The Top Regular Savers Discussion Thread

ForumUser7

t1redmonkey said:

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?

Yes, you can open another one once the existing one has matured @t1redmonkey

Bobblehat

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 think ForumUser7's memory is pretty spot-on .... I also "renewed"  my Skipton Member RS (Iss 3) as a gamble on 31/05/2024, thus moving the maturity date on from the original RS's earlier date.

Bridlington1

It seems the new year has made Leek BS's technical systems become rather generous, it says their regular saver has risen from 5% to 30% or 17.25% depending on where you look:

simonsmithsays

Bobblehat said:

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 think ForumUser7's memory is pretty spot-on .... I also "renewed"  my Skipton Member RS (Iss 3) as a gamble on 31/05/2024, thus moving the maturity date on from the original RS's earlier date.

Thanks you two

Exactly right - having checked my spreadsheet 

I had the 7.5% RS opened on the 1/6/23 and then must have closed it to open the 7% on the 31/5/24

Thanks again

jameseonline

WillPS said:

s71hj said:

Bridlington1 said:

WillPS said:

Bridlington1 said:

One observation of note is that Coventry BS have often set 1st January as the cut off date for eligibility for their loyalty regular savers.

With barely 25 hours to go till the New Year now may be a good time to open an easy access account with Coventry and stick £1 in it for ``loyalty purposes" if you haven't already done so.

Skipton is presently 11th Jan too, so perhaps worth getting a foot in the door there too.

Additionally the following building societies to my knowledge have restricted some regular savers to those who have been members for however long and/or have restricted accounts to existing members only unless you live in certain parts of the country:

Bath BS

Cambridge BS

Coventry BS

Darlington BS

ESBS

Leek BS

Mansfield BS

Market Harborough BS

Monmouthshire BS

Nationwide

Newbury BS

Newcastle BS

Penrith BS

Progressive BS

Saffron BS

Scottish BS

Skipton

Suffolk BS

Vernon BS

West Brom BS

YBS

Good to know. Do any of these have a tendency towards specifying a particular cut off date to your knowledge? I can sense a new trenche of preparatory fieldwork beginning for the next years RS opening!!

Saffron BS cut off for their member's month saver has been 1st June the previous year.

Mansfield BS is 1 year's continuous membership. Same for YBS.

Cambridge is 2/3 year's continuous memership (and their only open-to-all accounts have minimum deposits in the hundreds).

Monmouthshire BS last cut off was the day before their last Exclusive account was launched, previously all existing members were eligible.

West Brom don't stipulate a duration, so you can apply straight away. Same for Nationwide.

Vernon BS presently don't allow even existing members to access their regular saver unless you live in the right area.

Cambridge is £100 minimum in an easy access & 1 year to be eligible for reward regular @ 5%, minimum of 3 years to be eligible for Extra Reward Regular Saver @ 6%.

I'm playing a long game with them, been with them just over a year.

But as people have already said get in with as many as possible with the minimum possible then forget for a year or whatever then you more likely to be eligible for decent accounts 

trickydicky14

t1redmonkey said:

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?

Yes you can but what a palaver, fill in online form, send photo of new signature and wait up to 5 working days for it to open. But I will say, C.S staff are very helpful and pleasant to deal with.

jameseonline

Bridlington1 said:

WillPS said:

s71hj said:

Bridlington1 said:

WillPS said:

Bridlington1 said:

One observation of note is that Coventry BS have often set 1st January as the cut off date for eligibility for their loyalty regular savers.

With barely 25 hours to go till the New Year now may be a good time to open an easy access account with Coventry and stick £1 in it for ``loyalty purposes" if you haven't already done so.

Skipton is presently 11th Jan too, so perhaps worth getting a foot in the door there too.

Additionally the following building societies to my knowledge have restricted some regular savers to those who have been members for however long and/or have restricted accounts to existing members only unless you live in certain parts of the country:

Bath BS

Cambridge BS

Coventry BS

Darlington BS

ESBS

Leek BS

Mansfield BS

Market Harborough BS

Monmouthshire BS

Nationwide

Newbury BS

Newcastle BS

Penrith BS

Progressive BS

Saffron BS

Scottish BS

Skipton

Suffolk BS

Vernon BS

West Brom BS

YBS

Good to know. Do any of these have a tendency towards specifying a particular cut off date to your knowledge? I can sense a new trenche of preparatory fieldwork beginning for the next years RS opening!!

Cambridge is 2/3 year's continuous memership (and their only open-to-all accounts have minimum deposits in the hundreds).

Whist this probably won't apply to most of the people who are reading this, if you are under 21 you can open their First Account with £1, when you turn 21 it converts into a maturity account, also with a £1 minimum balance.

I was able to get a foot in Cambridge BS's door that way not so long back.

I'm not, was £100 minimum for me🙄😏🥹

ForumUser7

Bridlington1 said:

It seems the new year has made Leek BS's technical systems become rather generous, it says their regular saver has risen from 5% to 30% or 17.25% depending on where you look:

I think it's been fixed - showing 5% at my end  

Bridlington1

LZC said:

Bridlington1 said:

Bridlington1 said:

PowerSavingMode said:

At the risk of showing just how thrilling I'm expecting my New Year's Day to be, is it pointless sending faster payments over to any regular saver on New Year's Day?

Thanks for reminding me. 

The answer to your question depends on the bank/building society in question, some treat payments received on non-working days as having been received the next working day for interest purposes, others do not.

I shall go through the first post of the thread and add a remark to each listing to state how payments received into each account on non-working days are treated.

I'm at work tomorrow so this shall probably be finalised at some point late tomorrow evening (30/12/24) so you should know by New Year's Eve whether you should fund each account listed on the first page on New Year's Day or not.

Following on from the above the listings on the first page of this thread have now been updated to state how payments received into each account on non-working days are treated as promised.

Thank you. 

FWIW I believe Leek may be same day if before noon. 

The first in September fell on a Sunday and my statement shows it as the 1st. 

According to Ts&Cs cash and electronic payments paid into your account earn interest from the day we add it to your balance.

When it is added to your balance is less clear but “faster payments sent between 8am and 12noon are available from 2pm the same day” and presumably it must have been added to your balance in order to be available. 

https://www.leekbs.co.uk/content/images/page/files/General%20Savings%20Terms%20and%20Conditions.pdf

Similarly for West Brom my September payment was shown as received 1st September. All I can find for West Brom is that interest is calculated daily. 

Regarding Leek BS all the time I've been eligible for their regular saver the rate has always been slightly below the minimum for me to warrant funding it so I've only ever made 2 faster payments into Leek BS, both on working days so I was going solely off the Ts&Cs for that listing on the first page of this thread.

My reading was that the Ts&Cs state:


I've got a regular saver with them sat with £1 so I shall send £1 across to it tomorrow morning as a test.

Bridlington1

ForumUser7 said:

Bridlington1 said:

It seems the new year has made Leek BS's technical systems become rather generous, it says their regular saver has risen from 5% to 30% or 17.25% depending on where you look:

I think it's been fixed - showing 5% at my end  

Still shows as 30% for me, their website is also showing a 90 day notice account paying 50% among other accounts: