Regular Saver Thread **New and Restarted**

Special_Saver2

Hi Folks,

Here is this weekend's update. I still cannot update the posts on the first page of this thread due to technical problems. I am considering colsten's suggestion of using Google docs. I would like to keep the posts easily accessible to everybody by having them directly on the forum so I am going to wait a bit longer for the forum to be fixed.

I have noted that the following items need to change once I have the ability to edit the first posts on this thread:

- Yorkshire BS Monthly Regular Saver Issue 2 replaced with Issue 3 and the only differences are that the interest rate has dropped to 2.1% and the amount you can pay in has increased to £300 per month

- Santander Regular eSaver Issue 8 replaced with Issue 9 and the only difference is that the interest rate has dropped to 2%
- Tipton and Coseley Fixed Rate Regular Saver needs to move posts as there is now less than 12 months left to run on this account before maturity
- Nottingham BS Robin Hood Young Saver withdrawn and needs to removed from the relevant post on the first page of this thread
- Saffron BS 12 Month Fixed Rate Regular Saver Issue 4 withdrawn and replaced with Issue 5 paying 2.5% 
- Saffron BS Small Saver (locals only) to be added to the list - https://www.saffronbs.co.uk/savings/immediate-access-savings-accounts/small-saver-gr4/  

I will do the next update in 1-2 weeks' time.

SS2

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

dcs34

Just a note on Saffron, I have the 170th Birthday Reg Saver, however I have been able to open and fund a small saver (edit: I live in the postcode zone).

colsten

dcs34 said:

Just a note on Saffron, I have the 170th Birthday Reg Saver, however I have been able to open and fund a small saver.

You must be living in one of the limited post codes this is available for. I applied, as an existing Saffron customer living outside their area. They didn't even bother to tell me to get lost, just ignored my application 

onwards&upwards

Can anyone help with my maths/logic on this?

I have £5000 to save.  £1500 will go in a TSB current account to get 3%.  

£300 a month will go in a First Direct RS at 2.75%
£500 a month will go in a Coventry BS RS at 2.5%

After 4 months of paying into the Coventry and 5 months of paying into the FD the £5000 will all be paid in.  Am I right in thinking it’s better to lock money away in the Coventry at 2.5% sooner rather than leaving it at a measly 1.35% in Marcus for longer so I can put it in the FD at 2.75% later on, right?   My brain is deserting me on the actual numbers but this feels right!

polymaff

Every day you have money in at 2.5% you'll earn more interest than at 1.35%. Ditto 2.75%.

So if you are happy with the terms of a higher-rate account, dribble as fast as you are permitted.

A point to note is that the FD is a fixed rate account - so wait and with rates falling, you might lose out !

onwards&upwards

polymaff said:

Every day you have money in at 2.5% you'll earn more interest than at 1.35%. Ditto 2.75%.

So if you are happy with the terms of a higher-rate account, dribble as fast as you are permitted.

A point to note is that the FD is a fixed rate account - so wait and with rates falling, you might lose out !

Thanks, sorry not sure what you mean about losing out if rates fall?  Surely a fixed rate is a protection against that?

colsten

onwards&upwards said:

Can anyone help with my maths/logic on this?

I have £5000 to save.  £1500 will go in a TSB current account to get 3%.  

£300 a month will go in a First Direct RS at 2.75%
£500 a month will go in a Coventry BS RS at 2.5%

After 4 months of paying into the Coventry and 5 months of paying into the FD the £5000 will all be paid in.  Am I right in thinking it’s better to lock money away in the Coventry at 2.5% sooner rather than leaving it at a measly 1.35% in Marcus for longer so I can put it in the FD at 2.75% later on, right?   My brain is deserting me on the actual numbers but this feels right!

The FD T&Cs state that you need to pay at least £25 each month into your FD Saver. They don't say what happens if you don't. FD don't allow you to change the SO amount online or through the app, either.
You should be able to withdraw money from your Coventry RS and move it over to your FD current account, though.

polymaff

onwards&upwards said:

polymaff said:

Every day you have money in at 2.5% you'll earn more interest than at 1.35%. Ditto 2.75%.

So if you are happy with the terms of a higher-rate account, dribble as fast as you are permitted.

A point to note is that the FD is a fixed rate account - so wait and with rates falling, you might lose out !

Thanks, sorry not sure what you mean about losing out if rates fall?  Surely a fixed rate is a protection against that?

Yes, but the rate is set when you open the account. I thought that you might be thinking of delaying opening the FD. My misinterpretation.

As I wrote, the strategy is to get money into the the highest rate accounts as fast as you can - providing you are happy with the terms of the accounts.

trickydicky14

Santander RS,
My RS is just about to end but as the rate has now gone down to 2% for new accounts, I wish to call it a day.
How do I stop Santander doing an auto roll over? do I have to ring them or just stop my DD end of.

onwards&upwards

polymaff said:

onwards&upwards said:

polymaff said:

Every day you have money in at 2.5% you'll earn more interest than at 1.35%. Ditto 2.75%.

So if you are happy with the terms of a higher-rate account, dribble as fast as you are permitted.

A point to note is that the FD is a fixed rate account - so wait and with rates falling, you might lose out !

Thanks, sorry not sure what you mean about losing out if rates fall?  Surely a fixed rate is a protection against that?

Yes, but the rate is set when you open the account. I thought that you might be thinking of delaying opening the FD. My misinterpretation.

As I wrote, the strategy is to get money into the the highest rate accounts as fast as you can - providing you are happy with the terms of the accounts.

Ah I see, no the account is already open.  Thanks though.