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

Bridlington1

Hattie627 said:

Bridlington1 said:

kermchem said:

Bridlington1 said:

Beverley BS Regular Saver Issue 1 has been launched at 5.5% (variable)

Rate includes a bonus of 4.5% pf you deposit between £10 and £150/mth and make no withdrawals in the calendar year. Account must remain open on 31st December in order to receive the bonus.

£150/mth max

Unlimited withdrawals however withdrawals result in the bonus being lost for that year.

Online only

No maturity date specified.

Interest paid 31st December each year.

Interesting, almost like someone at Beverley BS had been reading some of the posts on here and decided to come up with a slightly different RS for Savings Week.

• No closing date - does that mean it runs for ever? Or at least until they cut the rate and savers leave. And you can keep putting money in for ever.
• Issue 1 - so this is the first RS from a single branch BS
• Not far from Beverley to Bridlington 
• Exactly one payment in must happen each month, but amount can vary
• The obvious date to get your money out is 2nd January any year. 

It's the first online only RS from Beverley BS, though they have had (and still have) a Monthly Savings Account for a number of year, which can be opened in branch/post. This account only pays 3.4% and includes a bonus of 0.5%. I vaguely recalls seeing posts on here mentioning this account was competitive in its day but it has since fallen behind.

Having a bonus rate of interest isn't a new feature with Beverley BS, though in the case of the original Monthly Saver the rate was only applicable if you made deposits each month and having the account open on 31st December, withdrawals weren't related to the bonus (1 penalty-free withdrawal/yr, further withdrawals resulted in 30 day interest hit). The new RS is stricter in that the bonus is also dependent on not making any withdrawals.

Beverley BS new RS

Hi Bridlington. I'm having difficulty understanding this account. On what day of the year can you make a withdrawal without affecting the bonus rate?

None at all unless 1st January becomes a normal working day as withdrawal requests made on non-working days are treated as having been received the next working day.

You can however make withdrawals on the 1st working day of the year to minimise the impact of a withdrawal, if you do this you'll get the bonus rate for the previous year but then lose it for the year of the withdrawal.

E.g. if you open the account now and fully fund it, then decide to withdraw on Friday 2nd January 2026 you'd get the bonus rate of interest for 2025 (i.e. 5.5% (var)), then would earn 1% variable for 2026 (which would be just the one day on the amount withdrawn), if you paid in again that year you'd continue to earn 1% (var) until 31/12/26, and would begin earning the bonus rate from 1/1/27 onwards.

happybagger said:

surreysaver said:

 and to not fund the account for a year 

The terms require a minimum monthly deposit if £10, but it doesn't specifically state what happens if you don't.

They may well give notice to close it if the terms are not met.

Staying within the terms would mean 12 deposits of £10 in the year which would mean an average balance of around £70 over the year earning just 1%, before it became eligible for the full 5.5% from the net 1st January.

People can decide which option would be the one for them I guess (I would prefer to remain within the terms)

They don't, the £10+ monthly payment is only required to get the bonus rate, the penalty for missing payments is that you forfeit the bonus for that year.

dcs34

Bridlington1 said:

dcs34 said:

Beverley BS Regular Saver

I'm confused by their product description that "this may be ideal for you if you can commit to saving each month, with only one withdrawal per calendar year." The implication being that one withdrawal each year doesn't impact the interest?

On that basis, do others interpret the product T&Cs to mean that the 'year withdrawal' restriction applies to each calendar year, i.e.:

• a withdrawal on 31st December reduces the interest earned in the preceding 365 days, and
• a withdrawal on 1st January only reduces 1 day's worth of interest?

If I've understood correctly then that does at least follow the spirit of their product description, albeit their summary wording could make this clearer (to me at least!).

Whilst my regular saver funding threshold is currently anything > 5.2%, and I like collecting smaller BS accounts, this feels like more of a future headache than the variable interest rate justifies!

I think the product description may be a copy/paste from the Monthly Savings Account they've had for a while, my guess is that they've failed to adjust the description accordingly.

Better archive those for the future dispute then...

Bridlington1

dcs34 said:

Bridlington1 said:

dcs34 said:

Beverley BS Regular Saver

I'm confused by their product description that "this may be ideal for you if you can commit to saving each month, with only one withdrawal per calendar year." The implication being that one withdrawal each year doesn't impact the interest?

On that basis, do others interpret the product T&Cs to mean that the 'year withdrawal' restriction applies to each calendar year, i.e.:

• a withdrawal on 31st December reduces the interest earned in the preceding 365 days, and
• a withdrawal on 1st January only reduces 1 day's worth of interest?

If I've understood correctly then that does at least follow the spirit of their product description, albeit their summary wording could make this clearer (to me at least!).

