The Top Regular Savers Discussion Thread

allegro120

schiff said:

Mkt H BS

The interest rate is shown as 6.00% but 6.39% when compounded. How does that work, as I'm expecting the interest at maturity?

It is 6% AER.  Where does it say 6.39%?  You should get 6% at maturity.

Bridlington1

Bridlington1 said:

I attempted to make a withdrawal of £3450 from my Monmouthshire BS Exclusive RS Issue 2 which would've taken the balance down to £50 and received this message in response:

Dear Bridlington1
Thank you for your on-line transaction request. Unfortunately, this transaction has been declined for the following reason: Under the terms and conditions of the Exclusive Regular Saver Issue 2 no withdrawals are allowed for the 12 month term.
Kind regards

I've sent them a message in response quoting the Ts&Cs in relation to being able to withdraw funds or close the account if they decide to reduce the interest rate so shall see what they say in response. 

Following from the above I've now had the following response from Monmouthshire BS:

Dear Bridlington1, 

Thank you for your message, the current balance on the account is £3500 and the request put through was for £3450, we cannot process partial transfers on the Exclusive Regular Saver Issue 2, but you can close the account. Please put through a transfer of the full balance as a closure and we will process this for you.

Kind Regards

simonsmithsays

I'm only missing the following updates after the BoE reduction?

Melton M (RS6)
Hanley Branch RS
Nationwide RS issue 3
Chorley RS

Apologies in advance if I've missed any info on this thread.

Bridlington1

Just a reminder the following regular savers shall see their rates cut tomorrow:

Account	Old rate	New rate	Date
Progressive BS Online Regular Rainy Day Saver	6.75%	6.50%	05/03/25
Progressive BS Online Regular Rainy Day Saver Issue 3	6.00%	5.75%	05/03/25

With NatWest & RBS cutting the interest rates on balances of over £5k on Thursday, though the headline rate of 6.17% AER on balances of £5k and under remains unchanged.

Bridlington1

simonsmithsays said:

I'm only missing the following updates after the BoE reduction?

Melton M (RS6)
Hanley Branch RS
Nationwide RS issue 3
Chorley RS

Apologies in advance if I've missed any info on this thread.

Others yet to declare include Aldermore and Gatehouse, with Cumberland set to be reducing their rates between 0.00% and 0.25% from 8th April 2025 (further details TBC).

[Deleted User]

Stargunner said:

My Co-op RS that I applied for on Saturday, also appeared today.
As the 12 month duration doesn't start until you fund it and the Co-op allow you 30 days to fund it, I will hold off funding it until towards the end of this month.

Excuse my brain freeze but is there an advantage to that or is it just cashflow? Only as mine is showing now but I was probably going to fund it this week.

allegro120

WillPS said:

surreysaver said:

Letter received in the post yesterday advising my Nottinghamshire Branch Issue 1 Regular Saver reducing to 5.5% from 5.75% on 18th March 

Disappointing but not surprising. I presume this will follow the base rate until maturity now.

Nottingham issue 1
It looks like it so far.  If this is how it will continue, I'll keep depositing £500 p/m until maturity, it's already nearly half way through the term.

Stargunner

[Deleted User] said:

Stargunner said:

My Co-op RS that I applied for on Saturday, also appeared today.
As the 12 month duration doesn't start until you fund it and the Co-op allow you 30 days to fund it, I will hold off funding it until towards the end of this month.

Excuse my brain freeze but is there an advantage to that or is it just cashflow? Only as mine is showing now but I was probably going to fund it this week.

My main reason is that I like to try to spread my regular savers out throughout the year. as it makes it easier for recycling the money back in to them.
It is also more financially viable if you can start a RS towards the end of a month, if you can make your second payment on the 1st of the following month. Although, the actual difference is quite small.

[Deleted User]

Stargunner said:

[Deleted User] said:

Stargunner said:

My Co-op RS that I applied for on Saturday, also appeared today.
As the 12 month duration doesn't start until you fund it and the Co-op allow you 30 days to fund it, I will hold off funding it until towards the end of this month.

Excuse my brain freeze but is there an advantage to that or is it just cashflow? Only as mine is showing now but I was probably going to fund it this week.

My main reason is that I like to try to spread my regular savers out throughout the year. as it makes it easier for recycling the money back in to them.
It is also more financially viable if you can start a RS towards the end of a month, if you can make your second payment on the 1st of the following month. Although, the actual difference is quite small.

No that makes sense. After my FD one matures this month I think its Aug till my next one does.

jd84

Bob2000 said:

KuchKuch said:

Virgin Money Regular Saver Exclusive

I made a £250 transfer to my Virgin Money Regular Saver Exclusive account on Saturday afternoon. Strangely it is still showing as "Pending" on the Virgin Money app. Last month and other times I have made a transfer on a non-working day, it has normally processed by the next working day in the morning. Anyone else having the same issue this month?

Yes, same with my deposit. Sent at 8 am. Saturday was "Pending" until just after 5 today.

Virgin

Yes, I logged on their app Saturday 1st to do an internal transfer (as I do every month) and this time it came up with a full screen warning message saying transfer won't be made until the next working day.

I continued anyway and could see the funds left the current account and credited the regular saver, yet checking back today it shows transaction date as Monday 3rd.

Looking back through previous months, it always seems to do that, so may as well change that to a standing order instead.

Another slow one this month was NatWest interest which only appeared this morning, despite saying credited yesterday.