Regular Saver Thread **New and Restarted**

[Deleted User]

liamcov wrote: »

Does anyone have the Saffron 3.5% Reg Saver?

Mine is just maturing and the pack they've sent me says I can re-invest the money in the same 3.5% account for another 12 months, with additional deposits of up to £200/month.

As I don't think any other reg saver does this I just thought I'd check if others had done this with them?

Yes, I have done it. Absolutely no problems at all. They just send you a new passbook, and away you go for another 12 months. It's remains the same issue of the Regular Saver (Issue 3). It isn't a problem that you have had one before. I checked with them when mine renewed some months ago.

pafpcg

cmondynamite wrote: »

Yes, I have done it. Absolutely no problems at all. They just send you a new passbook, and away you go for another 12 months. It's remains the same issue of the Regular Saver (Issue 3). It isn't a problem that you have had one before. I checked with them when mine renewed some months ago.

I think the key question here is: what happens to the balance in the account when it matures at the end of 12 months? Are you saying that your new regular saver is currently holding your previous year's contributions (up to £2,400) together with this year's contributions and all earning interest at 3.5%? If that's true when my account matures in September, just like Kidmugsy, I'll grab that in an instant! But why would Saffron bother issuing a new passbook?

polymaff

"Your account will mature after 12 months. When your account matures it will automatically switch to a variable rate Maturity Easy Access account."

"You can make as many deposits during the month as you need to, providing they don't exceed the monthly limit of £200"

MarkFromCornwall

pafpcg wrote: »

It's really no different from other maturing regular savers except that Saffron make it easy by giving you the option of using up to £200 from the maturing account as the first payment into the new regular saver account.

schiff

liamcov wrote: »

Does anyone have the Saffron 3.5% Reg Saver?

Mine is just maturing and the pack they've sent me says I can re-invest the money in the same 3.5% account for another 12 months, with additional deposits of up to £200/month.

As I don't think any other reg saver does this I just thought I'd check if others had done this with them?

Would you check that again. My maturity letter back in December last told me that the proceeds, failing any instruction to the contrary eg. a request for a FP, would 'automatically roll into a Maturity Easy Access'. I withdrew £2200 plus the interest by FP and the remaining £200 started the new RS. I have the same passbook.

I think logic dictates that the scenario hinted at is not likely to be so. IMO anyway

patientperson

This product will be launched on 02-08-2018.

Sorry .. limited details .. seen on Savers Friend website

https://www.saversfriend.co.uk/charts/regular-savings-variable-accounts

It is a 2 year bond - 2.50% variable.

Min £10 / Max £ .. probably £500 but not mentioned.

Also not yet showing on the YBS website.

schiff

The £500 max is mentioned via that link, as is the maximum balance of £12K after two years. The mention of Regular Saver and 2-year Bond about the same thing is a bit confusing, but I suppose it means no access in under two years*.

I'm going to my Virgin store tomorrow to collect a maturing RS and the Yorkshire BS is not far away. I'll see what I can find out!

* PS: sorry, one withdrawal allowed per annum.

eskbanker

patientperson wrote: »

This product will be launched on 02-08-2019.

Sorry .. limited details ..

Unsurprising that there's not much info if it isn't being launched for another year!

patientperson

eskbanker wrote: »

Unsurprising that there's not much info if it isn't being launched for another year!

Yes indeed .. quite a chuckle .. I have now changed the original post to 2018 .. Thanks

Speculator

details now on the ybs website.

https://www.ybs.co.uk/savings/regular/index.html

Appears to be a 1 year account.

Save up to £250 per month for 1 year
£250 per month saved at 2.50% gross p.a./AER would lead to gross interest of £40.79 at the end of the 12 month period