Whilst my regular saver funding threshold is currently anything > 5.2%, and I like collecting smaller BS accounts, this feels like more of a future headache than the variable interest rate justifies!

I think the product description may be a copy/paste from the Monthly Savings Account they've had for a while, my guess is that they've failed to adjust the description accordingly.

Better archive those for the future dispute then...

They already have been:

Beverley BS	Monthly Saver	https://web.archive.org/web/20220817231148/https://beverleybs.co.uk/savings/monthly-savings-account/
Beverley BS	Regular Saver Issue 1	https://web.archive.org/web/20250924175255/https://beverleybs.co.uk/savings/regular-saver-issue-1/

Hattie627

Beverley BS

I'm an enthusiastic Regular Saver opener and collector, but this one is just too, well, not sure what the term is, not confidence-inspiring? £150 at 5.5% open-ended is good, but (for a non-fixed rate, a fixed rate I know is impossible when open-ended) I want the ability to at least close (if not withdraw) at any time without penalty. This one clearly HAS a penalty for closing except immediately after 31 December. I'm not prepared to take the risk with this one. Their operation too seems a bit ropey (eg the apparent cut and paste job on the headline blurb for this new account, not professional).

surreysaver

Hattie627 said:

Beverley BS

I'm an enthusiastic Regular Saver opener and collector, but this one is just too, well, not sure what the term is, not confidence-inspiring? £150 at 5.5% open-ended is good, but (for a non-fixed rate, a fixed rate I know is impossible when open-ended) I want the ability to at least close (if not withdraw) at any time without penalty. This one clearly HAS a penalty for closing except immediately after 31 December. I'm not prepared to take the risk with this one. Their operation too seems a bit ropey (eg the apparent cut and paste job on the headline blurb for this new account, not professional).

I've opened it, with the knowledge that there's only four payments to make before an interest payment, in the hope that the T&Cs are clarified (allowing one withdrawal per calendar year or if the interest rate drops would be sensible clarifications)

surreysaver

happybagger said:

surreysaver said:

 and to not fund the account for a year 

The terms require a minimum monthly deposit if £10, but it doesn't specifically state what happens if you don't.

They may well give notice to close it if the terms are not met.

Staying within the terms would mean 12 deposits of £10 in the year which would mean an average balance of around £70 over the year earning just 1%, before it became eligible for the full 5.5% from the net 1st January.

People can decide which option would be the one for them I guess (I would prefer to remain within the terms)

There is no such term. You only need to pay a minimum of £10pm to obtain the bonus rate. If I were to make a withdrawal, I would likely leave a token £10 in the account to keep it open 

Bridlington1

surreysaver said:

happybagger said:

surreysaver said:

 and to not fund the account for a year 

The terms require a minimum monthly deposit if £10, but it doesn't specifically state what happens if you don't.

They may well give notice to close it if the terms are not met.

Staying within the terms would mean 12 deposits of £10 in the year which would mean an average balance of around £70 over the year earning just 1%, before it became eligible for the full 5.5% from the net 1st January.

People can decide which option would be the one for them I guess (I would prefer to remain within the terms)

There is no such term. You only need to pay a minimum of £10pm to obtain the bonus rate. If I were to make a withdrawal, I would likely leave a token £10 in the account to keep it open 

Or ``refresh" if still available, doing that enables you to have another chance of the bonus for that year if it becomes competitive later.

charlie12525

Beverley BS RS1

I usually jump at any decent Regular Saver.

According to the Beverley terms pdf I would earn £53.84 interest for 12 monthly payments of £150 into their RS1.

If I put the £150 monthly into my 4.4% Cahoot instant access account I will earn, roughly, £40 interest over a year.

Not worth it for me to negotiate the terms on the Beverley account for potentially £14 advantage.

Cahoot are more likely than Beverley to reduce their rate, I think, so that £14 advantage could increase.

Still gonna pass on this one.

HHUK

charlie12525 said:

Beverley BS RS1

If I put the £150 monthly into my 4.4% Cahoot instant access account I will earn, roughly, £40 interest over a year.

Already maxed out any 5% Cahoot Sunny Day Saver(s) ?

s71hj

Hattie627 said:

Beverley BS

I'm an enthusiastic Regular Saver opener and collector, but this one is just too, well, not sure what the term is, not confidence-inspiring? £150 at 5.5% open-ended is good, but (for a non-fixed rate, a fixed rate I know is impossible when open-ended) I want the ability to at least close (if not withdraw) at any time without penalty. This one clearly HAS a penalty for closing except immediately after 31 December. I'm not prepared to take the risk with this one. Their operation too seems a bit ropey (eg the apparent cut and paste job on the headline blurb for this new account, not professional).

T and Cs make it sound more like a riddle than a savings account!