The Old Regular Savers Discussion Thread 28/12/24-29/1/26

Stargunner

allegro120 said:

GetRichOrDieSaving said:

Think I’ll be giving the YBS 5% variable a miss. I currently have a monthly RS outlay of £3,850 with the lowest rate being 6%. As they mature i will open/fund the 5.25%-5.75% regular savers that are currently on offer (e.g. Skipton, Halifax, Lloyds etc).

Still have Santander Edge at 6% and 3x Cahoot Sunny Day Savers at 5% also.

I have all of them so not really in need of 5% RSs, but still opened YBS 5%. I might need it at some point, you never know.  It took about 3 minutes to open and make £1 deposit.  I wouldn't have bothered if the opening required any more effort than this.  It's a healthy addition to my £1 accounts collection, most of them pay significantly lower rates   

I just don’t see the point in opening numerous RS accounts with a £1. If they are a variable interest rate that is not competitive to start with, they are never likely to become competitive. 

surreysaver

GetRichOrDieSaving said:

Bridlington1 said:

allegro120 said:

GetRichOrDieSaving said:

Think I’ll be giving the YBS 5% variable a miss. I currently have a monthly RS outlay of £3,850 with the lowest rate being 6%. As they mature i will open/fund the 5.25%-5.75% regular savers that are currently on offer (e.g. Skipton, Halifax, Lloyds etc).

Still have Santander Edge at 6% and 3x Cahoot Sunny Day Savers at 5% also.

I have all of them so not really in need of 5% RSs, but still opened YBS 5%. I might need it at some point, you never know.  It took about 3 minutes to open and make £1 deposit.  I wouldn't have bothered if the opening required any more effort than this.  It's a healthy addition to my £1 accounts collection, most of them pay significantly lower rates   

It's one of those I'll likely retain as a ``dripping tray" account. I doubt the rate'll ever end up high enough for me to fund actively but if I've got a surplus of funds and need to dump it somewhere for a few days it might come in useful. I've got a few accounts like this for the same reason.

But you are only allowed one withdrawal before
closure. So this ‘drip tray’ approach will only
work on one occasion if you plan on taking that money back out. Another reason this account doesn’t appeal to me, along with the low deposit limit which is another…

I’ve not doubt customers will appreciate and snap up this low rate, low deposit, restricted account but as indicated by myself and others it just ain’t worth the hassle. 

Each to their own  

If it only allows one withdrawal, then if you needed the money, you would normally take out the whole lot in one go barring one pound.

cricidmuslibale

surreysaver said:

GetRichOrDieSaving said:

Bridlington1 said:

allegro120 said:

GetRichOrDieSaving said:

Think I’ll be giving the YBS 5% variable a miss. I currently have a monthly RS outlay of £3,850 with the lowest rate being 6%. As they mature i will open/fund the 5.25%-5.75% regular savers that are currently on offer (e.g. Skipton, Halifax, Lloyds etc).

Still have Santander Edge at 6% and 3x Cahoot Sunny Day Savers at 5% also.

I have all of them so not really in need of 5% RSs, but still opened YBS 5%. I might need it at some point, you never know.  It took about 3 minutes to open and make £1 deposit.  I wouldn't have bothered if the opening required any more effort than this.  It's a healthy addition to my £1 accounts collection, most of them pay significantly lower rates   

It's one of those I'll likely retain as a ``dripping tray" account. I doubt the rate'll ever end up high enough for me to fund actively but if I've got a surplus of funds and need to dump it somewhere for a few days it might come in useful. I've got a few accounts like this for the same reason.

But you are only allowed one withdrawal before
closure. So this ‘drip tray’ approach will only
work on one occasion if you plan on taking that money back out. Another reason this account doesn’t appeal to me, along with the low deposit limit which is another…

I’ve not doubt customers will appreciate and snap up this low rate, low deposit, restricted account but as indicated by myself and others it just ain’t worth the hassle. 

Each to their own  

If it only allows one withdrawal, then if you needed the money, you would normally take out the whole lot in one go barring one pound.

Yes that's absolutely right; I've opened a few relatively low interest rate regular savers (<= 5.00%) during the last few months with the intention of either doing exactly that or, if the terms of a particular regular saver only permit early closure rather than any withdrawals, closing the regular saver entirely in good time to release any necessary funds I need to utilise my full £20k ISA allowance in Cash ISAs before the end of the tax year on April 5. (With April 5 being Easter Sunday this year, I'm working to a deadline of Thursday April 2 or perhaps Saturday April 4 for accounts which accept ISA deposits at the weekend.) I will also need a little extra on top of the £20k to replace funds withdrawn this tax year from previous tax year Cash ISA money by the start of April.

The impending reduction in the Cash ISA allowance from £20k to £12k from 6 April 2027 has kind of forced me to change strategy towards ensuring I utilise the full Cash ISA allowance in the meantime; if the Cash ISA allowance had been left unaltered, I would be perfectly ok with not using the entire £20k allowance this tax year and next, and putting more money into regular savers instead. The fact that savings interest outside of any allowances will be taxed at 22% rather than 20% (if you are a basic rate taxpayer) from 6 April 2027 onwards also discourages me somewhat from using regular savers as much in the future unfortunately, and orientates my plans further in the direction of ISAs (both Cash and Stocks & Shares) plus any other tax free vehicles that are available to me.

