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

clairec666

Updated version:



All hypothetical of course, and assuming interest rates remain unchanged and that the same account is available on maturity.

(P.S. not trying to steal Bobblehat's thunder - you are still the champion spreadsheeter!)

masonic

Stargunner said:

clairec666 said:

Stargunner said:

rallycurve said:

Bobblehat said:

rallycurve said:

Bobblehat said:

Stargunner said:

Bobblehat said:

friolento said:

Bigwheels1111 said:

Bobblehat said:

Bigwheels1111 said:

Hattie627 said:

Nationwide BS Flex Regular Saver

My Issue 3 Flex RS has its maturity date today. Interest has been added (£93.46). I have moved the balance plus interest out.  The account is still showing as a Flexible RS which is preventing me opening a new one (now Issue 7). I can't remember what happened last year. Has anyone any recent experience of a Flex RS maturity and can recall when the account changes to an Instant Saver? 

Did you make an extra £200 payment this month, ie total £2600.

I did and only got £93.42.

If it's of interest(!), opened the RS 22/09/2024, funded it 22/09 & 01/10 and then by SO on 01/11 until 01/09/2025, so closing balance was £2693.67.

Yes interest, I'm thinking of waiting until the 29th to open a new one so I can fund on the first as well to max

Interest this year. Then open on the 30th next year to do the same. As you need to wait a day to open.

It might not be available any longer on the 29th.

OTOH, there might be a better offer during Savings Week, only available if you haven’t yet got the 6.5% one.

Choices, choises🤔

I'll risk it! The NW agent I spoke to insisted on looking up the rate of the current offering when I mentioned about opening a new one later in the month (I already knew the rate). His wording was slightly worrying ... "It's still 6.5%, at the moment!". I should have asked if there was an expected drop imminent, but knew I would get a non-committal answer. 

It's a variable account anyway, so if it did drop between now and the 29th, I'd have probably only lost pennies. I have the choice to go elsewhere if the drop is drastic or NLA ... unlikely.

Why don't you open the new RS now, so that you can be earning interest on your first deposit of £200.

You previously said that you were leaving £400 in the current account to cover the first 2 payments. How much interest are you earning on the £400?

A good point .... but .....

I could shift it out to Chase Saver and back 7 days later @ 4.65% gaining £0.28p over leaving it where it is (1%)....

or, I could open the NW RS tomorrow and lose £2.56 over opening it on 29/09, (£94.10 maturing 22/09/2026 vs £96.66 maturing 28/09/2026).

So leaving the £400 where it is and not having to shift it around, and opening on 29th I'll have gained £2.56 over opening on 23rd but lost £0.28p for being a tad lazy! Do I loose an MSE point for being a tad lazy?

I’d be curious to know the maths behind this. How can you earn £2.56 in 7 days on £200 in an account paying 6.5%? 

OK ..... I'm glad I kept the rough working out spreadsheet! It would be 6 days BTW, as although I could have shifted the £400 I kept back today, I can't open the new RS until tomorrow at the earliest. 

Here you go ... usual qualifier, if you spot an error, let me know and I'll look and correct as necessary.



And for those who insist on a more accurate table showing payment dates for SO's on Bank working days ....



I have similar tables to above but showing a rate drop to 6.00% on 01/10/2025!  Did I here a murmur of "Keep 'em to yourself"? 

Thanks for that. I understand now, basically you get 6 extra days at the end when you have the account full and that's what makes the difference!

This  table does not take into account that the £2600 plus interest can be earning interest for 6 days from the 23/09/26 in another savings account, so the actual difference for opening the account is negligible 

Well, not negligible - about 90p if my calculations are correct, if you're putting the matured funds in an easy-access account at 4%. However if the account is still available to renew at 6.5% on maturity, then any gains in funding on the 29th are wiped out.

Hopefully none of us are keeping our funds in a current account at 0% while we're waiting for the end of the month

I mistakenly missed out the word delaying (edited now), as i meant the difference in delaying opening the account is negligible to opening it now.

