Regular Saver Thread **New and Restarted**

schiff

where_are_we wrote: »

You can open a Tipton 2% fixed regular saver by post and fund £500 per month by standing order. However there is no online access - only a passbook. What is the experience of MSE posters who have done this?

My 3 RS's with the Nottingham BS are the same. It doesn't cause a problem, I phone up each month to check the SO's, as expected, have gone in.

adindas

where_are_we wrote: »

You can open a Tipton 2% fixed regular saver by post and fund £500 per month by standing order. However there is no online access - only a passbook. What is the experience of MSE posters who have done this?

Threre are reasonable number of RSA operating by post where you do not get online access even to check the balance. But as other post has expalined you could always call them to check it. You just need to do it for the first deposit, when it is going tto the right account you could just sit back and call them again when it is about to mature.

where_are_we

Thanks for your comments on operating a postal Tipton 2% fixed rate regular saver. Regular Savers are the only way to earn at least 2% on cash without having to fix for a long time once you have maxed out current accounts like TSB, Nationwide etc. At least the £500 monthly maximum is more than the usual.

Speculator

On maturity, does Tipton allow closure by Bacs or is it cheque only like the Chorley?

Fingerbobs

Speculator wrote: »

On maturity, does Tipton allow closure by Bacs or is it cheque only like the Chorley?

Cheque only, according to the Maturity Instructions form I've just received today.

Special_Saver2

Hi Folks,

Here is this weekend's update.

- Chorley BS Santa Saver accounts withdrawn and removed from the list on page 1

- Tipton and Coseley BS account maturity date updated to 31st January 2021 for accounts opened now

- Mansfield BS Young Regular Saver (2nd issue) interest rate dropped from 2.75% to 2.6%

- Progressive BS Children's Clockwork Regular Saver interest rate dropped from 2.65% to 2.5%

- Buckinghamshire BS Regular Saver removed from the list as the interest rate dropped to below 2% as expected

- Nottingham BS Special Regular Saver (Issue 8) and Seasonal Saver withdrawn and removed from list

- Santander 123 current account (feeder account section) updated to show that the interest rate will drop from 1.5% to 1% from 5th May

- Tesco Bank current account (feeder account section) no longer available for new applicants, removed from the list on page 1

I will do the next 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

progressive_uk

vermania wrote: »

I got the dreaded Coventry BS letter today, always know if it's in a Coventry envelope that it bears bad news. For those who have the 10 year old ex-Stroud and Swindon Regular Saver the interest rate is reducing again to 2.20%.

And just with rumours of a base rate decrease going around, after which they'd slap the rate down again. Apparently mortgage rates are too competitive to keep the interest as it is. Yes, there is still little better out there right now, but it seems it won't be long before the deposits in these long-held accounts might be better off in a fixed term account. Or making the most of the low mortgage rates and buying property. Or just anywhere but a savings account!

My letter came a bit later in the week. Rates have been in long term decline on this account, but it has always been above new products on the market, so I've stuck with it. It has take a bit more of a tumble recently, and you're right to be concerned it may soon not be worth hanging onto. I went through my letters; this is the interest rate history:


2010: 4.5%
June 2013: 3.5%
Sept 2016: 3.1%
Aug 2017: 2.75%
Dec 2017: 3.00%
March 2018: 2.8%
Aug 2019: 2.55%
Feb 2020: 2.20%

schiff

I've had the expected letter from M&S Bank about the maturity of my RS on January 30. A brief indication of how I can open a new one but surprisingly no comment about the change in interest rate.

Nuggy96

Hi peeps,

The answer is probably some where on this thread but I just opened the Coventry BS on Saturday 18th January. I was wondering whether I can put another £500 in 1st Feb or is it now I can only put in on 18th of every month, so 18th Feb? Just setting up my standing orders, so would be v helpful

Thanks in advance

schiff

Nuggy96 wrote: »

Hi peeps,

The answer is probably some where on this thread but I just opened the Coventry BS on Saturday 18th January. I was wondering whether I can put another £500 in 1st Feb or is it now I can only put in on 18th of every month, so 18th Feb? Just setting up my standing orders, so would be v helpful

Thanks in advance

A deposit on 1st Feb is OK and the 1st of following months if you wish.