Middle_of_the_Road

GetRichOrDieSaving said:

Bridlington1 said:

allegro120 said:

GetRichOrDieSaving said:

Think I’ll be giving the YBS 5% variable a miss. I currently have a monthly RS outlay of £3,850 with the lowest rate being 6%. As they mature i will open/fund the 5.25%-5.75% regular savers that are currently on offer (e.g. Skipton, Halifax, Lloyds etc).

Still have Santander Edge at 6% and 3x Cahoot Sunny Day Savers at 5% also.

I have all of them so not really in need of 5% RSs, but still opened YBS 5%. I might need it at some point, you never know.  It took about 3 minutes to open and make £1 deposit.  I wouldn't have bothered if the opening required any more effort than this.  It's a healthy addition to my £1 accounts collection, most of them pay significantly lower rates   

It's one of those I'll likely retain as a ``dripping tray" account. I doubt the rate'll ever end up high enough for me to fund actively but if I've got a surplus of funds and need to dump it somewhere for a few days it might come in useful. I've got a few accounts like this for the same reason.

But you are only allowed one withdrawal before
closure. So this ‘drip tray’ approach will only
work on one occasion if you plan on taking that money back out. Another reason this account doesn’t appeal to me, along with the low deposit limit which is another…

I’ve not doubt customers will appreciate and snap up this low rate, low deposit, restricted account but as indicated by myself and others it just ain’t worth the hassle. 

Each to their own  

I suspect those opening this account would go for any account that pays above the best easy access rate.

If you already have 30-50 regular savers, adding another is just another line on the spreadsheet. 

It does get addictive, and an enjoyable challenge to maximise the total return from your savings.

I find though, that funding more than around 20 regular savers becomes too laborious, even if I could earn higher net returns,

I'd  rather have all those individual maturing interest payments consolidated, by having a larger amount in a fixed rate bond or the best easy access account, if the the difference is less than around 0.5%

On the new Yorkshire account, 5% is a decent offering, though it won't make much above top easy access rates, and they do have form for reducing rates on their regular savers.

Dizzycap

GetRichOrDieSaving said:

Think I’ll be giving the YBS 5% variable a miss. I currently have a monthly RS outlay of £3,850 with the lowest rate being 6%. As they mature i will open/fund the 5.25%-5.75% regular savers that are currently on offer (e.g. Skipton, Halifax, Lloyds etc).

Still have Santander Edge at 6% and 3x Cahoot Sunny Day Savers at 5% also.

Presuming that the present 5.25%-5.75% RSs will remain available until the maturity of your other RS - That's always the if question. The interesting feature with RS being offered at the moment is that they are being released as 10 month RSs & not 12, which makes me wonder if this will begin a new trend and ultimately the 12 month RS on offer presently will be withdrawn sooner, rater than later. Personally, I take what's on offer of anything 5% and above even if I put in just the opening minimum amount and hold whilst maxing out on monthly SOs for higher interest rate RSs as a fall back incase Edge / Cahoot decided to reduce the interest rate, so far, so good.

Section62

Stargunner said:

allegro120 said:

GetRichOrDieSaving said:

Think I’ll be giving the YBS 5% variable a miss. I currently have a monthly RS outlay of £3,850 with the lowest rate being 6%. As they mature i will open/fund the 5.25%-5.75% regular savers that are currently on offer (e.g. Skipton, Halifax, Lloyds etc).

Still have Santander Edge at 6% and 3x Cahoot Sunny Day Savers at 5% also.

I have all of them so not really in need of 5% RSs, but still opened YBS 5%. I might need it at some point, you never know.  It took about 3 minutes to open and make £1 deposit.  I wouldn't have bothered if the opening required any more effort than this.  It's a healthy addition to my £1 accounts collection, most of them pay significantly lower rates   

I just don’t see the point in opening numerous RS accounts with a £1. If they are a variable interest rate that is not competitive to start with, they are never likely to become competitive. 

Maybe, maybe not.  We don't know that as fact.  YBS could slash the 5% rate after the next BoE meeting, or they could leave it at 5% until maturity.  If the rates on the best easy access accounts go down and the YBS Christmas RS doesn't then it may become a competitive rate.  We also don't know whether a certain bank might start applying its T&Cs more rigorously and close two '3x' accounts.

One strategy to deal with that uncertainty is to speculatively open accounts with the minimum balance.  They might become competitive later, but if they don't then there isn't much lost.  Other strategies are available, and just as valid.

Speculator

Sorry if already posted but Progressive Online Regular Rainy Day Saver Account 3 down to 5.25% from 1/2

kaMelo

Speculator said:

Sorry if already posted but Progressive Online Regular Rainy Day Saver Account 3 down to 5.25% from 1/2

And to add to that, Progressive Online Regular Rainy Day Saver Account 4 reducing to 6.75% from February 1st.  
Source, email received this morning.

Slinky

Just seen this when I logged into Principality to put in maturity instructions:

Service update

Faster Payments

We’ve been notified that the Faster Payment Network is undergoing maintenance on Saturday 17th January.
If you are planning to move money electronically this weekend, you may experience a delay with the transfer. We apologise for any inconvenience caused.

savethepandas

Darlington B S

Logged in today, to see that there was a 'Cap Bal Cor' on 15th January on my RS. Reducing my interest from £93.45 to £18.23.