The Top Regular Savers Discussion Thread

happybagger

Has anyone opened up any Progressive account without a camera? (I have scanned ID)

Minor update for @Bridlington1 on P1: the Chorley RS date  "Special conditions: Initial deposit must be received by 31 Jan 2025." 

OneUser1

Don’t have much experience with The Progressive but for what it’s worth Issue 1 of their variable rate Regular Saver is still at 7% after six months. I don’t recall any announcements it’s due to reduce.

Bridlington1

happybagger said:

Minor update for @Bridlington1 on P1: the Chorley RS date  "Special conditions: Initial deposit must be received by 31 Jan 2025." 

Now corrected. Many thanks.

flaneurs_lobster

Mr._H_2 said:

What is Progressive's history like with changing rates on regular savers after they've been opened?

Somewhat limited history with them but the Rainy Day RS (issue 1) I opened with them on 25/08/24 @ 7% is still at 7%. They don't seem to keep the issues open very long so maybe their strategy is to maintain the rates to a relatively small number of customers.

Found my first typo of the year - from the Summary page of the new account.

"The interest rate is correct as of 1st January 2024."

Bridlington1

Just a reminder Bath BS are reducing some of their savings rates tomorrow. Of note:

Account	Old rate	New rate
Bath BS 16-25 Regular Saver	7.29%	7.09%
Bath BS Homestart Regular Saver	4.74%	4.54%
Bath BS The Regular Saver	4.24%	4.04%

ih8stress

Hi all, brilliant thread but SO much info - phew!

I'm new to RS, so plan on taking it fairly slowly.

I've already opened one with Santander, first payment was taken 18th of the month.

I notice on the first page of this huge thread, that some monthly payments say 'per calendar month'

The Santander one says 'per account month' instead.

Does this mean that I have to pay it on the 18th of each month?

With regard to the ones that say 'per calendar month', on the first page.

Does this mean that these accounts can be paid on ANY date of that particular month?

If so, is it better to pay it on the 1st of the month?

Would it then be better to pay the LAST payment near the end of the month (4 or 5 days away from it)?

Many thanks

MisterMotivated

ih8stress said:

I notice on the first page of this huge thread, that some monthly payments say 'per calendar month'

The Santander one says 'per account month' instead.

Does this mean that I have to pay it on the 18th of each month?

With regard to the ones that say 'per calendar month', on the first page.

Does this mean that these accounts can be paid on ANY date of that particular month?

If so, is it better to pay it on the 1st of the month?

Would it then be better to pay the LAST payment near the end of the month (4 or 5 days away from it)?

Many thanks

In your example, the 'per account month' means you can pay in the monthly amount between the 18th of one month and the 17th of the next month, then repeat the cycle from 18th.

With regard to the calendar month approach, there's a slight advantage because you could potentially open an account on the last day of the month, then make your second deposit the next day, i.e. the first day of the next month.  This will mean you have more money in for longer.  It also often means you can make 13 payments (though not always).

Ultimately you want to get as much money as you can into the account as soon as you can, so waiting until near the end of the month to make the last payment would not be recommended.

masonic

ih8stress said:

Hi all, brilliant thread but SO much info - phew!

I'm new to RS, so plan on taking it fairly slowly.

I've already opened one with Santander, first payment was taken 18th of the month.

I notice on the first page of this huge thread, that some monthly payments say 'per calendar month'

The Santander one says 'per account month' instead.

Does this mean that I have to pay it on the 18th of each month?

Not quite, you can pay any time from the 18th of one month to the 17th of the next. Anything received after that is for the next account month.

ih8stress said:

With regard to the ones that say 'per calendar month', on the first page.

Does this mean that these accounts can be paid on ANY date of that particular month?

If so, is it better to pay it on the 1st of the month?

Would it then be better to pay the LAST payment near the end of the month (4 or 5 days away from it)?

Yes, yes, and no.

It is the date that you open these that is better to be near the end of the month. That way you can make your second payment just a few days later, and this results in a higher average balance over the rest of the term.

Dizzycap

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.

I did this too and it worked perfectly today, so it should work just fine:-)

Bridlington1

gt94sss2 said:

OneUser1 said:

Progressive Building Society have made their on-line Regular Saver Issue 3 (still Issue 2 on page 1 of this thread) paying 6%.

Progressive are based in Northern Ireland but the account is open to everyone over 18 in the UK with photo ID (although the staff are friendly on the phone and previously - Issue 1 - could accommodate those without photo ID.)

I believe you are only allowed one Online Regular Rainy Day saver account - regardless of issue - so those who have issues 1 or 2 cannot apply..

Unless anyone has found otherwise?

The terms state this.



However I currently hold issue 1 at 7% and to satisfy my own curiosity I decided to see if this term is enforced. I now have issue 1 at 7% and issue 3 waiting to be funded at 6%.