Well, you need to consider where the money would end up for the 6 days after an account opened today matures. Likely the difference will be under a quid. But could be nothing if inflation picks up and interest rates soar.

saverkev

ForumUser7 said:

saverkev said:

Savings Week 
Very disappointing upto now
Here's Progressive's contribution

UK Savings Week 2025 Branch Competition

It’s UK Savings Week! Helping to ease the burden of the dreaded grocery shop bill (leaving you with a little extra in your pocket to save!), we’re offering you the chance to WIN £250 Tesco voucher! Enter by visiting your local Progressive branch for your chance to win. T&Cs apply.

Competition T&Cs

lol, excludes their England based customers

Nothing stopping you nipping over there to enter the comp!

allegro120

clairec666 said:

I've always been a bit sceptical of the "open at the end of the month" thing, and have generally followed the rule of "open now if you have the money". But now Bobblehat's spreadsheet is making me doubt myself...

It's not worth overthinking these things though - for example when my last Coop RS matured, it took 5 days for my new account to open, so this could tip you over into the next month. Others like Principality are more predictable (if your maturity instructions are accepted, of course...)

That's the rule I follow
If I have £250 in EA earning 5% waiting for a better home - 6.5% is more than 5% so the money go there.  I'm not sure how keeping this £250 at 5% for an extra 6 days can deliver a better return.  It is unpredictable what this £250 will be doing in few months time (e.g. impact of variable rates), so I tend to move money as soon as there is a better opportunity available. 

ForumUser7

saverkev said:

ForumUser7 said:

saverkev said:

Savings Week 
Very disappointing upto now
Here's Progressive's contribution

UK Savings Week 2025 Branch Competition

It’s UK Savings Week! Helping to ease the burden of the dreaded grocery shop bill (leaving you with a little extra in your pocket to save!), we’re offering you the chance to WIN £250 Tesco voucher! Enter by visiting your local Progressive branch for your chance to win. T&Cs apply.

Competition T&Cs

lol, excludes their England based customers

Nothing stopping you nipping over there to enter the comp!

Would cost so much more to reside in Northern Ireland for a period than it would to just forgo the competition!

Aidanmc

Just trying to make initial deposit to Manchester RS.
CoP confirmed the account when i entered the 7 digit account number as reference,
but for some reason Halifax needs me to call then to confirm the transaction.
What is this 13 digit acc number mentioned in Manchester BS ?

• Reference: Your Manchester Building Society account number. Your account number is a 13-digit account number which can be found in your welcome letter or by logging into your account online. Please ensure that your account number is entered exactly as shown including any uppercase letters.

AndyTh_2

AndyTh_2 said:

Manchester BS Regular Saver 1

I waited over an hour for the User Id and didn't get it, so I went to their website to do a for "Forgotten your User ID?" on the login page, and got the User Id that way.

Well, I eventually got the User Id the expected way too this morning 8am

Hattie627

Nationwide BS Flex RS Issue 3

Mine matured yesterday and I moved the balance plus interest out. Overnight it has changed to Instant Access Saver Issue 10 (balance nil). I've tried to open a new Flex RS (now Issue 7) but the system won't let me, saying I already have one. Anyone had similar problem?

s71hj

Hattie627 said:

Nationwide BS Flex RS Issue 3

Mine matured yesterday and I moved the balance plus interest out. Overnight it has changed to Instant Access Saver Issue 10 (balance nil). I've tried to open a new Flex RS (now Issue 7) but the system won't let me, saying I already have one. Anyone had similar problem?

I'm In the same boat. I do recall reading something about it needing to be next day on here bit that was probably about 17 pages back now and I can never get the search facility to work properly on the MSE APP! 

Newly_retired

My Nationwide FlexRS matured yesterday and today is showing as in an EA account, which I have now moved temporarily into my nominated account. I tried to open a new RS but it refused me, saying I already have one. 
Keep up, Nationwide!