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

allegro120

Born2Save_3 said:

MansfieldBS My Milestone Saver

It's not clear to me if a monthly deposit is mandatory or not and if missed what the consequences may be.

"A minimum of £1 per month must be deposited in order to open and operate the account."

Also Mansfield is making rate reductions on variable accounts on 1/2/26, will this account be affected ?

https://www.mansfieldbs.co.uk/latest-news/interest-rate-reductions-following-bank-of-england-base-rate-changes-on-18-december-2025/

Not clear to me either.  My guess is if the conditions are not met they will transfer the account to Easy Access Community Saver. 
These reductions were published before Milestone was released so it should stay at this rate until the next round of reductions. 

s71hj

Bridlington1 said:

Mansfield BS have launched a My Milestone Saver at 6% variable (includes 2.75% bonus for 12 months)

£500/mth max
Branch/post only
1 withdrawal per calendar year including closure

Finished reading this post on then stairs walking up to the room where my printer is. Sad git that I am! 

s71hj

s71hj said:

Bridlington1 said:

Mansfield BS have launched a My Milestone Saver at 6% variable (includes 2.75% bonus for 12 months)

£500/mth max
Branch/post only
1 withdrawal per calendar year including closure

Finished reading this post on then stairs walking up to the room where my printer is. Sad git that I am! 

I assume this bonus rate runs for exactly 1 year so a 13th payment is (possibly) possible. Not quite clear if it would be quicker to get a credited January payment to enclose a cheque or wait for account number and do an FP. Also I guess it's important to diarise closure after 12 months - note to self!! 

Bridlington1

s71hj said:

Bridlington1 said:

Mansfield BS have launched a My Milestone Saver at 6% variable (includes 2.75% bonus for 12 months)

£500/mth max
Branch/post only
1 withdrawal per calendar year including closure

Finished reading this post on then stairs walking up to the room where my printer is. Sad git that I am! 

If it's any consolation it's not uncommon for me to have dreams about regular savers and occasionally the master spreadsheet that lurks behind much of what I post on here.

Born2Save_3

Bridlington1 said:

s71hj said:

Bridlington1 said:

Mansfield BS have launched a My Milestone Saver at 6% variable (includes 2.75% bonus for 12 months)

£500/mth max
Branch/post only
1 withdrawal per calendar year including closure

Finished reading this post on then stairs walking up to the room where my printer is. Sad git that I am! 

If it's any consolation it's not uncommon for me to have dreams about regular savers and occasionally the master spreadsheet that lurks behind much of what I post on here.

Well if you're ever having any trouble falling asleep here are some soothing quotations you may like to think of :

"Famous Quotes on Compound Interest:

•     Albert Einstein: "Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn't, pays it."
•     Benjamin Franklin: "Money makes money. And the money that money makes, makes money."
•     Warren Buffett: "My wealth has come from a combination of living in America, some lucky genes, and compound interest."
•     Warren Buffett (on patience): "Time is your friend; impulse is your enemy. Take advantage of compound interest and don't be captivated by the siren song of the market."
•     Dave Ramsey: "Compound interest is proof that you can get rich slowly."
•     Nick Sleep: "Compound interest is a wonderful thing to have on your side and terrible thing to have working against you."
•     Guy Spier: "Long-term compounding is an investor's best friend, so why get in its way." 

It's from Google AI, so there may be some hallucination, but they all sound pretty good to me.

s71hj

Born2Save_3 said:

Bridlington1 said:

s71hj said:

Bridlington1 said:

Mansfield BS have launched a My Milestone Saver at 6% variable (includes 2.75% bonus for 12 months)

£500/mth max
Branch/post only
1 withdrawal per calendar year including closure

Finished reading this post on then stairs walking up to the room where my printer is. Sad git that I am! 

If it's any consolation it's not uncommon for me to have dreams about regular savers and occasionally the master spreadsheet that lurks behind much of what I post on here.

