The Top Regular Savers Discussion Thread

PowerSavingMode

jameseonline said:

My CO OP regular has ended & has converted to a Smart Saver paying 1.68%, £3374.18 total balance, £3250 + £124.18 interest I think 🤔, thing is my statement on app says Credit Interest but no actual amount is showing, is that normal?, has my account not fully converted yet?

If it matured today, then it will be showing tomorrow (or possibly Monday, now it's officially the weekend!). As it's showing as converted into a Smart Saver, you can apply for a new Co-operative RS, should you so wish.

allegro120

jameseonline said:

WindfallWendy said:

Pretty sure I could have probably just set RS payments up without needing to send it via TSB current account, but feel I should use it, since it's there.

I think it's just the way it's setup, you can cancel the standing order & transfer money from a different bank straight into your TSB saver but I'm pretty sure you have to have the standing order setup 1st 

Not in my experience.  I never had to set up SO for TSB saver.  I always fund it manually.

ThePirates

allegro120 said:

jameseonline said:

WindfallWendy said:

Pretty sure I could have probably just set RS payments up without needing to send it via TSB current account, but feel I should use it, since it's there.

I think it's just the way it's setup, you can cancel the standing order & transfer money from a different bank straight into your TSB saver but I'm pretty sure you have to have the standing order setup 1st 

Not in my experience.  I never had to set up SO for TSB saver.  I always fund it manually.

Yeah me too. Always manual from a different bank.

adindaspantai

flaneurs_lobster said:

adindaspantai said:

The penalty for closing the account is waived if Coventry BS have announced a cut to the interest rate of this account in the last 30 days. "

I have this RSA, which I opened in December 2022 and will last for 36 months, but I think it is not the same issue. I just checked it, and the terms of this earlier issue are not the same as the one above. Instead, it is stated like this:

6. Withdrawals/closure
6.1 You can make withdrawals or close this account without notice, charge or loss of interest.

Therefore, I believe there won’t be a 30-day penalty if I choose to withdraw money from this account this month. Am I correct in assuming that?

You haven't stated which RS you hold but from your description it sounds like the first issue of the First Home Saver,

If so then you are correct, there are no withdrawal penalties applying to this account.

It doesn’t have an issue number. When I checked a few days ago, the interest rate was 4.85%, which is different from the one currently shown in P1 of this thread. This suggests it’s a different issue, and I believe it is likely Coventry First Home Saver Issue 1.

surreysaver

allegro120 said:

surreysaver said:

Bridlington1 said:

surreysaver said:

PowerSavingMode said:

surreysaver said:

Bridlington1 said:

surreysaver said:

Speculator said:

Melton Adcock Regular Saver

Posted my application on Wednesday, account showing online this morning with zero balance.

Didn't realise you'd be able to see it online. Thought it was all managed offline. I might pop up and open an account then, I wasn't going to bother as I'd thought there was no online visibility 

It's also worth noting as well that you can make withdrawals from Melton's regular savers over the phone. IIRC when I made a withdrawal from one of their accounts last year the funds took a day or so to arrive in my nominated account.

Do you know whether I'd be able to withdraw online from Melton's Aldcock?

The product literature says: "you can make withdrawals from your account without notice or penalty, by visiting a branch of the Society or by sending us your passbook and written instructions to us. You can also transfer funds from your account to a nominated bank or building society account."

I presume that means you can either message (online?) Melton with your withdrawal instructions...

That's the trouble with presumptions. It says nothing about online visibility, but you have to manage it by post or in person. Another poster says they can see the account online. So it all starts to become a bit vague. That's why I'm asking!

All I can do in this case is relay my own experience with Melton BS.

I can confirm that last year I phoned them to make a withdrawal from my Melton RS Issue 4 and they sent the funds to my nominated bank account despite that account being advertised as branch/post, in that respect it's not too dissimilar to the way Leeds BS allows withdrawals over the phone.

Whilst I can view my Melton BS regular savers online I couldn't see an option in online banking to make a withdrawal when I tried last year unless I've missed it. I can't recall ever sending them a secure message online to make a withdrawal though so do not know if this is possible.

