The Top Regular Savers Discussion Thread

savethepandas

soulsaver said:

For those that previously 'passed under the radar', note:

Progressive BS told me this morning that they are blocking applications for Rainy Day Savers if you already hold any that aren't due to mature imminently. 

I spoke to them this morning, as trying to withdraw on the website on a phone is problematic.

Modified website due tomorrow or at the worst by next week, which will allow for window resizing, so you access the whole withdrawal form on your phone.

clairec666

Email from Cooperative today about upcoming reductions in their interest rates - Regular Saver Issue 1 remains at 7%. Good news.

schiff

schiff said:

schiff said:

Progressive
Though my RS is not due to mature and be closed until tomorrow, I have been able to open new RS, Issue 3 at 5.50% Variable. Loading money not yet allowed, that will come tomorrow I assume. As will the interest be added to the closing account with withdrawal to follow. 
You can make the first deposit by debit card btw, which is useful for Halifax Reward chasers!

I'm no further on and it doesn't help that they are going into lock-down Friday to Tuesday!

I'm sorted out! Got my maturity money and did my first deposit into the new one.
Before I forget: I squeezed an extra £300 into the old account taking the balance to £3900 - for what extra bit of interest that obtains. In the course of exchanging the quantity of messages they pointed out concerning the new one that the maximum balance was £3600!

Bridlington1

Saffron BS Refer A Friend Saver at 8% appears to now be NLA. This leaves Saffron BS with no accounts listed on the first page of this thread for the first time since this version of the top regular savers thread was launched in December 2024.

where_are_we

My Virgin Money RS Exclusive matures July31. My balance is about £3,138. Interest is paid quarterly. Their T&C`s state that interest is only payable on balances up to £3000 maximum. Is there any advantage to withdrawing £138 immediately? Or will all of the £3138 earn interest up to maturity ?

surreysaver

where_are_we said:

My Virgin Money RS Exclusive matures July31. My balance is about £3,138. Interest is paid quarterly. Their T&C`s state that interest is only payable on balances up to £3000 maximum. Is there any advantage to withdrawing £138 immediately? Or will all of the £3138 earn interest up to maturity ?

That's not what the T&Cs I downloaded say. Mine says

"If you save more than the maximum £250 limit each calendar month, we will accept the money, but you will not earn interest on any amount that exceeds the cumulative maximum monthly limit."

The amount over £3k is interest, not money you've saved.  Nowhere does it say it doesn't pay interest on a balance over £3k. It only says it doesn't pay interest on amounts over £250 per month that you have saved 

poolboy

Principality multiple issue 3 holder here, letter confirming second one came today as I did maturity instruction online.  I guess theres a human scanning applications as some pass, some get picked up.  As said, 28 quid an account but every little helps.

where_are_we

surreysaver said:

where_are_we said:

My Virgin Money RS Exclusive matures July31. My balance is about £3,138. Interest is paid quarterly. Their T&C`s state that interest is only payable on balances up to £3000 maximum. Is there any advantage to withdrawing £138 immediately? Or will all of the £3138 earn interest up to maturity ?

That's not what the T&Cs I downloaded say. Mine says

"If you save more than the maximum £250 limit each calendar month, we will accept the money, but you will not earn interest on any amount that exceeds the cumulative maximum monthly limit."

The amount over £3k is interest, not money you've saved.  Nowhere does it say it doesn't pay interest on a balance over £3k. It only says it doesn't pay interest on amounts over £250 per month that you have saved 

You say - "Nowhere does it say it doesn`t pay interest on a balance over £3K"
 From their T&C`s - " The maximum balance you can earn interest on at the end of the 12 month fixed term is £3,000"
Does the £138 interest already earned benefit from compounding up to the maturity date?
I will not be withdrawing my interest to get down to a maturity balance of £3,000 because it is unlikely whether this will give any benefit.
They quote a maturity value of £3,162.40 based on an initial deposit on the 1st of the month, so it will be interesting to see what my final payout will be.
More of a concern is whether Virgin Money will still be offering a competitive Regular Saver Exclusive product which we can open once this one matures.

Descrabled

Virgin RS

My present balance at 1July is £3139.52

• Interest at 10% for 31 days on this balance is £26.66. Total £3166.18
• Interest at 10% for 31 days on £3000 is £25.48. Total £3165.00

So two conclusions:

1. Virgin sums are rubbish. My total will be in excess of their projected balance.
2. Leaving the additional £139.52 in the account only risks £1.18 at 10% or 59p in another account at 5% interest.

I'll risk the loss of 59p, me thinks.

ThePirates

More of a concern is whether Virgin Money will still be offering a competitive Regular Saver Exclusive product which we can open once this one matures.

They don't currently...