Regular Savings Accounts: The Best Currently Available List!

BestSeagull

Bridlington1 said:

BestSeagull said:

Bridlington1 said:

Bridlington1 said:

happybagger said:

Has anyone seen any confirmation of changes to Darlington's RS accounts (incl NLAs) in the pipeline?

Their website states
"Published 3 August 2023

The Society has responded to today’s 0.25% Bank of England base rate rise by increasing interest rates across its range of savings accounts to help members maximise their savings."

to be implemented on "some" accounts on 1 Sept, it seems

Darlington BS have told me that their new rates will be revealed on their website on 1/9/23 and that they can't give me any further information until then.

Right scrap that, they've just phoned me. They've gone to town with their savings rate increases:
Regular Monthly Saver, Green Regular Saver (NLA) and Special Occasion Saver (NLA) will all rise from 4.5% to 4.6%.

I still have the Darlington regular monthly saver. Is there any good reason to keep it open? Maybe making a withdrawal and leaving a minimum balance would be the prudent approach?

I'd say your best bet would be to reduce the balance to £1 and then pretty much ignore it until it becomes competitive again. It has been competitive for a quite a while in the past and could easily become competitive again at some point in the future. If the account goes NLA and then becomes competitive again it would be rather frustrating if you'd closed the account, particularly since it has no maturity date, has a high maximum deposit amount and can be left on standby with only £1 in it.

Also you can now make deposits into the account by debit card online so it could be useful for the sake of satisfying the "spending" requirements of some reward accounts.

Thank you!  I have Mansfield too. I suppose the same idea would apply?  Reduce the balance to £10, then £10 a month until it becomes interesting again.

PRAISETHESUN

BestSeagull said:

Bridlington1 said:

BestSeagull said:

Bridlington1 said:

Bridlington1 said:

happybagger said:

Has anyone seen any confirmation of changes to Darlington's RS accounts (incl NLAs) in the pipeline?

Their website states
"Published 3 August 2023

The Society has responded to today’s 0.25% Bank of England base rate rise by increasing interest rates across its range of savings accounts to help members maximise their savings."

to be implemented on "some" accounts on 1 Sept, it seems

Darlington BS have told me that their new rates will be revealed on their website on 1/9/23 and that they can't give me any further information until then.

Right scrap that, they've just phoned me. They've gone to town with their savings rate increases:
Regular Monthly Saver, Green Regular Saver (NLA) and Special Occasion Saver (NLA) will all rise from 4.5% to 4.6%.

I still have the Darlington regular monthly saver. Is there any good reason to keep it open? Maybe making a withdrawal and leaving a minimum balance would be the prudent approach?

I'd say your best bet would be to reduce the balance to £1 and then pretty much ignore it until it becomes competitive again. It has been competitive for a quite a while in the past and could easily become competitive again at some point in the future. If the account goes NLA and then becomes competitive again it would be rather frustrating if you'd closed the account, particularly since it has no maturity date, has a high maximum deposit amount and can be left on standby with only £1 in it.

Also you can now make deposits into the account by debit card online so it could be useful for the sake of satisfying the "spending" requirements of some reward accounts.

Thank you!  I have Mansfield too. I suppose the same idea would apply?  Reduce the balance to £10, then £10 a month until it becomes interesting again.

That's pretty much what I do with all bank and BS accounts that have become no longer competitive - reduce to the minimum balance and let them sit. Makes it quick to re-fund them if the account becomes competitive again. It also keeps the clock ticking for any "loyalty" accounts that require some form of continuous membership with the bank/BS, and you also remain an existing customer which makes things quicker when you go to apply for new accounts.

happybagger

Check which Mansfield RS you have though, if it's NLA some require 10pm others 25.
I've done as above with Darlington SOS account - reduced and cancelled the S/O, as no monthly deposit is required.

gt94sss2

JamesRobinson48 said:

tg99 said:

I thought I read a previous comment a couple of days ago saying that the 12 month Monmouth Reg saver term started on the day you make your opening deposit. However, letter says day you opened the account is when the term starts which I therefore assume is actually the date on the letter since the letter starts off by thanking me for opening the regular saver?

On past form, any Monmouth BS fixed term account (RS or bond) matures on the respective anniversary of the date it was first funded.  Any manner of reasoning may be deployed in support of differing interpretations.  But those of us who've been with the Mon BS for many years know very well their practice on this point.

You can also go into the account on internet banking and under "More information" it states the date the account was opened and when interest is next due

chris_the_bee

BestSeagull said:

chris_the_bee said:

OneUser1 said:

Wheres_My_Cashback said:

OneUser1 said:

The Monmouthshire terms say the maximum is £300 per month for twelve months. I read that as a £3600 maximum.

No, It doesn't say that, there is no maximum stipulated.

They have only given a suggested example of interest return upon 12 months deposits just as all accounts do. That doesn't mean a 13t payment isn't possible, however MON don't usually allow them and hasn't on my previous 13 accounts with them.

simonsmithsays said:

subjecttocontract said:

Why ? If the first payment gets made in September then the account will run for 12 months from September.

