Regular Savings Accounts: The Best Currently Available List!

PowerSavingMode

Wheres_My_Cashback said:

tg99 said:

SavingsBoo said:

tg99 said:

I’m a new customer to Monmouth and got the welcoming letter today. Will return the sig form in the enclosed envelope but in the meantime can I make first £300 deposit before 5pm today and thus it be allocated to my account tomorrow so can then make another £300 payment on Friday 1 Sep? It says on the letter 1 working day for receipt of deposits but also advised to do before 25th. Thx.

I’m a new customer too … trying not to be critical of Monmouth but it’s all a bit confusing! I sent my signature form back a couple of days ago, the letter says I can’t transact until form is received by them. But then it also says‘Once initial funds have been deposited… you can access your account online by simply completing the registration and activation steps via the My Accounts section of our website..’

But the letter doesn’t tell you how to deposit! So I’ve taken a leap today and completed the online registration and will apparently receive an activation key by post and I’ve made a Faster Payment using the sort code and account number found on the MBS website and my account number from the letter. Fingers crossed !

The sort code and account number was on the product terms and conditions pages enclosed with my letter.

I think the being able to transact bit is probably related to withdrawals rather than paying in but don’t know for certain.

Different people/accounts different letters.

The way I understand it is that for the 7%, ALL get a signature required letter which gives details of how to pay in as this could be for new members.

For the 8% and existing members you don't get a signature request as in theory this is not open to all, nor does it tell you the pay-in details.

I just got a 'signature required' letter with a/c number and info on how to register online but no other information, even thought it says: "Once initial funds have been deposited into your new account, you can access your account online by simply completing the registration and activation steps via the 'My Accounts' section of our website." So, yes, a bit confused and confusing.

BestSeagull

Contador38 said:

flaneurs_lobster said:

A sideline enquiry involving MonBS but probably relevant elsewhere.

I now have 3 MonBS regular savers. To fund them by Faster Payment each month I would ideally like to set up 3 payees with my normal feeder current account that differ only in the Reference (the BS account number).

RBS don't allow Payee/Account No/Sort Code dups. 
Chase don't hold the reference between payments but do allow dups.

I don't want to be entering/amending the reference each month 3 times, too much potential for typos and subsequent grief.

Anyone suggest a solution or another bank that allows this duplication (I have a few others).

With Regular Savers, I try avoiding to set up new payee whenever a new issue comes up.
As far as possible, I hold an Easy Saver A/C at the same bank or BS. Balance £1,
I then transfer what ever is required for the Regular Saver(s) there and thereafter do an internal transfer to the Regular Saver(s)
As a result, I only have one payee to Bank/BS and fund my many RS internally via that account.
It works for me. Sometimes you have to wait a bit for the funds to get to the ES account first and then do the internal transfer.
Better than to set up numerous payees.

TLDR: Don't do this with the MBS regular savers, send directly to them to avoid loosing interest.

I do that too usually. But I've come unstuck trying to use that method with Monmouthshire BS.

I called to make sure a it was possible to fund the regular savers via my premium instant account and was told that yes, it was fine to do that but to be aware that the funds wouldn't arrive to the the instant access account until the next day, but once there, the internal transfer would be immediate.  

It was early yesterday (Aug 31st) when I noticed my regular savers were active so I thought I would send the money and if it arrived ahead of schedule, great, I'd go ahead and fund the accounts that day, then and repeat on the 1st. If it didn't, no harm done, I'd fund the accounts on the 1st with the second payment in October.

Today comes and the money hasn't arrived by the afternoon, some 34 hours post transfer so I called again and the long and short of it is that it arrived into my instant access account yesterday but the online system that we use is different to their one and it may take "some time/a few days" (depending on who you speak to) for the money to appear in my online account.

It's now 7.30 pm, the money still isn't showing at my end and the account it's in is earning 0.05% as my balance is less than £25k. If I had moved the money directly to the regular savers, even though it may not be visible in my account, at least it would have been earning  7% and 8%. 

friolento

The MBS system we can see appears to be updating once a day only, early in the morning. Mine shows

Last Updated 01/09/2023 07:09:10 BST

It seems that in the background / in their other system, all sorts of transactions can take place during a day, and we can only see them the next day. Working day, I think. This means that we can see what looks like backdated transactions.

