Is this the end of the regular saver? - blog discussion

Ed-1

talexuser wrote: »

From BoS monthly saver terms, "You must have a Bank of Scotland current account".

When you apply. T&Cs are silent on any need to keep one once you've opened the account.

talexuser

Ok then, but personally for £8 a year, or 2p a day, it's not even worth the time arranging it.

RG2015

talexuser wrote: »

Ok then, but personally for £8 a year, or 2p a day, it's not even worth the time arranging it.

At 2.5% it would be £16 a year, or 4.5p per day.

mangopanic

That 5% equates to 2.7% btw.

RG2015

mangopanic wrote: »

That 5% equates to 2.7% btw.

Please explain.

Okay, that was a rhetoric request. I know that a twelve equal month 5% regular saver will earn 2.7% of the final saved balance.

Nevertheless a regular saver of 5% or 2% pays exactly that. Hence my view is that as long as this beats any instant access or one year fixed account then it is a better option (all other variables being equal).

PS. I see that you have waited over 11 years to make your second post. Welcome back! And apologies if my post was a bit harsh.

colsten

talexuser wrote: »

From BoS monthly saver terms, "You must have a Bank of Scotland current account".

Hardly an issue, is it?

Ed-1 wrote: »

When you apply. T&Cs are silent on any need to keep one once you've opened the account.

"must have" sounds to me that you must have one? How do you know these T&Cs aren't enforced? How will you open a new monthly saver when the existing one matures and you have no BOS current account? What's the issue of having a BOS current account, anyway?

Vortigern

talexuser wrote: »

But I have to keep the Vantage (at a loss) to have the monthly saver?

What loss? There's no fee for BoS Vantage even when there's no monthly funding and no DDs.

polymaff

talexuser wrote: »

But I have to keep the Vantage (at a loss) to have the monthly saver?

Keep it with a £1 balance. No servicing required. Costs you 2p per annum...:)

polymaff

talexuser wrote: »

Ok then, but personally for £8 a year, or 2p a day, it's not even worth the time arranging it.

Everything nowadays is pennies and halfpennies - and things will only get worse.


The most depressing thing most posters to Savings & Investments can do is to compute the return they get for their labour nowadays...:(

Ed-1

colsten wrote: »

Hardly an issue, is it?

"must have" sounds to me that you must have one? How do you know these T&Cs aren't enforced? How will you open a new monthly saver when the existing one matures and you have no BOS current account? What's the issue of having a BOS current account, anyway?

The terms and conditions state you must have one to open the account. They say nothing about having to keep one.

I don't have one anymore but I can say from experience that you don't even need a BOS current account to open one. A Halifax current account accessed through a BOS online banking profile works just fine and my 2.5% regular saver was opened fine and matured after 12 months.

There's no problem per se with having a BOS current account but if you want to switch it, there's no impact on any open monthly saver. If you want a new monthly saver (I wouldn't at current rates) you need a Halifax or BOS current account again to get one open.