The Derbyshire Regular Savings

Aark

I have been thinking about opening one of these and have read the Terms and Conditions. The problem is that I am still not sure if I am planning to set it up in a way that is actually possible.

What I was going to do was set up a monthly standing order for £10 per month, so that I will make sure of meeting the bonus conditions. I would then make additional deposits up to £990 each month.

This boils down to two questions:

1.) Are you required to make one deposit a month exactly or at least one a month?

2.) Is there any other way to deposit aside from standing orders, for example by BACS transfer?

I can't find anything in the Terms and Conditions that would stop me from doing this, but I also can't find anything on the site to know how operating the account works in practice.

Kazza242

I've got two of these accounts.

1. The T&C's are a little vague about this, but under Section 4, Special Condition 1.3f, it does make reference to a 'qualifying payment'. I think this account (like many other regular savers) only permits one deposit per month.

2. Yes, BACS transfers are allowed. My first 2-3 monthly payments were by BACS transfer. Alternatively, if you live near a branch of the Derbyshire BS then you could also pay the money in over the counter, avoiding 3-4 days loss of interest.

Robert_Sterling_3

There are sixteen pages of small print associated with this account.
What is odd is that the Derbyshire actually use "small print" on the web.
Why?  It does not save paper.
Could it be that they hope that you will not read it.
Also they talk about Instant Access  ... This comes at a cost.  They talk about a bonus rate.  The bigger the bonus rate the greater is the penalty for having instant access more than once per annum.
Never the less it is as good a regular saver as most and better then many.

Aark

In the end, I e-mailed The Derbyshire with these two questions and they confirmed that more than one deposit a month can be made provided the total does not exceed £1,000.

Anyway, I applied for an account and received my passbook today so I will see if it is okay in practise.