The Top Regular Savers Discussion Thread

System

This discussion was created from comments split from: NEW "Best Available" Regular Savings Accounts - "no chat" please 🙏.

Bobblehat

System said:

This discussion was created from comments split from: NEW "Best Available" Regular Savings Accounts - "no chat" please 🙏.

There's been "a glitch in the matrix" .... comments in "the other thread" have been interspersed as comments within this thread! Thank God it didn't muck up the first page!

CuparLad

Bobblehat said:

System said:

This discussion was created from comments split from: NEW "Best Available" Regular Savings Accounts - "no chat" please 🙏.

There's been "a glitch in the matrix" .... comments in "the other thread" have been interspersed as comments within this thread! Thank God it didn't muck up the first page!

It's the AI. It'll solve everything.

CricketLady

Hello everyone, happy new year when it comes

I'm not sure if I've got something wrong (I usually have!) but I set up my 7% HSBC regular saver account on the 12th of the month (September) and either HSBC or I set up the standing order to go from the 12th on subsequent months.

However, in December I trialled deleting the standing order and simply transferred the money over manually from my HSBC current account to the regular saver account with no problems on the 2nd of the month. 

I only mention this because I've assumed previously that it was just like the First Direct regular saver account, as in, they set up the standing order on the date the account is opened and it cannot be changed.    

So sorry if I'm wrong or have missed something but am purely intending to help

xx

someone

In the original days, we had a thread that got a few posts a week with news and observations about regular savers. Sometimes, questions would be asked that regulars (pardon the pun) would either answer or point to other existing threads.
In the last few years, it’s changed, with I guess the COVID period being a catalyst, into a daily (or even hourly) community thread. During this time, those wanting daily discussions about regular savers have been very vocal about keeping it a single thread.
One thread does have its downsides. For example, there is very little temporal relevance in the history at the volume of posts it gets. In the past, much of the discussion about an account would span one or two pages, and those pages would have represented a week or so of content. That might be an ambiguity raised, and then someone reporting back a few days later after asking in the branch. In the current form, a single day can be dozens of pages, so many pages must be checked.

It's really tricky to gauge the number of people on each side; the chatty side is, by definition, going to be more active in their views. Regardless of what route the community goes down in future, one thing I did think was out of line was the attempt to sideline the no-chat thread with snarky pretend comments. It was rude and the equivalent of digital vandalism. This isn't because I support the existence of a "no chat" thread, but just common decency to those helping organise this community. Jane Boulton style strong words are due.

I have come to the conclusion that for me it’s not practical to engage in the daily chat due to the volume. A daily or weekly summary would be useful. Thanks to @CuparLad, I'm going to see if AI would help summarise this by day/week and, if it is, find a way to share these shorter updates.

mattojgb

mattojgb said:

ForumUser7 said:

Bridlington1 said:

It's worth noting that Skipton have a habit of launching a loyalty regular saver and stating that the eligibility cut off date is the day before it was launched so I would try to get a foot in the door ASAP with Skipton if you haven't already done so.

Re Skipton, anyone think it is worth refreshing at this point please? Mine matures in April or something, and while the funds would be going below 7%, I could secure the rate for another year? Thanks

Re Skipton - I was wondering about refreshing/renewing this too. Mine matures 14th Jan. Seems possible that they may launch a new version around 11 Jan with a lower interest rate.

Went ahead with this. Closed existing Member Regular Saver (balance transferred to existing Skipton account), opened another Member Regular Saver and funded it (transfer from existing Skipton account) all on the app in less than 5 minutes.

Possibly a slight gamble in that the account may have still been available post maturity of existing account. But decided now was probably the best time to do it given that I can add funds today and tomorrow.

simonsmithsays

mattojgb said:

mattojgb said:

ForumUser7 said:

Bridlington1 said:

It's worth noting that Skipton have a habit of launching a loyalty regular saver and stating that the eligibility cut off date is the day before it was launched so I would try to get a foot in the door ASAP with Skipton if you haven't already done so.

