Regular Saver Thread **New and Restarted**

schiff

Every day the second payment is delayed will cost us 2.4p in much needed income.

With the weekend coming up the situation will become desperate. Let us be prepared to support each other through this difficult time. We've agonised together before, let us do it once again.

MSE :grouphug:

veryintrigued

schiff wrote: »

Every day the second payment is delayed will cost us 2.4p in much needed income.

With the weekend coming up the situation will become desperate. Let us be prepared to support each other through this difficult time. We've agonised together before, let us do it once again.

MSE :grouphug:

Loving the dryness of this reply.

Similar situation here.

Opening cheque cleared almost a week ago after returning application form. No sign of passbook so subsequent funding arrangements as yet.

Sure it'll be fine though.

surreysaver

I've booked an appointment for next week to open Nottingham's Sunshine Regular Saver, but just received a phone call saying its being withdrawn on Saturday 1st September. But they will be launching a new Regular Saver on Monday, paying 2% which matures in January 2020, and you can pay in £500 pm. I believe you'll be able to have both accounts side by side.

bxboards

surreysaver wrote: »

I've booked an appointment for next week to open Nottingham's Sunshine Regular Saver

Given the pittance that 2.3% offers interest wise, I can't see how its economic timewise to make appointments for this, for either the customer or the bank.

Just can't see how anyone can get exited about a below inflation savings rate that over the duration loses money.

Its not money saving, its money wasting as far as I can see, even if you don't value your time. What am I missing?

ctdctd

bxboards wrote: »

Given the pittance that 2.3% offers interest wise, I can't see how its economic timewise to make appointments for this, for either the customer or the bank.

Just can't see how anyone can get exited about a below inflation savings rate that over the duration loses money.

Its not money saving, its money wasting as far as I can see, even if you don't value your time. What am I missing?

For the bank, it's a loss leader to get customers signed up.
For the customer, it may well be the best 100% safe return they can get on their hard earned cash.
Especially if they follow this thread and are signed up to all the better regular saver accounts!

eskbanker

bxboards wrote: »

Given the pittance that 2.3% offers interest wise, I can't see how its economic timewise to make appointments for this, for either the customer or the bank.

Just can't see how anyone can get exited about a below inflation savings rate that over the duration loses money.

Its not money saving, its money wasting as far as I can see, even if you don't value your time. What am I missing?

You're missing out your suggestion(s) of better things to do with the money, on a comparable basis (i.e. capital-protected and without lengthy fixed terms), once the 3-5% accounts have been used.

surreysaver

bxboards wrote: »

Given the pittance that 2.3% offers interest wise, I can't see how its economic timewise to make appointments for this, for either the customer or the bank.

Just can't see how anyone can get exited about a below inflation savings rate that over the duration loses money.

Its not money saving, its money wasting as far as I can see, even if you don't value your time. What am I missing?

I'd be sat at home doing nothing, so time wise it costs nothing. I work for the railway, so get free travel to my nearest branch in St Albans to open it. There's a Virgin Money round the corner, so I get to update my passbooks while I'm there. I've never been to St Albans before, so I'll do some sightseeing while I'm there.
All the money would be doing if I didn't put it in a savings account would be offsetting the interest on my mortgage at 1.5%. I'm not going to spend all my savings simply because the rate of interest on my savings is lower than the rate of inflation.
I invest in the stock market as well.

youngretired

No I haven't received my passbook yet & no other post. I've set up my standing order though 1st monthly from 1/9 as Facebook chat confirmed calendar month. I'll be able to check online that payments have been received in ok.

schiff

youngretired wrote: »

No I haven't received my passbook yet & no other post. I've set up my standing order though 1st monthly from 1/9 as Facebook chat confirmed calendar month. I'll be able to check online that payments have been received in ok.

Ah! What is the sort code and account number to set up the SO please. Is it one of those where you enter your account number as the reference?

surreysaver

youngretired wrote: »

No I haven't received my passbook yet & no other post. I've set up my standing order though 1st monthly from 1/9 as Facebook chat confirmed calendar month. I'll be able to check online that payments have been received in ok.

I received my passbook today, after posting my application and cheque on the 20th August. The payment dated in the passbook was 21st, the day they would have received it.