Regular Savings Accounts: The Best Currently Available List!

allegro120

where_are_we said:

MBS ERS @ 6% - bit of a pain applying - no prepopulated stuff.

Should I have logged on first and the applied to avoid this?

Very outdated, I've left a comment about this at the end of application. Otherwise its a good offer - generous allowance, good rate and ability to get out if the rate becomes too low.

t1redmonkey

Just phoned MMBS and got some additional info from them which I'm sure some others will want to know:

You can close the new Exclusive Regular Saver issue 2 at any time in the next 12 months, and they will add accrued interest on top of the amount deposited as well.

Also for info, took nearly 25 minutes of holding before I got to speak to someone, so they seem to be very busy today!

jim1999

Does anyone remember the account in recent months that said it was a fix when opened, but then they later wrote and said actually it was a variable?  I'm struggling to come up with any search terms that find it!

allegro120

jim1999 said:

Does anyone remember the account in recent months that said it was a fix when opened, but then they later wrote and said actually it was a variable?  I'm struggling to come up with any search terms that find it!

 Could it be Co-op?

jameseonline

I'm thinking it might be worth exploring opening an easy access account with Monmouthshire now.

Had a regular saver with them ages ago, did nothing with it after funding it once because I didn't realise how old fashioned they were, like they sent passbook, had no idea what they were, for a while they kept being like we can send you a cheque etc, eventually more recently they were like they can send money back to the account I paid them from.

So my question would be are they still going to give me a passbook?, can I easily get at MY money ?, they still old fashioned etc?

Nick_C

t1redmonkey said:

Just phoned MMBS and got some additional info from them which I'm sure some others will want to know:

You can close the new Exclusive Regular Saver issue 2 at any time in the next 12 months, and they will add accrued interest on top of the amount deposited as well.

Also for info, took nearly 25 minutes of holding before I got to speak to someone, so they seem to be very busy today!

Many thanks for taking the time to do that.  Although the T&Cs do say you can close at any time, including when notified of a decrease in the interest rate, what they are saying on the website does contradict the T&Cs.  Good to bring this to their attention and get confirmation of their intentions.

t1redmonkey

Wheres_My_Cashback said:

t1redmonkey said:

Just phoned MMBS and got some additional info from them which I'm sure some others will want to know:

You can close the new Exclusive Regular Saver issue 2 at any time in the next 12 months, and they will add accrued interest on top of the amount deposited as well.

Also for info, took nearly 25 minutes of holding before I got to speak to someone, so they seem to be very busy today!

25 minutes wasted when you could have read that in 1-2mins by reading the product info.

Perhaps one of the reasons why MONBS struggle with applications.

I read it several times and it doesn't confirm that in the product info.  I shared the information as others on here weren't sure either.  No need to be so rude.

Wheres_My_Cashback

t1redmonkey said:

Wheres_My_Cashback said:

t1redmonkey said:

Just phoned MMBS and got some additional info from them which I'm sure some others will want to know:

You can close the new Exclusive Regular Saver issue 2 at any time in the next 12 months, and they will add accrued interest on top of the amount deposited as well.

Also for info, took nearly 25 minutes of holding before I got to speak to someone, so they seem to be very busy today!

25 minutes wasted when you could have read that in 1-2mins by reading the product info.

Perhaps one of the reasons why MONBS struggle with applications.

I read it several times and it doesn't confirm that in the product info.  I shared the information as others on here weren't sure either.  No need to be so rude.

Blunt, probably, rude no.

Closure

Closure of your Regular Saver account is allowed at any time without notice or penalty.

PRAISETHESUN

where_are_we said:

New Monmouth RS @6% - in their Savings Terms and conditions - "If we intend to lower the interest rate, we’ll let you know at least 30 days before the change happens, using letter, email, or text. If you’re not happy about the change, you
can close your account or move the money to another one. If you do this within the 30 days, you won’t have to pay any charges or lose any interest. We’ll assume you accept the change unless you tell us otherwise"

I think it is worth the hassle if you have exhausted matching or higher paying interest accounts especially with the present climate of reducing rates.

The above T&C`s mean you can withdraw your money if they reduce the rate by closing the account with no loss of interest. I am happy to get 6% on £500/month for knowing this. It`s a new account and I would be hopeful that they would not reduce the rate any time soon.

It also keeps your Monmouthshire BS membership continuing in case they offer another member exclusive RS in the future.

I personally always keep an separate easy access saver with every bank/BS I use precisely for this reason, usually something that can be opened with £1 balance. That way I don't need to worry about any breaks in membership, or run into issues I've seen in the past where some BS only take into account the most recent uninterrupted stretch of membership for loyalty product eligibility. Opening and closing RS accounts doesn't really matter then if you've also got an easy access account also ticking along in the background which maintains a constant membership.

jim1999

allegro120 said:

jim1999 said:

Does anyone remember the account in recent months that said it was a fix when opened, but then they later wrote and said actually it was a variable?  I'm struggling to come up with any search terms that find it!

 Could it be Co-op?

Bingo, thanks!

Seems they've committed to keep the rate the same from October when their other accounts drop, so that's a positive.