Regular Savings Accounts: The Best Currently Available List!

veryintrigued

JamesRobinson48 said:

moi said:

Christmas Saver Bond Issue 3  @ 1.1% &  £1000 per month looks like a decent replacement, but that only lasts 1 year, rather than rolling on

As I see it, the drawback with the Monmouthshire BS's new Christmas Saver # 3 is that, even though the interest rate is variable,  no withdrawals are permitted for the entire year.  Unlike the predecessor Xmas product, whose 1.00% bonus was locked in for the year (plus a bit of variable interest on top). Generally I trust the MonBS to do the 'right thing' by regular savers, as they have a reputation to protect in their core local area. But I'll be in no hurry to open this one. 

Monmouthshire
Just received the forms. They don't give the option of saving £1000 from the matured funds into the new Christmas Saver at all. Regardless of whether you want to take out any other product.

Weirdly the form options seem aimed at the Regular Saver 5.

typistretired

Who rattled your cage!

typistretired

Monmouthshire BS
Having read the letter carefully you cannot pay all the money into the Christmas Saver Bond Issue 3 and then pay in £1,000 per month.  They state deposit limits may apply and you can only deposit £1,000 a month into the Christmas Saver Bond Issue 3.  

liamcov

Thanks all I was just about to post this.
So I'm thinking £1,000 into Xmas issue 3 and £250 into Regular Saver Bond issue 5 (I already have issue 4 - is this a bar?)

typistretired

liamcov said:

Thanks all I was just about to post this.
So I'm thinking £1,000 into Xmas issue 3 and £250 into Regular Saver Bond issue 5 (I already have issue 4 - is this a bar?)

As it is a different Monmouthshire BS issue number you should be okay.
I have opted for both too and put a paying in slip in envelope to cover transfer to my nominated account of any excess funds.

liamcov

typistretired said:

liamcov said:

Thanks all I was just about to post this.
So I'm thinking £1,000 into Xmas issue 3 and £250 into Regular Saver Bond issue 5 (I already have issue 4 - is this a bar?)

As it is a different Monmouthshire BS issue number you should be okay.
I have opted for both too and put a paying in slip in envelope to cover transfer to my nominated account of any excess funds.

Thanks just checked too and it's not explicitly stated so will give it a try.
Also, the Xmas issue 3 isn't on their website - is this an existing member exclusive?

typistretired

As it does not start until they close the Xmas Issue 2 it could be an early notification by Monmouthshire for existing members.  Might close quickly if too many apply.

someone

JamesRobinson48 said:

As I see it, the drawback with the Monmouthshire BS's new Christmas Saver # 3 is that, even though the interest rate is variable,  no withdrawals are permitted for the entire year.  Unlike the predecessor Xmas product, whose 1.00% bonus was locked in for the year (plus a bit of variable interest on top). Generally I trust the MonBS to do the 'right thing' by regular savers, as they have a reputation to protect in their core local area. But I'll be in no hurry to open this one. 

6.14 of the general terms means the money will not be locked in if the rate decreases

1. If we make a change to the interest rate we pay on your account which is to your disadvantage we will notify you by sending you a letter, email or other personal notice 30 days in advance of the change. At any time up to 30 days from the date of our notice you may close your account, or transfer your money to another Society account. You may do this without giving us any notice or incurring any charge or loss of interest that would otherwise apply under the Product Terms and Conditions.

Christmas Saver Bond (Issue 3), Summary Box - Key Product Information is online at https://www.monbs.com/products/christmas-saver-bond/ (but applications not open until 1st November)

Given the current climate I don't blame them offering a variable rate

moi

liamcov said:

Thanks just checked too and it's not explicitly stated so will give it a try.
Also, the Xmas issue 3 isn't on their website - is this an existing member exclusive?

It does seem to be a maturing account exclusive: https://www.monbs.com/savingsmaturity/

https://www.monbs.com/products/christmas-saver-bond/

isasmurf

10_66 said:

OH’s HSBC regular saver matured on 26th September, and although the new one was applied for on the same day, it wasn’t opened until the 29th September.  Under normal circumstances the new application would have been left until the beginning of October due to the lateness in the month, but applied for it just in case HSBC pulled the 2.75%.

Unfortunately, that means there are going to be problems with 2 of the future dates:

1) There’s no 29th February 2021, so I guess that means the 29/2/21 standing order won’t go in until the 1st March (so missing a payment in for February).

2) The 29th May is a Saturday and the 31st May is a Bank Holiday, so I guess that means the 29/5/21 standing order won’t go in until the 1st June (so missing a payment in for May).

As I think has recently been discussed here, HSBC won’t change the standing order dates, or has anyone been successful in asking them to change it to accommodate the above types of issue?

Couldn't see a reply to this.
There is no problem. Your OH still makes 12 payments into the account. HSBC RS months run from the same date every month as the date in the month the account was opened. So while your OH may not make a payment in the calendar month of February and 2 payments in the calendar month of March, HSBC will still regard them as payments in separate RS months