Regular Saver Thread **New and Restarted**

ValiantSon

umpixie wrote: »

not sure if this is the right place to post (spot the newbie) I'm looking for advice on a feeder account for my kids (both under 11

They have £3k each in savers. they've just got new regular saver accounts--I want the 3k to drip feed into their regular savers at the max of £100pcm but the nice person at the Halifax seemed to think that had to come from my account. That can't be the right or for that matter best, way surely! Its the kids money in their accounts--I don't want to take it our of their account and put it in my account and drip feed it--not least because then all the money they've piled up from grandparents and aunts and uncles over the years looks like its coming from me

grateful for any insight/advice

You're right that it doesn't need to go through your account, and that it really shouldn't: there is a risk of you falling foul of tax law. Unfortunately, a lot of people working in banks don't really know much about the products or the law.

If your children are 11, or over, then the Santander 123 Mini may be a good choice. It pays 3% on balances between £300 and £2,000. If they are under 11 you can still get the same deal with a Santander 123 Mini Account in Trust, but only if you have a Santander current account. If you don't it might be worth opening one (you don't have to use it as your main account if you don't want to). This would give them annual interest of £89.05, when combined with the regular saver.

Alternatively, the HSBC MySavings account pays 2.75% on up to £3,000. Using this account, with the regular saver would earn them £94 in interest. They need to be 7, or older, for this account. With £3,000 each, this is a better option than Santander.

If they aren't old enough for the above accounts, then Halifax Kid's Saver pays 2% on up to £5,000. Combined with the regular saver, they would earn £76 in interest.

schiff

From a branch manager:

'When RS4 matures its likely to transfer into an instant access account….When the final decision has been our Savings department will write to you with the options available'

pafpcg

schiff wrote: »

From a branch manager:
'When RS4 matures its likely to transfer into an instant access account….When the final decision has been our Savings department will write to you with the options available'

"When RS4 matures ..."? But Issue 4 never matures! I've checked the T&Cs for Issue4 and it doesn't have any mention of maturity (I've even run a word search).

But it doesn't stop LeedsBS from deciding at any time that Issue4 no longer brings them a net benefit and gives us notice that the account will be closed (which is probably what the branch manager really meant).

mhoc

pafpcg wrote: »

"When RS4 matures ..."? But Issue 4 never matures! I've checked the T&Cs for Issue4 and it doesn't have any mention of maturity (I've even run a word search).

But it doesn't stop LeedsBS from deciding at any time that Issue4 no longer brings them a net benefit and gives us notice that the account will be closed (which is probably what the branch manager really meant).

possibly when a sufficient number of Leeds regular savers 4 are nearing the maximum £6 thousand mark so people are starting to do withdrawal to keep below this maximum- what a building society does not want is people doing withdrawals.
And/or reducing their standing orders downwards or down to the minimum £50 a month going in. So the accounts are not getting the income so again less attractive on their balance sheets ...
Possibly that's when they might decide that the RS4 is no longer a going concern...

bristolleedsfan

mhoc wrote: »

Possibly that's when they might decide that the RS4 is no longer a going concern...

And then everyone who holds RS4 will be doing even higher level of withdrawals than you earlier described with no standing order credits going in. :rotfl::rotfl::rotfl:

aj23_2

Leeds BS have a new issue 17 and they've lowered the rate back to what it used to be. Nottingham BS have a new Sunshine RS which is good as it's more than 12 months.

mhoc

aj23 wrote: »

Leeds BS have a new issue 17 and they've lowered the rate back to what it used to be. Nottingham BS have a new Sunshine RS which is good as it's more than 12 months.

"Note that you can only have one Regular Saver (Issue 17) at a time (including joint accounts).
Please note that you cannot open a Regular Saver (Issue 17) if you already have a Regular Saver product with the Society, with the exception of Regular Saver (Issue 4). If you have one of these accounts and open the Regular Saver (Issue 17), the money deposited in the Regular Saver (Issue 17) account will be transferred to an instant access account."

So you cant have a regular saver 16 and a regular saver 17 as well

But you can have a regular saver 4 as well as a reg saver 17 (or 16)

glider3560

aj23 wrote: »

Leeds BS have a new issue 17 and they've lowered the rate back to what it used to be. Nottingham BS have a new Sunshine RS which is good as it's more than 12 months.

https://forums.moneysavingexpert.com/showpost.php?p=74481454&postcount=855

https://forums.moneysavingexpert.com/showpost.php?p=74455236&postcount=848

aj23_2

glider3560 wrote: »

https://forums.moneysavingexpert.com/showpost.php?p=74481454&postcount=855

https://forums.moneysavingexpert.com/showpost.php?p=74455236&postcount=848

But I already know this. Lol.

I wrote it here because the info on the first page needs updating.

aj23_2

mhoc wrote: »

It was a helpful post just incase anyone was thinking that they may be able to open a new leeds regular saver.

Apologies if it caused any offense or annoyance

It didn't cause offence. I just didn't see the relevance. I wasn't asking about how many I could hold at the same time. I was simply stating that these are two new issues so that page 1 could be updated.