Regular Saver Thread **New and Restarted**

JamesRobinson48

Ratewatcher wrote: »

Was trying to decide today whether to open a new Leeds Regular Saver (Issue 21) at 2.3% or whether to put the £3000 straight into a 1 year fixed rate account - probably Zenith or Oaknorth at 2.02% drip feeding from Nottingham BS at 1.55% (can't believe how quickly that was closed) and the 1 year fixed rate works out at just over £3 better. I just wanted to highlight how useful the calculator was.

No disrespect intended, however I feel no calculator is needed for this comparison. Using your "drip" option, over the entire year roughly half your money is earning 1.55% and the other half 2.3%. A simple arithmetic average of the two % amounts would clearly come out below 2%. Your one year fixed rate, on the other hand, is slightly over 2%. There are other imponderables here (personally I would rather deal with Leeds/Notts than an unfamiliar name, even for ~0.1% p.a. less interest) but calculators don't measure them.

bristolleedsfan

Speculator wrote: »

Anyone received their Chorley cheques/new passbook yet? Need to go out to the shops but will wait for postman if people have received their cheques.

I know sometimes they send cheques out using 2nd class post.

Edit: Just received my wife's cheque and passbook. Still waiting for mine.

Still waiting for both Cheque and new reg saver passbook, were sent in at different times, maturity form was returned by return of post.

karlie88

A family member was unaware of the following, so I thought I would post to assist others:

Saffron BS' reg saver offers 3.5% on up to £200 per month and has historically (for many years) offered very good rates on its reg saver. Most of us know this.

You can only open the account in-branch or via post. However, to open via postal application you have to have held a savings account or mortgage with them for 6 months beforehand.

Fortunately, they offer an online e-saver account that can be opened and managed online.

Needless to say, he has opened an online e-saver.

You get the rest...

glider3560

karlie88 wrote: »

A family member was unaware of the following, so I thought I would post to assist others:

Saffron BS' reg saver offers 3.5% on up to £200 per month and has historically (for many years) offered very good rates on its reg saver. Most of us know this.

You can only open the account in-branch or via post. However, to open via postal application you have to have held a savings account or mortgage with them for 6 months beforehand.

Fortunately, they offer an online e-saver account that can be opened and managed online.

Needless to say, he has opened an online e-saver.

You get the rest...

I did exactly the same last year. At the time, I worked a few miles from Saffron Walden, but their branch was very inconvenient to get to at lunchtime, so took the e-Saver then postal application option.

All very efficient and the renewal was easy (you get to keep the same account number for next year, so don't have to mess around with the standing order).

veryintrigued

karlie88 wrote: »

A family member was unaware of the following, so I thought I would post to assist others:

Saffron BS' reg saver offers 3.5% on up to £200 per month and has historically (for many years) offered very good rates on its reg saver. Most of us know this.

You can only open the account in-branch or via post. However, to open via postal application you have to have held a savings account or mortgage with them for 6 months beforehand.

Fortunately, they offer an online e-saver account that can be opened and managed online.

Needless to say, he has opened an online e-saver.

You get the rest...

One of the best bits been that payment on maturity is made by faster payment direct to nominated account rather than cheque what a lot of smaller BS still use.

katsu

:money:I had no idea there was an option to access the Saffron account that way... Thanks for the tip as I didn't look beyond branch locations.

Speculator

bristolleedsfan wrote: »

Still waiting for both Cheque and new reg saver passbook, were sent in at different times, maturity form was returned by return of post.

Received my passbook and cheque yesterday. Mine was posted on the 2nd by 1st class post . My wife received hers on Friday and was posted on the 1st.

I understand all the applications and maturity instructions were passed onto different branches to deal with so people will recieve their cheques at different times.

Ratewatcher

Thanks to James for making me aware of the simple calculation necessary for drip feeding a regular saver - I hadn't thought of it that way. I presume there are a number of people who are the same otherwise it wouldn't have been created. I understand what you mean about staying with a bank you know but I find that with regular savers (as opposed to easy access saving or current accounts) I only need to contact the bank twice - once to open and once to close, everything else is done automatically. As long as FSCS protection is there I feel happy with this. I have a large number of bank accounts but the worst service I have had recently has been surprisingly from M&S bank

Ratewatcher

Could I ask Karlie88 about the Saffron account - the Saffron e-saver account is showing as 1.01% - I can't understand why this would be attractive when there are a lot higher rates available. It is the 12 month fixed rate regular saver with 3.5% that I would really like. For those who do not live in the appropriate location I can see you can apply by post but do you also have to run the account by post? Is Karlie saying there is a way of obtaining the higher rate electronically?

glider3560

Ratewatcher wrote: »

Could I ask Karlie88 about the Saffron account - the Saffron e-saver account is showing as 1.01% - I can't understand why this would be attractive when there are a lot higher rates available. It is the 12 month fixed rate regular saver with 3.5% that I would really like. For those who do not live in the appropriate location I can see you can apply by post but do you also have to run the account by post? Is Karlie saying there is a way of obtaining the higher rate electronically?

You need to leave £100 in the eSaver 1.01% for 6 months. You are then eligible to open the 3.5% account by post (and can remove the money from the e-Saver).