The Top Regular Savers Discussion Thread

ForumUser7

Bridlington1 said:

Bridlington1 said:

ForumUser7 said:

Kazza242 said:

Skipton Building Society have launched a new Regular Saver, paying 5.75% AER (variable)

- Save from £1 - £200 per month
- The account runs for 12 months
- No withdrawals, though early closure permitted
- It tracks 1.50% above Bank of England base rate for 12 months.
- The account is only available to open if you don't already hold a product from the Skipton BS Regular Saver range (either a Member Regular Saver, Branch Member Regular Saver, Regular Saver or a Branch Regular Saver)
- They have launched an online and branch-based edition of this account
- The account can be opened via Skipton Online, in the Skipton App, in branch, by post or by phone
- The interest is paid the day before the anniversary of account opening

Further details here.

Shame it's one RS only

You can get both this regular saver and the Members RS if I'm not mistaken.

The term I believe you're referring to is:

This account is only available to UK residents aged 16 or over, who don't already hold a product from our Regular Saver range (either a Member Regular Saver, Branch Member Regular Saver, Regular Saver or a Branch Regular Saver) at the time of application.

However no equivalent term appears in the Ts&Cs for the Member RS, so whilst you can't open the 5.75% RS if you currently hold the Members RS, you can open the Members RS if you hold the 5.75% RS Issue 1.

In other words if you open the RS Issue 1 at 5.75% first you should be able to open the Members RS at 6.25% and thus have both simultaneously.

There's also nothing in the terms to stop those who hold the Members RS from closing their accounts now, then opening the 5.75% RS before opening a new 6.25% Members RS.

Further to the above this seems to be how Skipton's systems are interpreting the terms too.

I had a Members RS and tried applying for the 5.75% RS, it declined my application. I've just closed my Members RS and was able to open the 5.75% RS.

It then let me immediately open a new Members RS Issue 4 at 6.25% so I now have both accounts.

Good workaround! I have the 7% NLA Members RS till December, so think I’m kind of stuck for now haha

flaneurs_lobster

ForumUser7 said:

Good workaround! I have the 7% NLA Members RS till December, so think I’m kind of stuck for now haha

I've got the 7% maturing 04/08, swithering about closing it now to get the new issues or leaving it to term.

Bridlington1

ForumUser7 said:

Bridlington1 said:

Bridlington1 said:

ForumUser7 said:

Kazza242 said:

Skipton Building Society have launched a new Regular Saver, paying 5.75% AER (variable)

- Save from £1 - £200 per month
- The account runs for 12 months
- No withdrawals, though early closure permitted
- It tracks 1.50% above Bank of England base rate for 12 months.
- The account is only available to open if you don't already hold a product from the Skipton BS Regular Saver range (either a Member Regular Saver, Branch Member Regular Saver, Regular Saver or a Branch Regular Saver)
- They have launched an online and branch-based edition of this account
- The account can be opened via Skipton Online, in the Skipton App, in branch, by post or by phone
- The interest is paid the day before the anniversary of account opening

Further details here.

Shame it's one RS only

You can get both this regular saver and the Members RS if I'm not mistaken.

The term I believe you're referring to is:

This account is only available to UK residents aged 16 or over, who don't already hold a product from our Regular Saver range (either a Member Regular Saver, Branch Member Regular Saver, Regular Saver or a Branch Regular Saver) at the time of application.

However no equivalent term appears in the Ts&Cs for the Member RS, so whilst you can't open the 5.75% RS if you currently hold the Members RS, you can open the Members RS if you hold the 5.75% RS Issue 1.

In other words if you open the RS Issue 1 at 5.75% first you should be able to open the Members RS at 6.25% and thus have both simultaneously.

There's also nothing in the terms to stop those who hold the Members RS from closing their accounts now, then opening the 5.75% RS before opening a new 6.25% Members RS.

Further to the above this seems to be how Skipton's systems are interpreting the terms too.

I had a Members RS and tried applying for the 5.75% RS, it declined my application. I've just closed my Members RS and was able to open the 5.75% RS.

It then let me immediately open a new Members RS Issue 4 at 6.25% so I now have both accounts.