I don't know how it works the other way round, i.e. when transactions we make online are reflected in the other system. The only transactions I normally make are withdrawals / account closures, and these seem to get actioned on the next working day.

Wheres_My_Cashback

BestSeagull said:

Contador38 said:

flaneurs_lobster said:

A sideline enquiry involving MonBS but probably relevant elsewhere.

I now have 3 MonBS regular savers. To fund them by Faster Payment each month I would ideally like to set up 3 payees with my normal feeder current account that differ only in the Reference (the BS account number).

RBS don't allow Payee/Account No/Sort Code dups. 
Chase don't hold the reference between payments but do allow dups.

I don't want to be entering/amending the reference each month 3 times, too much potential for typos and subsequent grief.

Anyone suggest a solution or another bank that allows this duplication (I have a few others).

With Regular Savers, I try avoiding to set up new payee whenever a new issue comes up.
As far as possible, I hold an Easy Saver A/C at the same bank or BS. Balance £1,
I then transfer what ever is required for the Regular Saver(s) there and thereafter do an internal transfer to the Regular Saver(s)
As a result, I only have one payee to Bank/BS and fund my many RS internally via that account.
It works for me. Sometimes you have to wait a bit for the funds to get to the ES account first and then do the internal transfer.
Better than to set up numerous payees.

TLDR: Don't do this with the MBS regular savers, send directly to them to avoid loosing interest.

I do that too usually. But I've come unstuck trying to use that method with Monmouthshire BS.

I called to make sure a it was possible to fund the regular savers via my premium instant account and was told that yes, it was fine to do that but to be aware that the funds wouldn't arrive to the the instant access account until the next day, but once there, the internal transfer would be immediate.  

It was early yesterday (Aug 31st) when I noticed my regular savers were active so I thought I would send the money and if it arrived ahead of schedule, great, I'd go ahead and fund the accounts that day, then and repeat on the 1st. If it didn't, no harm done, I'd fund the accounts on the 1st with the second payment in October.

Today comes and the money hasn't arrived by the afternoon, some 34 hours post transfer so I called again and the long and short of it is that it arrived into my instant access account yesterday but the online system that we use is different to their one and it may take "some time/a few days" (depending on who you speak to) for the money to appear in my online account.

It's now 7.30 pm, the money still isn't showing at my end and the account it's in is earning 0.05% as my balance is less than £25k. If I had moved the money directly to the regular savers, even though it may not be visible in my account, at least it would have been earning  7% and 8%. 

If it were me, I wouldn't be concerned at all.
Why ? Because MON usually update overnight, and in the case of newly opened accounts it can take a few days to show online, but will be dated as the actual  deposit date.

BestSeagull

Wheres_My_Cashback said:

BestSeagull said:

Contador38 said:

flaneurs_lobster said:

A sideline enquiry involving MonBS but probably relevant elsewhere.

I now have 3 MonBS regular savers. To fund them by Faster Payment each month I would ideally like to set up 3 payees with my normal feeder current account that differ only in the Reference (the BS account number).

RBS don't allow Payee/Account No/Sort Code dups. 
Chase don't hold the reference between payments but do allow dups.

I don't want to be entering/amending the reference each month 3 times, too much potential for typos and subsequent grief.

Anyone suggest a solution or another bank that allows this duplication (I have a few others).

With Regular Savers, I try avoiding to set up new payee whenever a new issue comes up.
As far as possible, I hold an Easy Saver A/C at the same bank or BS. Balance £1,
I then transfer what ever is required for the Regular Saver(s) there and thereafter do an internal transfer to the Regular Saver(s)
As a result, I only have one payee to Bank/BS and fund my many RS internally via that account.
It works for me. Sometimes you have to wait a bit for the funds to get to the ES account first and then do the internal transfer.
Better than to set up numerous payees.

TLDR: Don't do this with the MBS regular savers, send directly to them to avoid loosing interest.

I do that too usually. But I've come unstuck trying to use that method with Monmouthshire BS.

