Regular Saver Thread **New and Restarted**

MarkFromCornwall

schiff wrote: »

£1050 at 5%
£200 at 3.5%
£2350 @ 3%
£1350 at 2.5%
£200 at 2.3%
£500 at 2.25%
£250 at 2%

Equivalent to £5900 at a weighted average rate of 3.129%.

Mee

Just a word of caution about sharing information here which may enable potential scammers build up a picture of your financial connections.

adindas

Mee wrote: »

Just a word of caution about sharing information here which may enable potential scammers build up a picture of your financial connections.

And how ?
Keep in mind not many people here use their real name/ID

polymaff

adindas wrote: »

And how ?
Keep in mind not many people here use their real name/ID

Quite. Some impressive figures, though. Leaves me in the dust...:)

arwain

Careful_ly wrote: »

For the benefit of people who have children/grandchildren etc, and who are able to visit a branch to open this account, I would like to point out that the opening adult also gets a Learner Earner adult account paying 4% on £250. I don't think this is clear from the website, but confirm it is correct, as I have done it!!!!

Thanks for the HU on this, after reading this I visited a local branch with grandchild in tow and have opened an account for the child and one for myself.

arwain

surreysaver wrote: »

Do you have to make an appointment to open these accounts, or can you just turn up (I'm planning on a trip over the border to open the Monmouthshire ones too).
Also, do you need to have the child with you, or presumably I just need to take the birth certificate?

I just turned up, however I live close to a branch. When I arrived they couldn't see me straight away but they made an appointment for about an hour later. If I did not live close to a branch then I think it would be sensible to make an appointment just incase there were no time slots available on the day you turn up.

I took my grand child along with their birth cert with me, but again as its only a 30 min round trip by car to the branch and back it was no problem. If it was a long trip I would ask when arranging the appointment if it was necessary for the grand child to accompany me.

Provided its not too long a journey for the child, I think its quite a good idea for them to come with you, to give them a bit of experience of finance planning etc.

1Foz

Saffron BS was offering 3.5% on £200 per month til July. They changed it now to a slightly lower rate of 3% but the max deposit raised to £250...guess it works out more or less the same interest paid over the year...just that you've gotta put in an extra £50 per month to get it. Boo Still, at least it can be managed online. Good little building society.

Trouble with regular savers now is the rate drops. The top paying ones are still well worth it (First Direct, HSBC, M+S) but the ones offering 3% are pretty pointless to drip feed into when putting a matured RS in something like a 1 yr fixed with Atom earns more interest over the year.

Sea_Shell

My account is supposed to mature today. They sent me a letter of options, but basically said if you don't reply, it will convert to a standard savings account and your money will be available to transfer to your nominated account.

Should this happen today....any idea on timescales? Is it a case of keep checking to see when it's happened, or will it not happen until close of business today?

Anyone else got experience of this?

Cheers.:beer:

interest_Ted

Re Monmouth maturity....I had sent the maturity form in, requesting funds to be sent by FP. I received the money in my account on the next working day after the maturity date, BUT not until 6.15 pm.
Ted

adindas

1Foz wrote: »

.... the ones offering 3% are pretty pointless to drip feed into when putting a matured RS in something like a 1 yr fixed with Atom earns more interest over the year.

Well I will still see even the one offering 2% is worthy considering the flexibility and the highest interest for 1yr fixed rate you could currently get is only 2%. But for people who do not want to touch the money for at least one year, it is probably better and less work to put it in fixed rate.

Regular Saver is just around 0.6x (?) of fixed rate saving if you put the money in Fixed Rate saver in lump sum. But the point with RS is that:

- It is much within your control and it could work like an easy saver if it is planned well. If you have started it a few years ago, you already have RS mature every single month that could be ready to be reinvested or to be used like easy saver.

- Some regular savers in lower brackets paying 2% such as those from LBG, are even working like an easy saver as you could transfer it to your current account in just a few seconds when you need the money and start to drip feed again when you have surplus. You could also vary the amount to drip feed.

- And do not forget where the source of drip feeding is coming from. The money is already earning some interest, say 1.5% in Santander / LBG and you drip feed it to 2%.