The Top Regular Savers Discussion Thread

flaneurs_lobster

invuk said:

Sorry if this sounds a bit thick but if you open a monthly saver does that mean you can deposit the maximum in each calender month at any time? In other words I could deposit the limit on 31/12/25 and 01/01/26. New to all this so just trying to get my head round it all! I appreciate the input from everyone on here by the way. TIA.

Basically yes.

If the account can be funded on a calendar month basis (most are).

It can take a day (or two or three) for some institutions to credit deposits to an account, you'd be wise to make that first deposit at least a couple of days before the month end (especially if there are non-working days involved) to ensure the funds reach the account in the current month.

Rule of thumb, accounts with the main banks will generally clear pretty much instantly, the smaller institutions usually slower.

wmb194

invuk said:

Sorry if this sounds a bit thick but if you open a monthly saver does that mean you can deposit the maximum in each calender month at any time? In other words I could deposit the limit on 31/12/25 and 01/01/26. New to all this so just trying to get my head round it all! I appreciate the input from everyone on here by the way. TIA.

You need to read the terms. If they only mention, 'monthly' or 'calendar month' then yes. Some e.g., Santander, Zopa and sometimes Coventry will talk about 'account month' or similar and that'll restrict you to monthly deposits  based on the account opening date.

Kim_13

invuk said:

Sorry if this sounds a bit thick but if you open a monthly saver does that mean you can deposit the maximum in each calender month at any time? In other words I could deposit the limit on 31/12/25 and 01/01/26. New to all this so just trying to get my head round it all! I appreciate the input from everyone on here by the way. TIA.

Correct, unless the account operates on an account month basis, then you wouldn’t be able to deposit again until 31st January. But those are the exceptions - Zopa, First Direct and HSBC from memory.

Section62

flaneurs_lobster said:

...
It can take a day (or two or three) for some institutions to credit deposits to an account, you'd be wise to make that first deposit at least a couple of days before the month end (especially if there are non-working days involved) to ensure the funds reach the account in the current month.

Rule of thumb, accounts with the main banks will generally clear pretty much instantly, the smaller institutions usually slower.

Payments made on non-working days to Lloyds/Halifax/BoS RS accounts will usually show online instantly with the balance updated, but the payment will actually be credited on the next working day.  So extra care is needed with timing end of month payments into those RS accounts.

fuzzzzy

Kim_13 said:

invuk said:

Sorry if this sounds a bit thick but if you open a monthly saver does that mean you can deposit the maximum in each calender month at any time? In other words I could deposit the limit on 31/12/25 and 01/01/26. New to all this so just trying to get my head round it all! I appreciate the input from everyone on here by the way. TIA.

Correct, unless the account operates on an account month basis, then you wouldn’t be able to deposit again until 31st January. But those are the exceptions - Zopa, First Direct and HSBC from memory.

And some accounts with the Coventry - catches me out quite frequently when I try to deposit on the first of the month along with all my others and it gets bounced back because I forgot my Coventry RS was opened on the 2nd.

PixelPound

Born2Save_3 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. 

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.

What am I going to do with the replies? I am going to .... read them. 

Am I connected to an organisation offering RS? No, just a video peaked my interest. Glad you think the question was worthy of what financial organisations would do (I think, though maybe on some of the questions they ask, maybe I should be insulted you think that 😂(I'm not, just saying that for the joke))

As to Why am I asking. This links to last answer. When Monmouthshire BS launched their members RS I found out about it via a YouTube video, and as I'd opened the normal 6% RS a month earlier went and signed up. It was what the video said that had me thinking for this. The suggestion was that this members RS was a better proposition than Principality RS at 7.36% and given the choice you should prioratise sticking your cash in the 7% rather than the 7.36%

I had always gone on rate first when choosing any investment, and in the case of RS would be transferring money from EA to RS and back again on maturity (or to other investments). So the suggestion was that as the Members-only RS was £1000pm and 7%, then putting cash here first gets more returns because you can put more in and it gets 7% for 12 months (rate cuts aside). In fact doing it for the first few months was better even if you couldn't afford to fund every month for the whole year.

It made sense once I thought about it, so now when I see new RS announced I look at what makes that RS different, if it doesn't have a top interest rate does it have something else that might offer something I don't have.Such as withdrawals so that put emergency money there instead on in an EA (yes you often can't replace the funds after withdrawing, but the idea of an emergency fund is most likely it won't be used unless a proper emergency (if dipping into your emergency fund regularly then it's not your emergency fund.

s71hj

Those opening the Dudley Festive regular saver, do you have to send a cheque or can you wait until the account is opened before funding? Just don't want our current account to have £500 hanging around on low Interest through the Christmas period waiting for them to clear. 

Kim_13

fuzzzzy said:

Kim_13 said:

invuk said:

Sorry if this sounds a bit thick but if you open a monthly saver does that mean you can deposit the maximum in each calender month at any time? In other words I could deposit the limit on 31/12/25 and 01/01/26. New to all this so just trying to get my head round it all! I appreciate the input from everyone on here by the way. TIA.

Correct, unless the account operates on an account month basis, then you wouldn’t be able to deposit again until 31st January. But those are the exceptions - Zopa, First Direct and HSBC from memory.

And some accounts with the Coventry - catches me out quite frequently when I try to deposit on the first of the month along with all my others and it gets bounced back because I forgot my Coventry RS was opened on the 2nd.

Their usual Regular Savers (including Loyalty) seem to be account month, but special editions (Sunny Day Saver, First Home Saver) have been calendar. 

mon3ysav3r

Someone asked many weeks ago how long it took to open a Scottish BS Regular Saver 250 a month 6.5% variable account by post, well from posting the form to receiving my online User ID and Activation key back in the post - it has been 4 weeks.

I can now login, It is the same portal many Building Societies use, and just like some of the others there is some default text that has not been customised such as account details saying "Stores Account Type Text". It also notes faster payments received as standing orders, but at least it exists.

Bobblehat

francoghezzi said:

PixelPound said:

Born2Save_3 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. 

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.

What am I going to do with the replies? I am going to .... read them. 

Am I connected to an organisation offering RS? No, just a video peaked my interest. Glad you think the question was worthy of what financial organisations would do (I think, though maybe on some of the questions they ask, maybe I should be insulted you think that 😂(I'm not, just saying that for the joke))

As to Why am I asking. This links to last answer. When Monmouthshire BS launched their members RS I found out about it via a YouTube video, and as I'd opened the normal 6% RS a month earlier went and signed up. It was what the video said that had me thinking for this. The suggestion was that this members RS was a better proposition than Principality RS at 7.36% and given the choice you should prioratise sticking your cash in the 7% rather than the 7.36%

I had always gone on rate first when choosing any investment, and in the case of RS would be transferring money from EA to RS and back again on maturity (or to other investments). So the suggestion was that as the Members-only RS was £1000pm and 7%, then putting cash here first gets more returns because you can put more in and it gets 7% for 12 months (rate cuts aside). In fact doing it for the first few months was better even if you couldn't afford to fund every month for the whole year.

It made sense once I thought about it, so now when I see new RS announced I look at what makes that RS different, if it doesn't have a top interest rate does it have something else that might offer something I don't have.Such as withdrawals so that put emergency money there instead on in an EA (yes you often can't replace the funds after withdrawing, but the idea of an emergency fund is most likely it won't be used unless a proper emergency (if dipping into your emergency fund regularly then it's not your emergency fund.

Finally. Someone using his brain and not following those believing in fairies. Uplifting

Don't say that to a Manx person