday, 29th September (or Tues, 28th Sept, if your Current a/c takes an extra day for outward Standing Orders).

I'm pleased with the online a/c of Norwich & Peterborough Bdg Soc, paying 5.10% gross. Customers can make instant internal transfer from N&P's online savings a/c to the society's Current a/c, the day before a Standing Order is due to leave. Curiously, SOs leave N&P a/c's at the end of the day, instead of the usual 1:00am timing of most banks and bdg societies such as Coventry. Next Monday I'm going to arrange a small SO to one of my online a/c's with another financial institution, as a test to confirm whether or not the £'s arrive on Wednesday. Anyone here able to confirm this happens for them? Also, generally would it be safe to leave the £'s in the N&P online savings a/c until the morning of the Standing Order that's to leave the Current a/c at the end of the day? For large SOs it would be useful to earn extra interest thus.

Unfortunately, Leeds & Holbeck Bdg Soc and Yorkshire BS apparently take "up to 5 banking days" to transmit funds from their Current a/c's via Standing Order (or BACS), preceded by internal transfer from online savings a/c to the society's Current a/c taking "one banking day" (so the £'s can't go out on a Monday via Standing Order, unless transferred to Current a/c on the previous Friday).

Anyone here with experience working for a bdg soc or bank know why Leeds & Holbeck BS and Yorkshire BS aren't able to offer such swift transfer facilities as Norwich & Peterborough BS?

Bleg

I am very pleased with the Derbyshire. I have two accounts with them and I have had no problems. I call to check deposits and send my passbook in via the post every six weeks or so to have it updated. It is long trm savings so I do not need easy access to it, and the standing order systems work ok.
I am very pleased especially with the interest rate they pay.