Regular Saver Thread **New and Restarted**

eskbanker

glaister wrote: »

When it the optimal time to open a regular savings account?

Is it best to open an account at the end of the month (including first payment), and then shift the subsequent payments to the start of the next month?

Or is it simply best to open an account at the start of the month?

Thanks!

It depends on the Ts & Cs: the first option would typically maximise the return if 13 full payments are allowed, whereas the second will usually be better if the maximum balance is based on 12 full payments, but there may be other variables as well, such as exactly when the 12 month period starts and finishes, and whether payment windows are calendar months or monthly periods starting on the day of opening or first funding.

ColdIron

glaister wrote: »

When it the optimal time to open a regular savings account?

Is it best to open an account at the end of the month (including first payment), and then shift the subsequent payments to the start of the next month?

Or is it simply best to open an account at the start of the month?

Thanks!

If it's an account that works on a calendar month and not a fixed date then the end of the month, you'll have more money in the account earning interest for its duration. Also don't forget that you will usually be able to make 13 payments

Special_Saver2

Hi Folks,

Here is this weekend's update.

- Nottingham BS Special Saver (Issue 7) withdrawn and removed from post 3

I will do another update next weekend.

SS2

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For those new to this thread, the first few posts are constantly updated and are on the first page

JamesRobinson48

Leek United BS has closed its RSA (branch only, 2.25% p.a. variable) to new customers.

They've replaced it with the new "Flexible Saver Account" (see link below), which can be opened by post but pays only 1.75% (variable) for a maximum of 12 months. Personally, I'm unlikely to bother with that one.

https://www.leekunited.co.uk/savings/flexible-regular-saver/

Fingerbobs

JamesRobinson48 wrote: »

They've replaced it with the new "Flexible Saver Account", which can be opened by post but pays only 1.75% (variable) for a maximum of 12 months. Personally, I'm unlikely to bother with that one.

The new account is potentially interesting because you can deposit up to £1000 per calendar month.

IanManc

Fingerbobs wrote: »

The new account is potentially interesting because you can deposit up to £1000 per calendar month.

But less interesting when you discover "Withdrawals can be made on the anniversary of account only."

Steve_xx

IanManc wrote: »

But less interesting when you discover "Withdrawals can be made on the anniversary of account only."

Unless you choose to close it, then you can do so without penalty, it seems.

jimbow25

FYI the link to the Leek United account appears to be dead and I cannot find a reference to it on their website. Shame as it sounded like a great deal.

ashteadgirl

Called Flexible saver

https://www.leekunited.co.uk/savings/flexible-regular-saver/

soulsaver

ashteadgirl wrote: »

Called Flexible saver

https://www.leekunited.co.uk/savings/flexible-regular-saver/

Says open by post or in-branch. Can it be operated on line? Or at least visible on line?