Regular Saver Thread **New and Restarted**

Special_Saver2

Hi Everybody,

I cannot see anything to change for this weekend's update.

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

adindas

I just received Summary (KPI) of this product which is a replacement of Members regular saver.

I noticed the wording "You can have more than 1 regular saver local account."

This AC is a very good to divert the money from Club Lloyds and BOS current account as it is paying 2% interest with no limit for penalty free withdrawals and has no maturity date.

Having a few numbers of RSA of this kind will allow people to accelerate the process of draining money from current ac paying lower than 2% to RS, if needed. For Instance after the maturity of few RS accounts simultaneously falling into the same month.

Has anyone (not local to Buckingham) managed to open 2nd, 3rd, etc of Buckingham Regular Saver Local?

polymaff

Bizarre that Reading is regarded as local to Monmouth.

Speculator

I opened their Saver Plus issue 1 many many years ago when it was paying a competitive rate of interest. It allowed 1 DD to be paid in per month but the latest issue only allows payments by SO I think.

Luckily for me, It qualified me to open their latest 2.5% Reg Bond because I am an existing member.

adindas

Speculator wrote: »

I opened their Saver Plus issue 1 many many years ago when it was paying a competitive rate of interest. It allowed 1 DD to be paid in per month but the latest issue only allows payments by SO I think.

Luckily for me, It qualified me to open their latest 2.5% Reg Bond because I am an existing member.

2.55% is a respectable interest rate so good to have it for people who need it.
So am I correct to say that the 2.5% Reg Bond does not allow the payments by DDs ?

Speculator

I think they switched to SOs a few years ago but people still paying in by DD were allowed to keep it.

details right at the bottom. http://www.monbs.com/regular-saver-bond/

mhoc

A quick question. I have a Principality building society issue 17 expiring in late August - does anyone know if they accept 13 payments? Or would the final 13th payment bounce back?

Just figuring out when to cancel the standing order - July 1st or August 1st.

[Deleted User]

mhoc wrote: »

A quick question. I have a Principality building society issue 17 expiring in late August - does anyone know if they accept 13 payments? Or would the final 13th payment bounce back?

Just figuring out when to cancel the standing order - July 1st or August 1st.

Maximum balance is £6000 (per the T and C's), so if you have made 12 X £500 payments you can't make a 13th.

Terry_Towelling

For the purpose of this post please ignore all other products that may be better; I am only trying to suggest the best way to maximise the 1.5% interest on the 'up-to-£5K' tier. The way the account calculates interest and what balances it uses to do that are a bit complex so what I suggest might look a bit odd - and I haven't tested it yet!

If you apply for an account, make a deposit of £5K a day or two after opening. This ensures that your start balance is zero and not £5K. On the 3rd last business day of that month draw out all but £50. When the next month starts NWB should see your balance has increased by £50 (from the zero start) and you get interest at 1.5% on what was mostly a £5K balance.

Then on the 1st business day of the next month restore the balance to £5K. On the 3rd last business day of that month withdraw all but £100. (another £50 increase will then have happened and you get interest on a mostly £5K balance).

On the first business day of the next month restore your £5K balance. On the 3rd last business day take out all but £150 (another £50 monthly increase and more interest). Keep doing this, ensuring that the amount you leave in at month end is £50 more than it was the previous month. Hopefully you get the picture. This method should ensure you get 1.5% interest every month on a balance that is £5K for most of the month.

You can try to cut things finer with your re-deposits but, given the way NWB calculates interest and when they count a deposit as 'paid in', it's probably not worth risking it.

If you think that's too much of a faff for just 1.5% interest, you're probably right (and you do need £5K up front to make it work) but it is probably the best easy-access interest rate going and you're not restricted to how much you can put in each month. Trouble is it takes a lot of managing to do.

I just put it out there as a way of maximising the return on this regular-saver product - please don't shoot me down - unless you think I'm barking and have missed something fundamental (likely), in which case fire away!.

ctdctd

Terry_Towelling wrote: »

For the purpose of this post please ignore all other products that may be better; I am only trying to suggest the best way to maximise the 1.5% interest on the 'up-to-£5K' tier. The way the account calculates interest and what balances it uses to do that are a bit complex so what I suggest might look a bit odd - and I haven't tested it yet!

If you apply for an account, make a deposit of £5K a day or two after opening. This ensures that your start balance is zero and not £5K. On the 3rd last business day of that month draw out all but £50. When the next month starts NWB should see your balance has increased by £50 (from the zero start) and you get interest at 1.5% on what was mostly a £5K balance.

Then on the 1st business day of the next month restore the balance to £5K. On the 3rd last business day of that month withdraw all but £100. (another £50 increase will then have happened and you get interest on a mostly £5K balance).

On the first business day of the next month restore your £5K balance. On the 3rd last business day take out all but £150 (another £50 monthly increase and more interest). Keep doing this, ensuring that the amount you leave in at month end is £50 more than it was the previous month. Hopefully you get the picture. This method should ensure you get 1.5% interest every month on a balance that is £5K for most of the month.
..........

Might be easier to put £5K up front and then £50 per month - then you get 1.5% on £5K and 1% on the £50 upwards each month.


If you need the cash, withdraw it all on the 1st of a month and re-deposit to start again on the 1st of the next month.


Been running my account like this since it started - although the £50 was £100 back then!