I'll be needing to make a withdrawal from Melton next month anyway to feed other regular savers so shall attempt to schedule a withdrawal by faster payment by secure message.

I don't mind the odd account that involves faff! I'll have Nottinghamshire regular savers as it's easy for me to get to a branch. So I'll do the same with Melton - Grantham just happens to have a branch of each opposite each other!
I suppose as the Alcock has a long shelf life it's probably one worth having 

Definitely worth grabbing if you can.  Long term and very competitive starting rate.  The rate will probably go down, but historically most similar RS accounts stay competitive throughout the term.  Nottingham RS reduced from 6% to 5.75% and to 5.5% in 6 month time, but I'm still very with £500pm at 5.5%.

One Adcock and one pork pie obtained!

flaneurs_lobster

adindaspantai said:

flaneurs_lobster said:

adindaspantai said:

The penalty for closing the account is waived if Coventry BS have announced a cut to the interest rate of this account in the last 30 days. "

I have this RSA, which I opened in December 2022 and will last for 36 months, but I think it is not the same issue. I just checked it, and the terms of this earlier issue are not the same as the one above. Instead, it is stated like this:

6. Withdrawals/closure
6.1 You can make withdrawals or close this account without notice, charge or loss of interest.

Therefore, I believe there won’t be a 30-day penalty if I choose to withdraw money from this account this month. Am I correct in assuming that?

You haven't stated which RS you hold but from your description it sounds like the first issue of the First Home Saver,

If so then you are correct, there are no withdrawal penalties applying to this account.

It doesn’t have an issue number. When I checked a few days ago, the interest rate was 4.85%, which is different from the one currently shown in P1 of this thread. This suggests it’s a different issue, and I believe it is likely First Home Saver Issue 1.

Naming Building Society accounts is like naming monarchs:

First King Kevin - called King Kevin.

Second King Kevin - called King Kevin 2.

Kim_13

Melton Adcock passbook (described as such in the letter, but actually a Savings Payment Card) just arrived in the post, 9 calendar days after posting off the application.

There are only 11 lines available for recording, so I guess they will have to replace it with another card or an actual passbook if it is ever sent in for a withdrawal as 3 of the 11 lines are already taken - cheque deposit, test payment and top up to £150 - so it will be off the page by year end. Very strange to send a card for Adcock which has a longer term when Issue 6 came with an actual passbook. 

My Adcock came from Grantham and my Issue 6 from Bourne, so potentially branch variance? Or a cost cutting measure as those opening by post would be less likely to use the passbook - especially if it does turn out that requesting withdrawals via secure message or by phone to a nominated account means that the document doesn’t need to be produced.

No prepaid envelope this time.

flaneurs_lobster

Kim_13 said:

Melton Adcock passbook (described as such in the letter, but actually a Savings Payment Card) just arrived in the post, 9 calendar days after posting off the application.
,
,

My Adcock came from Grantham and my Issue 6 from Bourne, so potentially branch variance? Or a cost cutting measure as those opening by post would be less likely to use the passbook - especially if it does turn out that requesting withdrawals via secure message or by phone to a nominated account means that the document doesn’t need to be produced.

Complete guess - if applicant's address is within x km of Melton Mowbray then supply passbook, otherwise Card.

That, or they've run out of passbooks.

Section62

Kim_13 said:

...

My Adcock came from Grantham and my Issue 6 from Bourne, so potentially branch variance? Or a cost cutting measure as those opening by post would be less likely to use the passbook - especially if it does turn out that requesting withdrawals via secure message or by phone to a nominated account means that the document doesn’t need to be produced.

I think MELTON might be doing that...  I have a stack of BS passbooks which have never returned to be updated since the day they were issued.  If the card doesn't have enough space then they can always issue a second card... likely still cheaper than issuing a passbook in the first place.

happybagger

Re: Melton
Looks like a whole batch were sent from Grantham on these "cards" as mine was too, little more than a sheet of A5 really. Echoing the above comments, I guess their assumption is that most postal applications are likely to be held until maturity and only have a closing transaction, so no need for a "book". I did however receive a passbook proper for the RS6 I opened by post earlier this year.

Rather envious of @surreysaver 's acquisition above though ...