Personally I'd much rather be benefitting from these rates as early as possible.

Makes no difference as 1 year maturity date is set from 1st deposit date, not the date the a/c is 'opened' unless they are the same.

Actually yes they do say that.

First they say (Direct quote) “The maximum you can pay in is £300 each month” That’s from their paragraph in the summary box headed How do I open and manage my account?

They also say (Direct quote) “Interest is calculated daily and paid at the end of the 12 month term” That’s from the paragraph headed What is the interest rate?

So those two statements taken together are clearly and unambiguously saying £300 a month maximum for 12 months which is, as I said, £3600. 

If you can quote something different from the Monmouthshire terms and conditions please share.

Assume open account 25th August 2023.
Maturity of 12 months term is 25th August 2024
Pay in £300 on 25th August 2023 - (1 payment)
Then pay in £300 on 1st September 2023 to 1st August 2024 inclusive. - (12 payments)
A Monmouthshire month is a calendar month, unlike Coventry BS which is stipulated as a month from 1st payment (monthiversary)
So, 13 payments made during 12 months term, each being £300 per month..

If the account is opened on 25th August 2023 and a month is a calendar month, are we sure that the end date of the  "12 months" is not 31st of August 2024?

In common with all other BS, maturity is on the 12 month anniversary of opening the account i.e 25th August 2024.

friolento

Finally received 2 letters from MBS today, in response to my applications for the 7% and 8% RS. Both letters are dated 24 August, the day after I applied. The letters were the first and only comms I had from MBS about these two applications.

The 8% letter included a passbook and said the account was now open. No request for a signature.

The 7% letter asked for a signature, to be returned in the included 2nd class envelope. Letter states that I cannot transact on the account until they received the signature. The signed form is now in the Post.

Since I have both account numbers now, I have added both accounts to my MBS online banking and sent £300 to each by FP, in the hope the money will be credited to both accounts today. Life will continue if they don't but boy is it a drag to open MBS accounts.

flaneurs_lobster

chris_the_bee said:

BestSeagull said:

If the account is opened on 25th August 2023 and a month is a calendar month, are we sure that the end date of the  "12 months" is not 31st of August 2024?

In common with all other BS, maturity is on the 12 month anniversary of opening the account i.e 25th August 2024.

This is the detail from my MonBS RS:

Account Information

Product Name:	CORONATION REGULAR SAVER
Date Opened	26/04/2023
Next Interest Due Date	31/03/2024

Is "Next Interest Due Date" the same as Maturity Date?

Wheres_My_Cashback

chris_the_bee said:

BestSeagull said:

chris_the_bee said:

OneUser1 said:

Wheres_My_Cashback said:

OneUser1 said:

The Monmouthshire terms say the maximum is £300 per month for twelve months. I read that as a £3600 maximum.

No, It doesn't say that, there is no maximum stipulated.

They have only given a suggested example of interest return upon 12 months deposits just as all accounts do. That doesn't mean a 13t payment isn't possible, however MON don't usually allow them and hasn't on my previous 13 accounts with them.

simonsmithsays said:

subjecttocontract said:

Why ? If the first payment gets made in September then the account will run for 12 months from September.

Personally I'd much rather be benefitting from these rates as early as possible.

Makes no difference as 1 year maturity date is set from 1st deposit date, not the date the a/c is 'opened' unless they are the same.

Actually yes they do say that.

First they say (Direct quote) “The maximum you can pay in is £300 each month” That’s from their paragraph in the summary box headed How do I open and manage my account?

They also say (Direct quote) “Interest is calculated daily and paid at the end of the 12 month term” That’s from the paragraph headed What is the interest rate?

So those two statements taken together are clearly and unambiguously saying £300 a month maximum for 12 months which is, as I said, £3600. 

If you can quote something different from the Monmouthshire terms and conditions please share.

Assume open account 25th August 2023.
Maturity of 12 months term is 25th August 2024
Pay in £300 on 25th August 2023 - (1 payment)
Then pay in £300 on 1st September 2023 to 1st August 2024 inclusive. - (12 payments)
A Monmouthshire month is a calendar month, unlike Coventry BS which is stipulated as a month from 1st payment (monthiversary)
So, 13 payments made during 12 months term, each being £300 per month..

If the account is opened on 25th August 2023 and a month is a calendar month, are we sure that the end date of the  "12 months" is not 31st of August 2024?

In common with all other BS, maturity is on the 12 month anniversary of opening the account i.e 25th August 2024.

Maturity can either be the date specified at opening, 12 months from the first deposit date, any other date depending on term length or indefinite
12 month terms are the most common, but there are many that are not common to other BS.
In the case of MON and as previously discussed it's 12 months from 1st deposit unless otherwise specified.