Re Skipton, anyone think it is worth refreshing at this point please? Mine matures in April or something, and while the funds would be going below 7%, I could secure the rate for another year? Thanks

Re Skipton - I was wondering about refreshing/renewing this too. Mine matures 14th Jan. Seems possible that they may launch a new version around 11 Jan with a lower interest rate.

Went ahead with this. Closed existing Member Regular Saver (balance transferred to existing Skipton account), opened another Member Regular Saver and funded it (transfer from existing Skipton account) all on the app in less than 5 minutes.

Possibly a slight gamble in that the account may have still been available post maturity of existing account. But decided now was probably the best time to do it given that I can add funds today and tomorrow.

Am I missing something here?

My Skipton 7% Members RS has a May maturity 

I'm wondering if I did something similar last year!

saverkev

CricketLady said:

Hello everyone, happy new year when it comes

I'm not sure if I've got something wrong (I usually have!) but I set up my 7% HSBC regular saver account on the 12th of the month (September) and either HSBC or I set up the standing order to go from the 12th on subsequent months.

However, in December I trialled deleting the standing order and simply transferred the money over manually from my HSBC current account to the regular saver account with no problems on the 2nd of the month. 

I only mention this because I've assumed previously that it was just like the First Direct regular saver account, as in, they set up the standing order on the date the account is opened and it cannot be changed.    

So sorry if I'm wrong or have missed something but am purely intending to help

xx

HSBC Regular Saver

T's & C's state pay in by standing order but it seems you can also transfer in.
I seem to remember someone stating that although you can pay in earlier than the set due date the payment will only receive interest at the set (7%) rate from the the due date - a lower interest rate payable in the meantime.

ForumUser7

simonsmithsays said:

mattojgb said:

mattojgb said:

ForumUser7 said:

Bridlington1 said:

It's worth noting that Skipton have a habit of launching a loyalty regular saver and stating that the eligibility cut off date is the day before it was launched so I would try to get a foot in the door ASAP with Skipton if you haven't already done so.

Re Skipton, anyone think it is worth refreshing at this point please? Mine matures in April or something, and while the funds would be going below 7%, I could secure the rate for another year? Thanks

Re Skipton - I was wondering about refreshing/renewing this too. Mine matures 14th Jan. Seems possible that they may launch a new version around 11 Jan with a lower interest rate.

Went ahead with this. Closed existing Member Regular Saver (balance transferred to existing Skipton account), opened another Member Regular Saver and funded it (transfer from existing Skipton account) all on the app in less than 5 minutes.

Possibly a slight gamble in that the account may have still been available post maturity of existing account. But decided now was probably the best time to do it given that I can add funds today and tomorrow.

Am I missing something here?

My Skipton 7% Members RS has a May maturity 

I'm wondering if I did something similar last year!

I can’t remember for sure, but I think:

Lots of us had a 7.5% RS that became available June 2022.
Skipton made this NLA in January 2023 and launched a 7% RS.
Approaching maturity of the 7.5% people thought, can’t remember why (maybe boe, or economists forecasts etc.) that the 7% would be NLA on maturity, so closed the 7.5% and opened the 7%.
Turns out that we could’ve just held it and opened the new one when it matured, but seemed like a safe gamble at the time to open the new one.
It’s so difficult to predict rates that it’s all a gamble really.

And then I’m thinking to refresh again, before the end of the day, for 2 main reasons:
1) to prolong the rate (in case a new lower rate issue releases with rates generally trending down)
2) to access some funds (makes more sense IMO to refresh a fixed rate one than close/empty a variable rate one in the current climate)
3) Dec deposit + Jan deposit

t1redmonkey

Hey all - haven't read this thread yet since created, not had time over Xmas so apologies if this has already been discussed.

For those of us who've had the West Brom 6% RS mature this month, can we open another one or are we not allowed to?