Regular Savings Accounts: The Best Currently Available List!

liamcov

AmityNeon said:

simonsmithsays said:

Frankly I don't understand people coming onto a MSE page and wasting energy saying getting X money more is a waste of time - whilst negatively posting on here seemingly isn't.

Each to their own I guess.

They actively monitor a thread. They see a new product announced/discussed. They feel better about their own inaction if they publicly justify why the new product being discussed is not worth it to them (instead of ignoring it, which is usually a much better indication of something not being worth one's time).

Surely post of the year (so far)

AmityNeon

liamcov said:

AmityNeon said:

simonsmithsays said:

Frankly I don't understand people coming onto a MSE page and wasting energy saying getting X money more is a waste of time - whilst negatively posting on here seemingly isn't.

Each to their own I guess.

They actively monitor a thread. They see a new product announced/discussed. They feel better about their own inaction if they publicly justify why the new product being discussed is not worth it to them (instead of ignoring it, which is usually a much better indication of something not being worth one's time).

Surely post of the year (so far)

To clarify, I wasn't suggesting that others shouldn't share their reasons for not applying for new regular savers being discussed, because there could be individual circumstances that preclude any net benefit, such as not having sufficient funds to fund the account every month, or for tax purposes etc. Such revelations can be beneficial to others reading who may not have considered those factors in relation to themselves.

It was more in reference to remarks such as (to paraphrase), '£6? Hardly worth getting excited over. I won't bother opening a new account just for that.'. I would not visit every board on this forum to find tips/tricks/hacks only to then remark why such things aren't worth it for me.

dlevene

My FD regular saver matured today. As suggested on this forum, rather than wait, I sent them a secure message asking for the funds to be transferred immediately, and for a new RS to be opened.

They complied with the first request but claim the latter isn't possible for a few days. I insisted but they didn't budge.

How does that square with others experiences? Any advice?

Special_Saver2

Hi Folks,

I have updated the first page of this thread.

- Yorkshire BS Christmas Regular Saver 2024 and Regular eSaver 2024 added paying 6% on up to £150 per month until 31st October 2024

I will do the next update in the next 2 weeks.

SS2

---

For those new to this thread, the first few posts are regularly updated and are on the first page
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1

simonsmithsays

dlevene said:

My FD regular saver matured today. As suggested on this forum, rather than wait, I sent them a secure message asking for the funds to be transferred immediately, and for a new RS to be opened.

They complied with the first request but claim the latter isn't possible for a few days. I insisted but they didn't budge.

How does that square with others experiences? Any advice?

Interesting language.

Don't the maturity instructions say this is par for the course?

It's certainly been the same for the last 10+ years with me.

I'd guess most wait the few days until their matured funds show and then open a new one.

Much calmer than insisting IMO

Wheres_My_Cashback

dlevene said:

My FD regular saver matured today. As suggested on this forum, rather than wait, I sent them a secure message asking for the funds to be transferred immediately, and for a new RS to be opened.

They complied with the first request but claim the latter isn't possible for a few days. I insisted but they didn't budge.

How does that square with others experiences? Any advice?

Some CS staff are unaware that the closure process can be done manually (not trained to do so) so it's a case of educating them that it is possible even though it's outside the norm. Done it for the past 8-10 years successfully, but some have needed a little gentle coaxing due the uncertainty.
I'd suggest you may have had more success by using the phone and by not insisting they do it. Many times I've also opened the new one in the same call.

AmityNeon

dlevene said:

My FD regular saver matured today. As suggested on this forum, rather than wait, I sent them a secure message asking for the funds to be transferred immediately, and for a new RS to be opened.

They complied with the first request but claim the latter isn't possible for a few days. I insisted but they didn't budge.

How does that square with others experiences? Any advice?

Do you still see the matured RS in your account listing? When mine matured (also on a Saturday) the account was no longer visible, so I applied for a new RS immediately in-app. Before Sunday morning, the matured balance was automatically transferred to my pre-existing standard FD savings account, which I then manually transferred to my current account, and by the afternoon, the new RS was already open with £300 automatically transferred from my current account. No human interaction required at all, and not a single working day had elapsed.

dlevene

I'm not quite sure what people are objecting to - ultimately, it's just about trying to get as much value from these accounts as possible, which is the entire point of this website.

I gave them a call, and I was firm but very polite. The first person I spoke to knew it could be closed manually but said that the lead times had grown to the point it took longer than the automatic maturing. I wasn't happy with this and it was escalated to the next person, who then agreed to action the closure immediately. She advised it might be overnight before the old account disappeared and I could apply for a new one - this ultimately happened a few hours later.

All sorted now,  but I do think they'd be better off avoiding the delay (which they are clearly able to do).

subjecttocontract

Yes I can see that every day saved is important to some. Not having to wait 3 days to pay £300 into your new FD account is worth about £0.057 pence in interest per day.

Section62

(Removed by Forum Team)

....ultimately, it's just about trying to get as much value from these accounts as possible, which is the entire point of this website.

I think the contrary points of view expressed on this thread (and others) is intended to act as a reminder that squeezing every fraction of a penny out of accounts is not always MSE, or sensible, or wise.

It is a valid point.

For example, your "firm but very polite" may be interpreted by the CSA as being "rude and aggressive" and could in theory result in your relationship with FD/HSBC being terminated.  Banks need little excuse to offload customers they don't want and being perceived as treating their staff badly is more than enough excuse for them.

The point being that sometimes it is important to take a step back and see the bigger picture.  The fraction of a penny gained by (say) opening an account earlier has to be weighed against the potential risks.

When I started out in this game it seemed we could do almost anything (lawful) and it wasn't an issue.  However it seems clear to me that things have now changed and the banks tolerance of people who push the boundaries is significantly less than it previously was.

In that context, posts like subjecttocontract's serve as a reminder to us all that this is about more than generating the odd penny here and there.  Therefore I feel your "just mind your own business" comment is uncalled for and inappropriate.  This affects us all - where the boundaries are pushed too far the result is often new restrictions that make it harder for the rest of us to benefit, so it is everyone's business, and worth people commenting on.

(Edit: adding second quote for clarity)