Catplan

Wheres_My_Cashback said:

chris_the_bee said:

BestSeagull said:

chris_the_bee said:

OneUser1 said:

Wheres_My_Cashback said:

OneUser1 said:

The Monmouthshire terms say the maximum is £300 per month for twelve months. I read that as a £3600 maximum.

No, It doesn't say that, there is no maximum stipulated.

They have only given a suggested example of interest return upon 12 months deposits just as all accounts do. That doesn't mean a 13t payment isn't possible, however MON don't usually allow them and hasn't on my previous 13 accounts with them.

simonsmithsays said:

subjecttocontract said:

Why ? If the first payment gets made in September then the account will run for 12 months from September.

Personally I'd much rather be benefitting from these rates as early as possible.

Makes no difference as 1 year maturity date is set from 1st deposit date, not the date the a/c is 'opened' unless they are the same.

Actually yes they do say that.

First they say (Direct quote) “The maximum you can pay in is £300 each month” That’s from their paragraph in the summary box headed How do I open and manage my account?

They also say (Direct quote) “Interest is calculated daily and paid at the end of the 12 month term” That’s from the paragraph headed What is the interest rate?

So those two statements taken together are clearly and unambiguously saying £300 a month maximum for 12 months which is, as I said, £3600. 

If you can quote something different from the Monmouthshire terms and conditions please share.

Assume open account 25th August 2023.
Maturity of 12 months term is 25th August 2024
Pay in £300 on 25th August 2023 - (1 payment)
Then pay in £300 on 1st September 2023 to 1st August 2024 inclusive. - (12 payments)
A Monmouthshire month is a calendar month, unlike Coventry BS which is stipulated as a month from 1st payment (monthiversary)
So, 13 payments made during 12 months term, each being £300 per month..

If the account is opened on 25th August 2023 and a month is a calendar month, are we sure that the end date of the  "12 months" is not 31st of August 2024?

In common with all other BS, maturity is on the 12 month anniversary of opening the account i.e 25th August 2024.

Maturity can either be the date specified at opening, 12 months from the first deposit date, any other date depending on term length or indefinite
12 month terms are the most common, but there are many that are not common to other BS.
In the case of MON and as previously discussed it's 12 months from 1st deposit unless otherwise specified.

So I have a letter saying thanks for opening, but required to return signature which I’ve done. So is the maturity the a year after date on letter or a year after I fund it? I have not funded as yet, some posters saying it opening date others saying first funding…. It’s small amounts but money is sitting ready to fund.

Wheres_My_Cashback

Catplan said:

Wheres_My_Cashback said:

chris_the_bee said:

BestSeagull said:

chris_the_bee said:

OneUser1 said:

Wheres_My_Cashback said:

OneUser1 said:

The Monmouthshire terms say the maximum is £300 per month for twelve months. I read that as a £3600 maximum.

No, It doesn't say that, there is no maximum stipulated.

They have only given a suggested example of interest return upon 12 months deposits just as all accounts do. That doesn't mean a 13t payment isn't possible, however MON don't usually allow them and hasn't on my previous 13 accounts with them.

simonsmithsays said:

subjecttocontract said:

Why ? If the first payment gets made in September then the account will run for 12 months from September.

Personally I'd much rather be benefitting from these rates as early as possible.

Makes no difference as 1 year maturity date is set from 1st deposit date, not the date the a/c is 'opened' unless they are the same.

Actually yes they do say that.

First they say (Direct quote) “The maximum you can pay in is £300 each month” That’s from their paragraph in the summary box headed How do I open and manage my account?

They also say (Direct quote) “Interest is calculated daily and paid at the end of the 12 month term” That’s from the paragraph headed What is the interest rate?

So those two statements taken together are clearly and unambiguously saying £300 a month maximum for 12 months which is, as I said, £3600. 

If you can quote something different from the Monmouthshire terms and conditions please share.

Assume open account 25th August 2023.
Maturity of 12 months term is 25th August 2024
Pay in £300 on 25th August 2023 - (1 payment)
Then pay in £300 on 1st September 2023 to 1st August 2024 inclusive. - (12 payments)
A Monmouthshire month is a calendar month, unlike Coventry BS which is stipulated as a month from 1st payment (monthiversary)
So, 13 payments made during 12 months term, each being £300 per month..

If the account is opened on 25th August 2023 and a month is a calendar month, are we sure that the end date of the  "12 months" is not 31st of August 2024?

In common with all other BS, maturity is on the 12 month anniversary of opening the account i.e 25th August 2024.

Maturity can either be the date specified at opening, 12 months from the first deposit date, any other date depending on term length or indefinite
12 month terms are the most common, but there are many that are not common to other BS.
In the case of MON and as previously discussed it's 12 months from 1st deposit unless otherwise specified.

So I have a letter saying thanks for opening, but required to return signature which I’ve done. So is the maturity the a year after date on letter or a year after I fund it? I have not funded as yet, some posters saying it opening date others saying first funding…. It’s small amounts but money is sitting ready to fund.

Please read back, already discussed and if you're still not sure or need it corroborated may I suggest contacting MONBS directly.