The Top Regular Savers Discussion Thread

Born2Save_3

PixelPound said:

What's your biggest factor for choosing a RS?

- Highest interest rate? 

- fixed rate of interest? 

- withdrawal options? 

- Monthly Deposit limits? 

Obviously a High interest earns as much as you can (barring BoE cuts), where as fixed could beat these if there is more than a couple of cuts during the term. Maybe it's where you keep the emergency fund, so an option to withdraw it if something happens and it's needed is a big factor. Or maybe you don't like faffing around with lots of small monthly amounts and one with a high deposit limit means bigger total interest at the end. 

Why are you asking ? What will you do with the replies ? Are you connected to an organisation that may offer or does offer RS ?

For me it has been : 

* Is the rate better than my lowest EA rate

* Can I apply for it; i.e. branch application, post code restrictions or restrictions on the number of accounts that can be held, make applying not as easy

* Is the account still available:  (Please Dudley let us have a second chance...)

Turn offs are : 

* Passbooks and postal operation

* Low monthly deposit limits (<=£50 monthly) and mediocre rates (<=5%AER currently)

* Peculiar/unusual terms

* Slow/difficult transfers out

* Limited to having a single RS when organisation may offer several

Turn ons are : 

* Good rates

* Fixes

* Large monthly deposits, i.e. £500+

* Good maturity/renewal options

* Early access, if required

* Fast/easy transfers out

* Being able to have all the RS an organisation offers

* Keeps an active relationship with organisation that may offer other products of interest, i.e. CA, SA, Bonds, ISAs, maybe even mortgages. One organisation I've joined for RS, I had no idea offered a speciality mortgage I'm quite interested in.

There's likely to be other important factors too.

surreysaver

PixelPound said:

What's your biggest factor for choosing a RS?

- Highest interest rate? 

- fixed rate of interest? 

- withdrawal options? 

- Monthly Deposit limits? 

Obviously a High interest earns as much as you can (barring BoE cuts), where as fixed could beat these if there is more than a couple of cuts during the term. Maybe it's where you keep the emergency fund, so an option to withdraw it if something happens and it's needed is a big factor. Or maybe you don't like faffing around with lots of small monthly amounts and one with a high deposit limit means bigger total interest at the end. 

The higher the rate, the more effort I'm willing to go to to open it.

Deposit limits are irrelevant for me.

The lower the rate, I look at how much effort it is to operate the account (can I do it online?). Is the rate fixed? Is it easy access? (so I can withdraw money should the rate become uncompetitive).

I will open an uncompetitive account just to become a member of an organisation I am not a member of, to be in a position to secure any loyalty accounts and to make it easier to apply for accounts with that organisation in the future, but I will only pay the minimum into such accounts.

For example, three weeks ago I travelled to Manchester, Market Harborough and Durham to open Manchester's, Market Harborough's and Newcastle's Festive Regular Savers.
Last week I travelled to Stoke and Edinburgh to open Hanley's and Scottish's Regular Savers.
But when making such trips, I try to combine them with a visit to the area as a tourist as well. Owing to the industry I work in, it doesn't cost me anything (apart from my time) to make such trips.

Bridlington1

fuzzzzy said:

chris_the_bee said:

MisterMotivated said:

chris_the_bee said:

Happy one thousandth page!

Suffering from premature celebration...? 

Pre-emptive strike

Happy 10,000th comment? 

Well trust me to be on my way back from the seaside when it happened. But anyhow.

Nearly a year ago I added whether payments into regular savers were treated as having been received the same or next working day for interest purposes to the listings on p1 of this thread, and based on the feedback I've received this is something that many of you have found useful.

As an extension I've often thought it would be handy to have a list of bank/building society faster payment cut off times for interest purposes to refer back to, as far as I know this isn't something that has existed anywhere before, so I've decided to compile the list myself.

This version of The Top RS Discussion thread has now passed 10,000 posts, so what better way to mark the occasion than to launch the Faster Payment Cut Off Times List as a thread of its own. Please find the link to it below:

https://forums.moneysavingexpert.com/discussion/6647296/the-faster-payments-cut-off-times-list/p1

A link to the thread shall be included on p1 of this thread.

allegro120

PixelPound said:

What's your biggest factor for choosing a RS?

- Highest interest rate? 

- fixed rate of interest? 

- withdrawal options? 

- Monthly Deposit limits? 