Well if you're ever having any trouble falling asleep here are some soothing quotations you may like to think of :

"Famous Quotes on Compound Interest:

• Albert Einstein: "Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn't, pays it."
• Benjamin Franklin: "Money makes money. And the money that money makes, makes money."
• Warren Buffett: "My wealth has come from a combination of living in America, some lucky genes, and compound interest."
• Warren Buffett (on patience): "Time is your friend; impulse is your enemy. Take advantage of compound interest and don't be captivated by the siren song of the market."
• Dave Ramsey: "Compound interest is proof that you can get rich slowly."
• Nick Sleep: "Compound interest is a wonderful thing to have on your side and terrible thing to have working against you."
• Guy Spier: "Long-term compounding is an investor's best friend, so why get in its way." 

It's from Google AI, so there may be some hallucination, but they all sound pretty good to me.

Born2Save_3 said:

Bridlington1 said:

s71hj said:

Bridlington1 said:

Mansfield BS have launched a My Milestone Saver at 6% variable (includes 2.75% bonus for 12 months)

£500/mth max
Branch/post only
1 withdrawal per calendar year including closure

Finished reading this post on then stairs walking up to the room where my printer is. Sad git that I am! 

If it's any consolation it's not uncommon for me to have dreams about regular savers and occasionally the master spreadsheet that lurks behind much of what I post on here.

Well if you're ever having any trouble falling asleep here are some soothing quotations you may like to think of :

"Famous Quotes on Compound Interest:

• Albert Einstein: "Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn't, pays it."
• Benjamin Franklin: "Money makes money. And the money that money makes, makes money."
• Warren Buffett: "My wealth has come from a combination of living in America, some lucky genes, and compound interest."
• Warren Buffett (on patience): "Time is your friend; impulse is your enemy. Take advantage of compound interest and don't be captivated by the siren song of the market."
• Dave Ramsey: "Compound interest is proof that you can get rich slowly."
• Nick Sleep: "Compound interest is a wonderful thing to have on your side and terrible thing to have working against you."
• Guy Spier: "Long-term compounding is an investor's best friend, so why get in its way." 

It's from Google AI, so there may be some hallucination, but they all sound pretty good to me.

Reminds me of this wonderful bit from Red Dwarf

• The Setup: Holly, the ship's computer, informs Dave Lister that his small savings have multiplied astronomically.
• The Calculation: Holly claims Lister now owns 98% of the world's wealth because of compound interest over 3 million years.
• The Punchline: The "wealth" is real, but so is a gigantic bill from Norweb (the UK's electricity board), as Lister left a light on, leading to a £180 billion debt.

flaneurs_lobster

PowerSavingMode said:

Monthly minimum payments

Is that easy to do? I currently have a extremely sophisticated ( ;-) ) method — I embolden the minimum required in my 'amount per month' column!

Almost as sophisticated as my method - change the colour of the cell to a fetching pink.

BestSeagull

friolento said:

Bridlington1 said:

Mansfield BS have launched a My Milestone Saver at 6% variable (includes 2.75% bonus for 12 months)

£500/mth max
Branch/post only
1 withdrawal per calendar year excluding closure

Interesting but I will pass as I am nowhere near a Mansfield Branch and I find postal applications and management too tedious

I completely agree that postal accounts are tedious but with the downward trajectory of rates at the moment I'm inclined to work a little bit harder for the interest. I'd actually have gone for this one anyway as I think the terms are good but just gave myself a talking to and have also applied for the *postal Dudley Festive saver too, which I hadn't bothered with before.

*I blinked and missed the online version.

x44

Where Mansfield B.Soc say manage the account through branch/post only does that mean that to pay into the account you need either visit a branch or send a monthly cheque (plus passbook?) to the society?

So no direct electronic bank transfers?

If so - yes far too much faff and bother.

happybagger

Pay in by standing order or manual bank transfer fine, same wording is used for their existing Bonus Regular Saver. The details will be on the back page of the passbook.