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

AndyTh_2

Born2Save_3 said:

Leeds BS RS Maturity

What happens to Leeds BS RS when they mature ? Do they become an EA or similar account ? Also, how easy and quick is it to transfer the matured money back to nominated ?  Anything to be careful of with Leeds ?

Thanks in advance for your help.

it says on their product page this info https://www.leedsbuildingsociety.co.uk/savings/regular-saver/regular-saver/

The maturity date will differ depending on the issue number

Maturity:

The account will mature at midnight on 1 November 2027. On the day after maturity (2 November 2027), your money including interest will be automatically transferred to an instant access maturity account, unless you provide alternative instructions. Full details including terms and conditions will be provided before maturity.

GetRichOrDieSaving

Born2Save_3 said:

GetRichOrDieSaving said:

My Gatehouse RS Issue 2 has been credited with interest ahead of maturity tomorrow (04.11.25) and I have instructed a full balance transfer to my nominated account. 

Mines maturing on 5/11/25 and I've just taken a look, to see if there are any maturity options/instructions.  I couldn't see any thing like that, so I'm just wondering how you gave instructions ?  Was it a future dated transfer or did you send a message or something else ?

Sadly nothing to replace the issue 2.  As I recall the issue 2 wasn't available for that long and there hasn't been anything RS shaped since from Gatehouse.  I had a look at new accounts and no RS or actually anything that outstanding.

I was able to arrange a transfer via the app dated for tomorrow. You should be able to do the same tomorrow for your account maturing 05/11/25 I’d imagine. 

nottsphil

s71hj said:

Kim_13 said:

jameseonline said:

ThePirates said:

Bridlington1 said:

 I typically refresh at the end of the month to push the maturity date on to the end of the month and allowing me to get the best of both worlds. I've done this with Principality BS many times for example.

Can you refresh Principality when you have multiple versions of the same issue?

Not sure how that would work to be honest, think about it, the only way to get multiple of the same issue is only through maturity options, so you close one it's gone, you won't be able to get another (in theory) until an existing account is due to mature

Plus requesting closure of something with Principality requires manual intervention, so would be more likely to result in them spotting multiple accounts and exercising their right to close them.

Indeed. I take the ming vase approach with Principality. I almost get nervous on the rare occasions I walk past a branch in case they somehow notice my multiple maturity accounts! 

It sounds like you fear they might haul you in and force you down to the branch dungeon for interrogation... 

Russ66

Bridlington1 said:

One option would be to open now but then refresh if still available in a month or two to push the maturity date on a bit.

This way you can still secure the account and don't risk missing out if it goes NLA sooner than it did last year but retain the option of pushing the maturity date on a couple of months if still available at the time.

Probably being a bit dull here but what do you mean by "Refresh"
Do you mean open one now then close it & open another down the line if still available? TIA

Bridlington1

Russ66 said:

Bridlington1 said:

One option would be to open now but then refresh if still available in a month or two to push the maturity date on a bit.

This way you can still secure the account and don't risk missing out if it goes NLA sooner than it did last year but retain the option of pushing the maturity date on a couple of months if still available at the time.

Probably being a bit dull here but what do you mean by "Refresh"
Do you mean open one now then close it & open another down the line if still available? TIA

By ``refresh" I mean close an account to reopen the same account. So yes, with Principality accounts (and others) I'll often open one when they're launched, then close and reopen the account at the end of the month if still available.

For future reference I have also included this term in the list of common abbreviations and their meanings on page 1 of this thread.

Pompeydave1967

Opened a zopa last month and got the 4.75% a/c and thought I’d grab the RS @ 7.1%. I’m usually a longer fixer with my money 1 , 2 , 5 year but wanted to grab the RS at that rate. Looking on a calculator tonight I think I’ll get £141 interest after 12 months whereas if I had fixed £3600 over 1 year even at 4% I’d get £144 or more if compound a/c .What’s peoples views on these RS’s ? I see many have 20,30,40+ a/c’s and must take a huge amount of time to monitor them - wouldn't it be easier to just put larger amounts in a 1 year fix ? 

TheQuaker

Not the best RS weekend for me. A bit amateur on my part in this game. Newcastle and Manchester bounced as I didn't use the nominated account. Hanley, my password doesn't work even though it is correct. Phoned them today and they said they unlocked it but clearly not. Another call tomorrow. Plus realised I didn't have an online login for Scottish BS, so had to apply for that. Joys... !!!

soulsaver

Just watch out for Chorley BS maturity process on their RSs.

Goes to an EA maturity account. Tried to withdraw all the funds in there Friday.

Their system tells you that the w/d request has been submitted and they'll be in touch.

Took them until Monday morning to tell they've rejected the transaction as it would take the balance below the min of £25. I should use the 'close account' option to w/d all the balance.

So miffed, I do. "..the w/d request has been submitted and they'll be in touch." Again.

Still no sign of the money - only 4 days later......

Yes I know there's a w.e... it's in the terms (probably)... Great customer experience? 

Bigwheels1111

Pompeydave1967 said:

Opened a zopa last month and got the 4.75% a/c and thought I’d grab the RS @ 7.1%. I’m usually a longer fixer with my money 1 , 2 , 5 year but wanted to grab the RS at that rate. Looking on a calculator tonight I think I’ll get £141 interest after 12 months whereas if I had fixed £3600 over 1 year even at 4% I’d get £144 or more if compound a/c .What’s peoples views on these RS’s ? I see many have 20,30,40+ a/c’s and must take a huge amount of time to monitor them - wouldn't it be easier to just put larger amounts in a 1 year fix ? 

You are not understanding how Reg savers work.
I leave the funds for my 22 regular savers in an easy access isa at 3.85% tax free.
Then on the 31st, or just after 00.01am I move the 5k I need to fund them into my bank.
So I get 3.85% and 5.5% to 7.5% on the reg savers.
So much more than 4.75%.
I need 60k this year to fund them all.
I don’t have that much but some mature every month, they get reinvested and so on.
The reg savers are on Standing Orders.
Each one takes around 5 or 10 mins to open, fund and set up SO.
Thats it for a year.

Bridlington1

Pompeydave1967 said:

Opened a zopa last month and got the 4.75% a/c and thought I’d grab the RS @ 7.1%. I’m usually a longer fixer with my money 1 , 2 , 5 year but wanted to grab the RS at that rate. Looking on a calculator tonight I think I’ll get £141 interest after 12 months whereas if I had fixed £3600 over 1 year even at 4% I’d get £144 or more if compound a/c .What’s peoples views on these RS’s ? I see many have 20,30,40+ a/c’s and must take a huge amount of time to monitor them - wouldn't it be easier to just put larger amounts in a 1 year fix ? 

What you're missing is that in your calculations you're assuming that if the money isn't in regular savers it's earning no interest. In practice many will stick their money in an EA account and then drip-feed the funds into regular savers.

In the case of Zopa's 7.1% RS, if you had £3.6k in an EA account at, say, 4.5% and you drip-fed the funds into Zopa at 7.1% at a rate of £300/mth you'd earn roughly £138.45 on the regular saver, but you'd also earn roughly £74.25 on the money whilst it's in the EA account, leaving you with roughly £212.70 overall.

When you've enough regular savers you can easily end up in a position where the money that's being paid into regular savers is coming exclusively from other regular savers, making these figures rise further.

There's also MSE's regular savers calculator if you want to have a play around with some figures:

https://www.moneysavingexpert.com/savings/regular-savings-calculator/