The Top Regular Savers Discussion Thread

chris_the_bee

flaneurs_lobster said:

chris_the_bee said:

flaneurs_lobster said:

masonic said:

Archerychick said:

Edit - I've just noticed what's happened. I am sending money from FD Currect and the payment reference is showing as the same payment reference as the 6 month reg saver. Looks like somehow the xmas reg saver ref was over written & that's what was sent through hence why they've rejected it.

Yes, First Direct does this if you have two payees set up with the same sort code and account number. They all update to the most recent reference used. It is rather annoying.

It's more annoying than that, it only does it sometimes and it seems to be triggered by adding a new payee with the same sort/account. I've had to spread the funding of my gaggle of Principality RS across three different banks to stop stuff being overwritten.

Might cull the £50/mth savers, not worth the hassle of manual monthly funding.

I opened a Principality Easy Access account for this purposes as NatWest don't allow one to change the reference account number.. Transfer into Easy Access, wait a few hours, then Transfer from EA to the various other accounts. Simpler than spreading over multiple accounts.

Now that is a good idea, it's the way I fund RSs when they are with a bank that has a current account I can use.

Also means that I would only need to set up 1 new PrinBS payee. Assume the Online Easy Access @ 3.1% is the one you use? 

Hurrah, a ninth Principality account. 

Yes, that's the one.

flaneurs_lobster

OneUser1 said:

Coventry Building Society and the Coop Bank are celebrating their merger with a prize draw which has prizes ranging from £1,000 to £25,000. Entry is automatic unless you opt out.

As far as I can tell from a glance you will get an entry from both organisations providing you have an account with both. Since many here will have the Coop and Coventry Regular Savers you could be on for a nice bonus.

Outrageous.

I've been a member of both these august and venerable institutions for decades if not longer and now they are talking about giving away money to Johnny Come Lately carpetbaggers who only joined 10 minutes ago to sponge up some free cash. Should use that so-called "prize" money to decrease mortgage payments or increase savings rates.

Middle_of_the_Road

MichaelDono said:

Good evening 
Newbie to regular savers only ever had the first direct one but have opened a few over last few months.  just wondering how long people do this for? and if they have a exit strategy as surely everyone wants to spend the money saved without needing it to feed more regular saving accounts. Any thoughts? 

Don't think most people have an exit strategy as such. It depends what the purpose of saving is in the first place.

Some will be saving for long term goals, such as house purchase or retirement. Others maybe shorter term such as car purchase or holiday.

If you don't know why you're saving, then it will be difficult to decide when to change strategy.

Myself, I'm aiming to have savings in the highest interest accounts to protect the capital from the effects of inflation, which is working at the moment.

If this changes due to the falling base rate, then, I will have to re-assess the situation. An exit strategy might be to let the accounts mature, and invest the proceeds going forward.

Hinchandrossi

MichaelDono said:

Good evening 
Newbie to regular savers only ever had the first direct one but have opened a few over last few months.  just wondering how long people do this for? and if they have a exit strategy as surely everyone wants to spend the money saved without needing it to feed more regular saving accounts. Any thoughts? 

I plan to do it for as long as I can, of course the whole end game is to spend it and enjoy it but after a while (and numerous accounts) the various interest payments go towards feeding any new accounts.

Think I'm on 17 RS now which taking into account ISAs and other limited access ones is about as many as I can cope with at this moment in time, but if a really inviting one comes along I'll be on it.

Hinchandrossi

flaneurs_lobster said:

OneUser1 said:

Coventry Building Society and the Coop Bank are celebrating their merger with a prize draw which has prizes ranging from £1,000 to £25,000. Entry is automatic unless you opt out.

As far as I can tell from a glance you will get an entry from both organisations providing you have an account with both. Since many here will have the Coop and Coventry Regular Savers you could be on for a nice bonus.

Outrageous.

