The Top Regular Savers Discussion Thread

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...

surreysaver

where_are_we said:

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.

When is the end of the twelve month fixed term? The account matures on 31st July, yet the account doesn't last 12 months (unless you first paid into it on 1st August).
What you quote differs from what I've quoted. So which is correct?

mhoc

ThePirates said:

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...

I seem to think Virgin regular saver matures into an easy access which we can then close - or at least leave a minimal amount it (£1 £10 ???) Just wondering are Virgin really going to be complacent enough to see thousands of accounts close and everyone take their £3k plus balances out at the start of August - without having any sort of regular saver to replace it .....
But with Nationwide taking them over maybe they just dont want to start new products 

surreysaver

mhoc said:

ThePirates said:

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...

I seem to think Virgin regular saver matures into an easy access which we can then close - or at least leave a minimal amount it (£1 £10 ???) Just wondering are Virgin really going to be complacent enough to see thousands of accounts close and everyone take their £3k plus balances out at the start of August - without having any sort of regular saver to replace it .....
But with Nationwide taking them over maybe they just dont want to start new products 

All the other be banks and building societies do, and Virgin have done in the past. Cannot see why it would be any different this time