The Top Regular Savers Discussion Thread

Dizzycap

where_are_we said:

surreysaver said:

Zopa failed to take my regular payment for my Regular Saver today. I've noticed others have issues with Zopa's regular payments. Sort of defeats the point of having the facility if you've got to check up on them and move the money yourself 

All my £300 payments have gone in to my Zopa RS so far. I have auto save set up. This uses variable recurring payments VRP`s. This is not a Standing Order and does not show up on my list of SO`s so I have to diarise this payment to warn me it`s about to be taken from my Hub current account (it shows up as "reference savings payment" there). I thought the £300 had to go to the Zopa current account first and then on to the RS and this happened initially but strangely my Zopa CA does not show this for March and April payments. It looks like the £300 goes directly into the RS now.

I too have an auto save set-up directly from my non-Zopa current account but Zopa doesn't take money for my RS if the payment day falls on a weekend, it will take it week day with no issue, so a Monday if auto pay falls on a Saturday for example.

masonic

where_are_we said:

surreysaver said:

Zopa failed to take my regular payment for my Regular Saver today. I've noticed others have issues with Zopa's regular payments. Sort of defeats the point of having the facility if you've got to check up on them and move the money yourself 

All my £300 payments have gone in to my Zopa RS so far. I have auto save set up. This uses variable recurring payments VRP`s. This is not a Standing Order and does not show up on my list of SO`s so I have to diarise this payment to warn me it`s about to be taken from my Hub current account (it shows up as "reference savings payment" there). I thought the £300 had to go to the Zopa current account first and then on to the RS and this happened initially but strangely my Zopa CA does not show this for March and April payments. It looks like the £300 goes directly into the RS now.

Mine has never gone via current account. These autosaves can be set up without a current account and are a feature of the Smart Saver account. The current account is required to be eligible to add the RS as a pot within the SS.

allegro120

PowerSavingMode said:

WindfallWendy said:

ChewyyBacca said:

Kim_13 said:

West Brom Fixed Rate Regular Saver (Issue 7) paying 6% has also gone to branch opening only. 

My West Brom RS Iss 7 matured this week. Im very surprised that I cannot open a new one. The same Issue 7 is now branch only.

MHBS- same thing, branch only RS

Whats with building societies not allowing the RS online or post and restricting to branch only?

Just checking in on my accounts and noticed this about MHBS. I guess the theory is that they are established to support their locality, as a traditional BS was - hence the names. I quite like it. But wish I'd noticed this last week as I was in the area earlier this week and unlikely to be again until November.

Anyone know what might happen to my RegSav once that matures in October? (sorry - lazy Q, but I imagine someone on here knows ;-) )

'Locals-only' regular savers

Personally, I think it's a great shame that a lot of the building societies are going branch only. For some accounts, yes, perhaps, but to exclude non-locals from all or any decent offering after having invited them to deposit their cash with them in the past seems a bit counter-productive to me. 

Building societies are 'mutual' institutions, in that they are 'owned' by their members, as opposed to banks that are owned by shareholders. 

I think it's just a tool to control their cash flow.  They can't afford to pay interest on too much idle cash. 

Section62

Is the Coventry Building Society 'Loyalty Regular Saver 3' @5% a new one, or have I just missed it before?

Edit:

https://www.coventrybuildingsociety.co.uk/member/product/savings/regular_saver/loyalty-regular-saver-3.html

Variable rate

£250/month max

Account opening date monthly basis

30 days interest penalty for withdrawals (applies to the amount withdrawn)

jaypers

Section62 said:

Is the Coventry Building Society 'Loyalty Regular Saver 3' @5% a new one, or have I just missed it before?

Edit:

Variable rate

£250/month max

Account opening date monthly basis

30 days interest penalty for withdrawals (applies to the amount withdrawn)

Wasn’t aware of this but looks pretty poor value……variable interest rate and it’s only 5% for ‘loyalty’ plus the penalty to withdraw. Pass from me. 

flaneurs_lobster

Section62 said:

Is the Coventry Building Society 'Loyalty Regular Saver 3' @5% a new one, or have I just missed it before?

Think that's a new one. Rate's not that tempting (to me) but might open and stick £100 in for an entry into the prize draw on 31 May.

https://www.coventrybuildingsociety.co.uk/member/product/savings/regular_saver/loyalty-regular-saver-3.html

friolento

jaypers said:

Section62 said:

Is the Coventry Building Society 'Loyalty Regular Saver 3' @5% a new one, or have I just missed it before?

Edit:

Variable rate

£250/month max

Account opening date monthly basis

30 days interest penalty for withdrawals (applies to the amount withdrawn)

Wasn’t aware of this but looks pretty poor value……variable interest rate and it’s only 5% for ‘loyalty’ plus the penalty to withdraw. Pass from me. 

Thanks @Section62 for the heads up.

It is definitely better value than a 4.6% easy access for my surplus funds.

Section62

friolento said:

jaypers said:

Section62 said:

Is the Coventry Building Society 'Loyalty Regular Saver 3' @5% a new one, or have I just missed it before?

Edit:

Variable rate

£250/month max

Account opening date monthly basis

30 days interest penalty for withdrawals (applies to the amount withdrawn)

Wasn’t aware of this but looks pretty poor value……variable interest rate and it’s only 5% for ‘loyalty’ plus the penalty to withdraw. Pass from me. 

Thanks Section62 for the heads up.

It is definitely better value than a 4.6% easy access for my surplus funds.

Yes, I was thinking the same, but the withdrawal penalty is a bit offputting unless Coventry waive it if you close the account because they reduce the interest rate.

I think I'll wait until 1st May to open though, to avoid the faff of remembering to fund the account on the 22nd of each month.  If the account is NLA by then I think I'll be able to cope with the loss.

friolento

Section62 said:

friolento said:

jaypers said:

Section62 said:

Is the Coventry Building Society 'Loyalty Regular Saver 3' @5% a new one, or have I just missed it before?

Edit:

Variable rate

£250/month max

Account opening date monthly basis

30 days interest penalty for withdrawals (applies to the amount withdrawn)

Wasn’t aware of this but looks pretty poor value……variable interest rate and it’s only 5% for ‘loyalty’ plus the penalty to withdraw. Pass from me. 

Thanks Section62 for the heads up.

It is definitely better value than a 4.6% easy access for my surplus funds.

Yes, I was thinking the same, but the withdrawal penalty is a bit offputting unless Coventry waive it if you close the account because they reduce the interest rate.

I think I'll wait until 1st May to open though, to avoid the faff of remembering to fund the account on the 22nd of each month.  If the account is NLA by then I think I'll be able to cope with the loss.

I suppose if the Coventry rate drops, this will be as a result of a base rate cut, and easy access rates will also be cut. So I would probably not want to withdraw from the RS, anyway.

The Coventry deposit date policy is a bit of a pain. I would much rather have it all happen on the 1st of a month but I get by with SOs.

happybagger

Section62 said:

Is the Coventry Building Society 'Loyalty Regular Saver 3' @5% a new one, or have I just missed it before?

Edit:

https://www.coventrybuildingsociety.co.uk/member/product/savings/regular_saver/loyalty-regular-saver-3.html

Variable rate

£250/month max

Account opening date monthly basis

30 days interest penalty for withdrawals (applies to the amount withdrawn)

There doesn't seem to be a requirement to make a monthly deposit, and there is the prize draw where the balance is £100+, so I think it's worth chucking £100 and leaving it there, even if solely for that purpose.

If the rate is becomes competitive as time progresses I'd probably start funding it then.