I've been a member of both these august and venerable institutions for decades if not longer and now they are talking about giving away money to Johnny Come Lately carpetbaggers who only joined 10 minutes ago to sponge up some free cash. Should use that so-called "prize" money to decrease mortgage payments or increase savings rates.

If not longer than decades...

So....

Centuries? 🤣

ForumUser7

Saffron BS

There is an issue with their payment system affecting deposits and transfers into accounts:



https://www.saffronbs.co.uk/

Archerychick

masonic said:

moi said:

 Query re Zopa's Regular Saver Pot   


Does anyone know a way to schedule the monthly £300 into the Regular “Pot?” 🪣

I can’t see any date choice in Open Banking to pay-in, nor date choice in an internal transfer - from the Primary Pot or even from their Current Account. Scheduling a Faster Payment from another bank just puts the money in the Zopa Primary Pot, of course.

I set it up using Open Banking from the Smart Saver. You can specify a monthly pull from your bank and the destination pot. I will find out tomorrow if it works.

yes the auto save works well. I have mine set up from my FD account directly into the Zopa Regular Saver

Archerychick

MichaelDono said:

Good evening 
Newbie to regular savers only ever had the first direct one but have opened a few over last few months.  just wondering how long people do this for? and if they have a exit strategy as surely everyone wants to spend the money saved without needing it to feed more regular saving accounts. Any thoughts? 

Good question! These accounts are usually for 12 or 6 months, so when you need to use the money you just stop opening new ones. Personally we are paying in something like £1.9k into regular savers each month & we do this because of not being able to get any more into our ISA's and wanting to maximise the interest that is paid for our cash savings. All ours mature at different points in the year, so it's really just a never-ending circulation of funds.

The way we decide to open another is whether we have any other spare cash which is in instant access which is earning below what we can get in a regular saver. Sometimes when new ones come along, which are paying more than an existing one, we may stop paying into the existing one to favour the new one which is paying more interest until more money is freed up.

Rich2808

flaneurs_lobster said:

OneUser1 said:

Coventry Building Society and the Coop Bank are celebrating their merger with a prize draw which has prizes ranging from £1,000 to £25,000. Entry is automatic unless you opt out.

As far as I can tell from a glance you will get an entry from both organisations providing you have an account with both. Since many here will have the Coop and Coventry Regular Savers you could be on for a nice bonus.

Outrageous.

I've been a member of both these august and venerable institutions for decades if not longer and now they are talking about giving away money to Johnny Come Lately carpetbaggers who only joined 10 minutes ago to sponge up some free cash. Should use that so-called "prize" money to decrease mortgage payments or increase savings rates.

Putting this into context 27 customers out of over 5.2 million combined customers will win a prize - the draw takes place on 31 January and you needed to be a savings/mortgage customer (only one entry per person irrespective of the numer of accounts held) of either Coventry or Co-op bank on 31 December. More chance of winning the lottery!

I just wish building societies would drop these stupid prize draw gimmicks - if you have cash to spare put up your rates!

trickydicky14

Archerychick said:

masonic said:

moi said:

 Query re Zopa's Regular Saver Pot   


Does anyone know a way to schedule the monthly £300 into the Regular “Pot?” 🪣

I can’t see any date choice in Open Banking to pay-in, nor date choice in an internal transfer - from the Primary Pot or even from their Current Account. Scheduling a Faster Payment from another bank just puts the money in the Zopa Primary Pot, of course.

I set it up using Open Banking from the Smart Saver. You can specify a monthly pull from your bank and the destination pot. I will find out tomorrow if it works.

yes the auto save works well. I have mine set up from my FD account directly into the Zopa Regular Saver

Yes it does work well, the one thing I don’t like is when I look at the list of S.O’s on my bank account (the account the money is being sent from to Zopa) it is not listed so it’s possible to forget its going out. But to be fair, Zopa do notify you its being taken. I’m a creature of habit and like to see it listed with other payments.