I called to make sure a it was possible to fund the regular savers via my premium instant account and was told that yes, it was fine to do that but to be aware that the funds wouldn't arrive to the the instant access account until the next day, but once there, the internal transfer would be immediate.  

It was early yesterday (Aug 31st) when I noticed my regular savers were active so I thought I would send the money and if it arrived ahead of schedule, great, I'd go ahead and fund the accounts that day, then and repeat on the 1st. If it didn't, no harm done, I'd fund the accounts on the 1st with the second payment in October.

Today comes and the money hasn't arrived by the afternoon, some 34 hours post transfer so I called again and the long and short of it is that it arrived into my instant access account yesterday but the online system that we use is different to their one and it may take "some time/a few days" (depending on who you speak to) for the money to appear in my online account.

It's now 7.30 pm, the money still isn't showing at my end and the account it's in is earning 0.05% as my balance is less than £25k. If I had moved the money directly to the regular savers, even though it may not be visible in my account, at least it would have been earning  7% and 8%. 

If it were me, I wouldn't be concerned at all.
Why ? Because MON usually update overnight, and in the case of newly opened accounts it can take a few days to show online, but will be dated as the actual  deposit date.

Thanks. I know it's not lost. The problem is that it's in the instant access saver (not recently opened) earning essentially zero since yesterday. And I can't transfer to the regular savings accounts until it shows up online.
If I had sent directly to the RS accounts there would have been no loss of interest.

FishInGlass

schiff said:

MonBS

I first gave them my signature in 2020. Again in 2021, again in 2022 and again this month in 2023. Why? What do they compare them with, how do they verify that they are what they purport to be? What do they do with them? And why for every single account? Shouldn’t once be enough? 

You would think so. I opened the two latest ones in branch and was asked to provide a signature for each of them even though I already had two other active regular savers.

BestSeagull

friolento said:

The MBS system we can see appears to be updating once a day only, early in the morning. Mine shows

Last Updated 01/09/2023 07:09:10 BST

It seems that in the background / in their other system, all sorts of transactions can take place during a day, and we can only see them the next day. Working day, I think. This means that we can see what looks like backdated transactions.

I don't know how it works the other way round, i.e. when transactions we make online are reflected in the other system. The only transactions I normally make are withdrawals / account closures, and these seem to get actioned on the next working day.

Thank you. And that's the thing. I sent the money at around 6 or 7 am yesterday. And from calling them, I know that the money arrived yesterday as they can see it. My account updated this morning at the same time as yours did but the money didn't appear in my account. Today is the next working day and it's still not showing now (in the evening) so I still can't make the transfers. That's why I'm suggesting it's safer to transfer directly to the RS accounts.

MiserlyMartin

Hattie627 said:

SRBS

Best to wait until 1 October before topping up Regular Saver with up to £12K. The top up "offer" lasts until 31/12/23. The interest rate rise to 5.15% doesn't apply until 1 October, a sluggish two months after the base rate rise on 3 August.

I kind of don't see the point in the SBRS reg saver anymore. They are 2 months behind with the BoE rate decisions and you can get 4.93% in Shawbrook and others, which are instant access non drip feeding. By the time they get to 5.15 %, we can be sure that instant access accounts will be about 5.2%

Bridlington1

I have now created a thread which lists archived versions of the product specific Ts&Cs of some regular savers, all of which have been uploaded onto the wayback machine. See:

https://forums.moneysavingexpert.com/discussion/6470420/an-archived-list-of-regular-saver-terms-and-conditions/p1

I thought it may be of use for those who have NLA regular savers but can't find where they've saved the terms and conditions for them. It isn't a complete list at the moment but it lists all of the ones I can currently find terms for. If there are any I've missed, particularly if you have the terms and conditions for them to hand please let me know and I'll add them to the list.

I haven't included children's regular savers yet but I intend to add these at some point over the next week.

Growingold

Monmouthshire RS's
A question which may have already been answered definitely but not sure.

Does the 12 months run from date of account opening or receipt of first deposit?  Having missed deposit window for August wondering when best to do Septembers?

Many thanks.