Regular Savings Accounts: The Best Currently Available List!

Bridlington1

Stargunner said:

Bridlington1 said:

qbadger said:

Also perhaps worth noting that according to the Issue 2 Terms, an account opened this month "...must be credited with between £10 and £250 per calendar month". This condition can not seemingly be met if you have already fully funded Issue 1 this month and the combined monthly deposit rule is enforced in practice.

https://mhbs.co.uk/document/1YR02/

Though that term makes no difference for this month anyway.

If you miss more than one payment in a calendar year the account is transferred into an EA account, but it is currently the final month of the calendar year anyway, if you open the account in December it is not possible to miss more than one payment this calendar year so if you miss this payment nothing happens and the year resets in January leaving you in the same position as you would be had you opened the account in January so far as meeting that term is concerned.

If you have a fully funded Issue 1 the only real difference by opening in December vs January is that assuming they enforce the rule about only being able to deposit £250 between them is that your funding window for making your initial deposit is reduced if you open it in December.

The funding window will be exactly the same, whatever month you open it.

Apologies, my post was badly worded. I should've put in practice you've a shorter timeframe that you are able to make your initial deposit.

The point I was attempting to make was that if you've fully funded Issue 1 and you open issue 2 in December and they enforce the term regarding only being able to deposit £250 between the two accounts, you'd be unable to make your initial deposit for Issue 2 in December but the 10 calendar day funding window remains so in practice the number of days you can actually make your initial deposit into the account without the payment getting bounced. E.g. if you opened the account tomorrow (23/12/24), the 10 calendar days would start from then but you wouldn't in practice be able to make your deposit till 1/1/25 so your funding window in practice would be restricted to the first couple of days of January only.

Bobblehat

qbadger said:

The maximum balance of Issue 1 as per its Terms is £3,750:

https://mhbs.co.uk/document/1YR01/

This wasn't the case when I saved the T&C's during the application process on 26.09.2024 ... they were saved as I showed them earlier, with max as £3000! Does this affect the table I posted, I don't think so? I still think the maximum interest to be had by 31.03.2026 is achieved by the 10/240 split and paying in £250 to Iss 2 after Iss 1 has matured. I'm prepared to be proved wrong!

Bridlington1

Bobblehat said:

qbadger said:

The maximum balance of Issue 1 as per its Terms is £3,750:

https://mhbs.co.uk/document/1YR01/

This wasn't the case when I saved the T&C's during the application process on 26.09.2024 ... they were saved as I showed them earlier, with max as £3000! Does this affect the table I posted, I don't think so? I still think the maximum interest to be had by 31.03.2026 is achieved by the 10/240 split and paying in £250 to Iss 2 after Iss 1 has matured. I'm prepared to be proved wrong!

The maximum balance for Issue 1 was increased from £3k to £3.75k not long after it was launched IIRC.

EDIT:
See below:
https://forums.moneysavingexpert.com/discussion/comment/81018871/#Comment_81018871

masonic

Bobblehat said:

qbadger said:

The maximum balance of Issue 1 as per its Terms is £3,750:

https://mhbs.co.uk/document/1YR01/

This wasn't the case when I saved the T&C's during the application process on 26.09.2024 ... they were saved as I showed them earlier, with max as £3000! Does this affect the table I posted, I don't think so? I still think the maximum interest to be had by 31.03.2026 is achieved by the 10/240 split and paying in £250 to Iss 2 after Iss 1 has matured. I'm prepared to be proved wrong!

The interest rate is the same, so prioritising the newer one will result in a higher carried balance when the other matures, and therefore more interest overall.

If they varied the maximum balance while the original one was on sale, I'm surprised they didn't notify you of updated T&C.

Bobblehat

masonic said:

Bobblehat said:

qbadger said:

The maximum balance of Issue 1 as per its Terms is £3,750:

https://mhbs.co.uk/document/1YR01/

This wasn't the case when I saved the T&C's during the application process on 26.09.2024 ... they were saved as I showed them earlier, with max as £3000! Does this affect the table I posted, I don't think so? I still think the maximum interest to be had by 31.03.2026 is achieved by the 10/240 split and paying in £250 to Iss 2 after Iss 1 has matured. I'm prepared to be proved wrong!

The interest rate is the same, so prioritising the newer one will result in a higher carried balance when the other matures, and therefore more interest overall.

If they varied the maximum balance while the original one was on sale, I'm surprised they didn't notify you of updated T&C.

I've no memory of them notifying me ... but I've no excuse for missing the forum post by Kim_13 and signposted by Bridlington1. The forum is a more reliable source of such information 

ForumUser7

There was a discussion somewhere on the forum - I think it was something like with the duration of the account in terms of months, and a £250 per month, you’d exceed £3000 and reach £3750. People reported this to MHBS who subsequently updated the ts and cs. I agree though that customers who opened on the old terms should’ve been sent the new terms - bad form, I only knew about this from being on the forum.

The thing I’m really curious about is if the systems enforce the whole deposit limit! I.e. if it will let you pay £250 in each regardless of terms, and doesn’t just void the interest at the end of the term.

granta

Mansfield BS Kick Start (7th issue) RS

I've just realised the bonus comes to an end in the next few days and overall interest rate drops to 4%. I'd like to withdraw funds - does anyone know if this can be done electronically via online secure message or any other quick way without sending passbook etc?

akh43

BestSeagull said:

My Nationwide Flex RS has just matured. I tried to open the current one but the system tells me I can't because I already have a RS.
Any idea how long it will take to sort itself out?

Mine matured on 21st and had already transferred to a new EA account when I logged in today and I was able to open a new RS and fund today.

Bridlington1

granta said:

Mansfield BS Kick Start (7th issue) RS

I've just realised the bonus comes to an end in the next few days and overall interest rate drops to 4%. I'd like to withdraw funds - does anyone know if this can be done electronically via online secure message or any other quick way without sending passbook etc?

Sadly not I'm afraid. If you wish to make withdrawals/close the account you'd need to produce the passbook, this must be done in branch or by post.

granta

Bridlington1 said:

granta said:

Mansfield BS Kick Start (7th issue) RS

I've just realised the bonus comes to an end in the next few days and overall interest rate drops to 4%. I'd like to withdraw funds - does anyone know if this can be done electronically via online secure message or any other quick way without sending passbook etc?

Sadly not I'm afraid. If you wish to make withdrawals/close the account you'd need to produce the passbook, this must be done in branch or by post.

Thanks. Kicking myself for not getting this sorted before Christmas!