Regular Savings Accounts: The Best Currently Available List!

happybagger

Stargunner said:

happybagger said:

zagfles said:

snow62 said:

By my calculations, that extra £200 at 8% will at most earn £1.27 - if it's in for 30 days before the account matures.  i.e. about 4p per day.

No, if you time it right the extra £200 is in for almost a year, not a month. 

Surely it is the final (extra) payment that is the extra one? Not the first? Surely the first is made regardless, as if it isn't, the the account hasn't started?

You are incorrect, You make the 1st psyment on the last day of the month and make the 2nd payment on the 1st of the following month.

Which you do anyway. The last payment is the one that is extra.

happybagger

friolento said:

happybagger said:

zagfles said:

snow62 said:

By my calculations, that extra £200 at 8% will at most earn £1.27 - if it's in for 30 days before the account matures.  i.e. about 4p per day.

No, if you time it right the extra £200 is in for almost a year, not a month. 

Surely it is the final (extra) payment that is the extra one? Not the first? Surely the first is made regardless, as if it isn't, the the account hasn't started?

I would say it is the first. As zagflies explains, instead of only £200, you start out with near enough £400. If you time it right, that is.

Which you can do regardless. It's the final one that is the "extra" one.

Anyways, given the tiny amount of interest concerned (in either scenario), that's me done on the subject.

allegro120

subjecttocontract said:

How much extra interest does making a 13th payment provide ?

Depends on the dates, monthly allowance and the interest rates.  Whatever it might be, there's no harm in taking the advantage of 13th payment when it is allowed.

schiff

This thread is constantly being diverted on to tangents with no real connection to breaking news.
I imagine it will continue like this now that new RSs are unlikely thanks to the BoE decision.

Altior

I suspect some people are looking at it the wrong way. The '13th' payment is irrelevant. What is relevant is that if you used the workaround, you're effectively pulling forward the remaining payments after the first one, by almost a month. The overall 'effect' of that is similar to having a bonus payment at the beginning. 

The question for me would be is that risking the potential wrath of Nationwide. Almost certainly not, but the modest upside isn't worth the risk, even if it's a well worn tactic. 

allegro120

schiff said:

This thread is constantly being diverted on to tangents with no real connection to breaking news.
I imagine it will continue like this now that new RSs are unlikely thanks to the BoE decision.

You never know, the market is full of surprises. Nobody expected Nationwide, which has been useless for savers for a long time, to come up with 8% RS. Going back few years, YBS launched 5% loyalty RS when most RS offers were below 2.5% and there was no indication of BoE rates going up any time soon. 

pecunianonolet

Applied for the Monmouthshire reg savers the day they came out but went on holiday 2 days later for 2.5 weeks. The day before the reg savers came online I applied for their normal saver, just in case. When I got home I had received one passbook for the 8% account and two other letters telling me the account numbers of the 7% reg saver and the easy saver together with a form to sign. Posted both on the 14th of Sep and applied the same day online for internet access. Until now I have not heard anything back. I have also not funded any account as I only do that when I have also access to the funds.

Same procedure for OH, except no passbook at all and no sight of the 8% reg saver. Only difference is that letters to sign were posted on the 18th

Is there any hope that we will be be able to use the accounts as we would ideally want to make a September contribution and have normal access or is it better to forget about it and never touch that building society ever again? Rather frustrated by now about their unprofessionalism and how ridiculously slow everything is. Not sure if I can trust them with my cash.

Should I call and complain?

Catplan

pecunianonolet said:

Applied for the Monmouthshire reg savers the day they came out but went on holiday 2 days later for 2.5 weeks. The day before the reg savers came online I applied for their normal saver, just in case. When I got home I had received one passbook for the 8% account and two other letters telling me the account numbers of the 7% reg saver and the easy saver together with a form to sign. Posted both on the 14th of Sep and applied the same day online for internet access. Until now I have not heard anything back. I have also not funded any account as I only do that when I have also access to the funds.

Same procedure for OH, except no passbook at all and no sight of the 8% reg saver. Only difference is that letters to sign were posted on the 18th

Is there any hope that we will be be able to use the accounts as we would ideally want to make a September contribution and have normal access or is it better to forget about it and never touch that building society ever again? Rather frustrated by now about their unprofessionalism and how ridiculously slow everything is. Not sure if I can trust them with my cash.

Should I call and complain?

I’d call to discuss, if you have account numbers you can fund. You don’t mention registering for online access? Have you done that? I done similar minus the holiday, EA and RS books came quickly I funded applied for ERS, requested online access, got the book for ERS, no letter for online. Then got email saying it was 20 days since online details sent and I had 8 days. I phoned to request the code they couldn’t/wouldn’t give me it over phone. Said they’d post first class on Thursday, it arrived Saturday and I logged in this evening and funded the ERS. I think I recall when you request online access I’m pretty sure it says accounts need to be funded, not sure how strict they are on that point.

pecunianonolet

Catplan said:

pecunianonolet said:

Applied for the Monmouthshire reg savers the day they came out but went on holiday 2 days later for 2.5 weeks. The day before the reg savers came online I applied for their normal saver, just in case. When I got home I had received one passbook for the 8% account and two other letters telling me the account numbers of the 7% reg saver and the easy saver together with a form to sign. Posted both on the 14th of Sep and applied the same day online for internet access. Until now I have not heard anything back. I have also not funded any account as I only do that when I have also access to the funds.

Same procedure for OH, except no passbook at all and no sight of the 8% reg saver. Only difference is that letters to sign were posted on the 18th

Is there any hope that we will be be able to use the accounts as we would ideally want to make a September contribution and have normal access or is it better to forget about it and never touch that building society ever again? Rather frustrated by now about their unprofessionalism and how ridiculously slow everything is. Not sure if I can trust them with my cash.

Should I call and complain?

I’d call to discuss, if you have account numbers you can fund. You don’t mention registering for online access? Have you done that? I done similar minus the holiday, EA and RS books came quickly I funded applied for ERS, requested online access, got the book for ERS, no letter for online. Then got email saying it was 20 days since online details sent and I had 8 days. I phoned to request the code they couldn’t/wouldn’t give me it over phone. Said they’d post first class on Thursday, it arrived Saturday and I logged in this evening and funded the ERS. I think I recall when you request online access I’m pretty sure it says accounts need to be funded, not sure how strict they are on that point.

Yes, I applied for online access for myself and OH here the same day I posted my signed forms using the pre paid envelope. No letter or email at all for me or OH. 

Once I have access to my accounts I fund them. I am not sending money somewhere, when I can't access the account.

zagfles

Altior said:

I suspect some people are looking at it the wrong way. The '13th' payment is irrelevant. What is relevant is that if you used the workaround, you're effectively pulling forward the remaining payments after the first one, by almost a month. The overall 'effect' of that is similar to having a bonus payment at the beginning. 

The question for me would be is that risking the potential wrath of Nationwide. Almost certainly not, but the modest upside isn't worth the risk, even if it's a well worn tactic. 

Seriously? It's using the account the way it's designed to be used! NW have always done RS accounts like this, inc their "start to save" accounts. They are fully aware that nearly everyone will have 13 calendar months to increase their balance and that the second payment could be the day after the first if opened at the end of the month.

If they didn't like people doing this they'd have similar T&Cs to Santander where a "month" starts on the date the account is opened. 

There are some uber MSE ways of expoliting bank offers, such as using the NatWest "round up" facility to make hundreds of £1.01 debit card payments, that could well incur "wrath". But paying in £200 every calendar month to an account that allows £200 every calendar month? Nah...