Obviously a High interest earns as much as you can (barring BoE cuts), where as fixed could beat these if there is more than a couple of cuts during the term. Maybe it's where you keep the emergency fund, so an option to withdraw it if something happens and it's needed is a big factor. Or maybe you don't like faffing around with lots of small monthly amounts and one with a high deposit limit means bigger total interest at the end. 

Highest interest rate of course. 

Fixed or variable - not very important if the rate is high. Monthly deposit limits - I’m happy with any as long as the rate is good. 

Bridlington1

Hinckley & Rugby BS Interest Rate Reductions 13/1/26:

Regular Saver 30 Day Notice Issue 2 ~~~ Reduction from 4.1% to 4%
Christmas Saver 30 Day Notice ~~~ Reduction from 5% to 4.9%

Hattie627

surreysaver said:

PixelPound said:

What's your biggest factor for choosing a RS?

- Highest interest rate? 

- fixed rate of interest? 

- withdrawal options? 

- Monthly Deposit limits? 

Obviously a High interest earns as much as you can (barring BoE cuts), where as fixed could beat these if there is more than a couple of cuts during the term. Maybe it's where you keep the emergency fund, so an option to withdraw it if something happens and it's needed is a big factor. Or maybe you don't like faffing around with lots of small monthly amounts and one with a high deposit limit means bigger total interest at the end. 

The higher the rate, the more effort I'm willing to go to to open it.

Deposit limits are irrelevant for me.

The lower the rate, I look at how much effort it is to operate the account (can I do it online?). Is the rate fixed? Is it easy access? (so I can withdraw money should the rate become uncompetitive).

I will open an uncompetitive account just to become a member of an organisation I am not a member of, to be in a position to secure any loyalty accounts and to make it easier to apply for accounts with that organisation in the future, but I will only pay the minimum into such accounts.

For example, three weeks ago I travelled to Manchester, Market Harborough and Durham to open Manchester's, Market Harborough's and Newcastle's Festive Regular Savers.
Last week I travelled to Stoke and Edinburgh to open Hanley's and Scottish's Regular Savers.
But when making such trips, I try to combine them with a visit to the area as a tourist as well. Owing to the industry I work in, it doesn't cost me anything (apart from my time) to make such trips.

I can travel for free anywhere in Scotland on the buses with my over 60 bus pass. Unfortunately there isn't much in the way of local building societies in Scotland except Scottish BS in Edinburgh. It would be great if my travel pass would take me to northern England. I'd be delighted to visit all the nice places there like Penrith, Furness, Newcastle, Darlington etc, might even make it as far as Yorkshire or Lancashire for Chorley, Leeds, Manchester. Midlands or Wales might be a bit too far just for account opening, unless I could open 3 or 4 in one trip. Perhaps better to avoid darkening the door of Principality BS in case they haul me in for questioning.

PowerSavingMode

PixelPound said:

What's your biggest factor for choosing a RS?

- Highest interest rate? 

- fixed rate of interest? 

- withdrawal options? 

- Monthly Deposit limits? 

Obviously a High interest earns as much as you can (barring BoE cuts), where as fixed could beat these if there is more than a couple of cuts during the term. Maybe it's where you keep the emergency fund, so an option to withdraw it if something happens and it's needed is a big factor. Or maybe you don't like faffing around with lots of small monthly amounts and one with a high deposit limit means bigger total interest at the end. 

- Highest interest rate (but happy with slightly lower rate if withdrawal and/or monthly deposit terms are better)

gt94sss2

Bridlington1 said:

fuzzzzy said:

chris_the_bee said:

MisterMotivated said:

chris_the_bee said:

Happy one thousandth page!

Suffering from premature celebration...? 

Pre-emptive strike

Happy 10,000th comment? 

I've often thought it would be handy to have a list of bank/building society faster payment cut off times for interest purposes to refer back to, as far as I know this isn't something that has existed anywhere before, so I've decided to compile the list myself.

I have seen similar threads in the distant past on MSE and at least one other forum.

It won't be your intention but some will end up trying to use the information to try and get interest from more then one institution on the same day/balance.

Unsurprisingly, this leads to account closures and bans relatively rapidly 

Hattie627

Criteria in order of importance:-

• Headline interest rate and whether fixed, tracking base rate or variable (in order of preference);
• Withdrawal/closure conditions (if variable rate and if withdrawal/closure require notice and/or are otherwise restrictive, unlikely to open);
• Ease of opening (if postal, less likely to open unless interest rate and withdrawal terms are favourable++)
• Monthly deposit limit (at least £50; above this, unlikely to be deterred if above criteria are favourable) 

s71hj

Can you have the tsb monthly saver without having a tsb current account?