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

surreysaver

Aidanmc said:

Going to have to dip in to my 5.5% RS's to fund higher interest ones next month.
My current 5.5's are RBS (max), Natwest (3k), Halifax, Progressive and recently opened Manchester.
Does it really matter which one i start with?

Start with NatWest and RBS, as they're really 5.37% (the 5.5% is the AER, not the gross) as the interest is paid monthly 

SH88SH88

Is the Coop Bank OK (in general) ? ... thinking specifically about the RS, but also the current account (as the current a/c seems mandatory for the RS) .

Kim_13

surreysaver said:

Aidanmc said:

Going to have to dip in to my 5.5% RS's to fund higher interest ones next month.
My current 5.5's are RBS (max), Natwest (3k), Halifax, Progressive and recently opened Manchester.
Does it really matter which one i start with?

Start with NatWest and RBS, as they're really 5.37% (the 5.5% is the AER, not the gross) as the interest is paid monthly 

The NatWest is 5.5% as it isn't full and interest is compounding. Wouldn't RBS be a little above 5.5% provided the poster is drawing out the interest each month and paying it into an account paying more than 5.5%, or 5.5% if the interest goes into Manchester for example and earns 5.5% there?

subjecttocontract

SH88SH88 said:

Is the Coop Bank OK (in general) ? ... thinking specifically about the RS, but also the current account (as the current a/c seems mandatory for the RS) .

Why wouldn't it be ?
All the account details are available, it's down to your personal choice surely.

mon3ysav3r

SH88SH88 said:

Is the Coop Bank OK (in general) ? ... thinking specifically about the RS, but also the current account (as the current a/c seems mandatory for the RS) .

I opened a Current Account and RS in February, never had any issues with their online banking website or payments so far

ThePirates

SH88SH88 said:

Is the Coop Bank OK (in general) ? ... thinking specifically about the RS, but also the current account (as the current a/c seems mandatory for the RS) .

You don't need to 'use' the Current account to open the RS. Just put £1 in it and forget about it!

clairec666

SH88SH88 said:

Is the Coop Bank OK (in general) ? ... thinking specifically about the RS, but also the current account (as the current a/c seems mandatory for the RS) .

Depends what you mean by okay!
It's a reputable bank which has offered a consistent rate on its regular saver for quite a while now.

They sometimes have a good switching bonus available, so keep an eye out for that.

Minor complaints:
I never use Coop to make manual payments to regular savers, because a couple of times they've been held up on suspicion of fraud.
Applications for the regular saver take a few days, which is a tad annoying but not a major problem.

csw5780

clairec666 said:

SH88SH88 said:

Is the Coop Bank OK (in general) ? ... thinking specifically about the RS, but also the current account (as the current a/c seems mandatory for the RS) .

Depends what you mean by okay!
It's a reputable bank which has offered a consistent rate on its regular saver for quite a while now.

They sometimes have a good switching bonus available, so keep an eye out for that.

Minor complaints:
I never use Coop to make manual payments to regular savers, because a couple of times they've been held up on suspicion of fraud.
Applications for the regular saver take a few days, which is a tad annoying but not a major problem.

Tend to agree; overall fine but noticeably a touch overzealous on holding payments for fraud checks (to same name COP checked accounts).

surreysaver

Kim_13 said:

surreysaver said:

Aidanmc said:

Going to have to dip in to my 5.5% RS's to fund higher interest ones next month.
My current 5.5's are RBS (max), Natwest (3k), Halifax, Progressive and recently opened Manchester.
Does it really matter which one i start with?

Start with NatWest and RBS, as they're really 5.37% (the 5.5% is the AER, not the gross) as the interest is paid monthly 

The NatWest is 5.5% as it isn't full and interest is compounding. Wouldn't RBS be a little above 5.5% provided the poster is drawing out the interest each month and paying it into an account paying more than 5.5%, or 5.5% if the interest goes into Manchester for example and earns 5.5% there?

I get that, but if money is going to begin to be removed, then it won't be compounding enough to reach 5.5%. If it was going to be left to reach £5k, then I would agree, but if the poster is looking at removing funds, and all else being equal, I would start with those that pay interest monthly, as the gross is lower.
There may be other variables to take into account, such as fixed rates, which tax year interest is going to be paid etc

thefrank

csw5780 said:

clairec666 said:

SH88SH88 said:

Is the Coop Bank OK (in general) ? ... thinking specifically about the RS, but also the current account (as the current a/c seems mandatory for the RS) .

Depends what you mean by okay!
It's a reputable bank which has offered a consistent rate on its regular saver for quite a while now.

They sometimes have a good switching bonus available, so keep an eye out for that.

Minor complaints:
I never use Coop to make manual payments to regular savers, because a couple of times they've been held up on suspicion of fraud.
Applications for the regular saver take a few days, which is a tad annoying but not a major problem.

Tend to agree; overall fine but noticeably a touch overzealous on holding payments for fraud checks (to same name COP checked accounts).

I spent 'hours' on the phone with Coop Bank having to explain why I was moving my own money in 3 different occasions in 2 months. In the end I decided to keep nothing on the current account but the occasional £1 and use it only to transfer to the regular saver if and when needed. Nothing else. I understand the importance of the anti fraud activity, but these people are really overzealous.