Good workaround! I have the 7% NLA Members RS till December, so think I’m kind of stuck for now haha

Fair enough, I'd only opened mine in late June so I didn't have as much to lose in that respect as I'm only putting on the maturity date by a month.

clairec666

Bridlington1 said:

Bridlington1 said:

ForumUser7 said:

Kazza242 said:

Skipton Building Society have launched a new Regular Saver, paying 5.75% AER (variable)

- Save from £1 - £200 per month
- The account runs for 12 months
- No withdrawals, though early closure permitted
- It tracks 1.50% above Bank of England base rate for 12 months.
- The account is only available to open if you don't already hold a product from the Skipton BS Regular Saver range (either a Member Regular Saver, Branch Member Regular Saver, Regular Saver or a Branch Regular Saver)
- They have launched an online and branch-based edition of this account
- The account can be opened via Skipton Online, in the Skipton App, in branch, by post or by phone
- The interest is paid the day before the anniversary of account opening

Further details here.

Shame it's one RS only

You can get both this regular saver and the Members RS if I'm not mistaken.

The term I believe you're referring to is:

This account is only available to UK residents aged 16 or over, who don't already hold a product from our Regular Saver range (either a Member Regular Saver, Branch Member Regular Saver, Regular Saver or a Branch Regular Saver) at the time of application.

However no equivalent term appears in the Ts&Cs for the Member RS, so whilst you can't open the 5.75% RS if you currently hold the Members RS, you can open the Members RS if you hold the 5.75% RS Issue 1.

In other words if you open the RS Issue 1 at 5.75% first you should be able to open the Members RS at 6.25% and thus have both simultaneously.

There's also nothing in the terms to stop those who hold the Members RS from closing their accounts now, then opening the 5.75% RS before opening a new 6.25% Members RS.

Further to the above this seems to be how Skipton's systems are interpreting the terms too.

I had a Members RS and tried applying for the 5.75% RS, it declined my application. I've just closed my Members RS and was able to open the 5.75% RS.

It then let me immediately open a new Members RS Issue 4 at 6.25% so I now have both accounts.

Good detective work! I suspect this might be an oversight by Skipton (similar to Principality's "one of each issue" rule) and they might update their T&Cs for the Members RS at some point. For now though, both accounts track the base rate, so no harm in closing and re-opening.

Bridlington1

clairec666 said:

Bridlington1 said:

Bridlington1 said:

ForumUser7 said:

Kazza242 said:

Skipton Building Society have launched a new Regular Saver, paying 5.75% AER (variable)

- Save from £1 - £200 per month
- The account runs for 12 months
- No withdrawals, though early closure permitted
- It tracks 1.50% above Bank of England base rate for 12 months.
- The account is only available to open if you don't already hold a product from the Skipton BS Regular Saver range (either a Member Regular Saver, Branch Member Regular Saver, Regular Saver or a Branch Regular Saver)
- They have launched an online and branch-based edition of this account
- The account can be opened via Skipton Online, in the Skipton App, in branch, by post or by phone
- The interest is paid the day before the anniversary of account opening

Further details here.

Shame it's one RS only

You can get both this regular saver and the Members RS if I'm not mistaken.

The term I believe you're referring to is:

This account is only available to UK residents aged 16 or over, who don't already hold a product from our Regular Saver range (either a Member Regular Saver, Branch Member Regular Saver, Regular Saver or a Branch Regular Saver) at the time of application.

However no equivalent term appears in the Ts&Cs for the Member RS, so whilst you can't open the 5.75% RS if you currently hold the Members RS, you can open the Members RS if you hold the 5.75% RS Issue 1.

In other words if you open the RS Issue 1 at 5.75% first you should be able to open the Members RS at 6.25% and thus have both simultaneously.

There's also nothing in the terms to stop those who hold the Members RS from closing their accounts now, then opening the 5.75% RS before opening a new 6.25% Members RS.

Further to the above this seems to be how Skipton's systems are interpreting the terms too.

I had a Members RS and tried applying for the 5.75% RS, it declined my application. I've just closed my Members RS and was able to open the 5.75% RS.

It then let me immediately open a new Members RS Issue 4 at 6.25% so I now have both accounts.

Good detective work! I suspect this might be an oversight by Skipton (similar to Principality's "one of each issue" rule) and they might update their T&Cs for the Members RS at some point. For now though, both accounts track the base rate, so no harm in closing and re-opening.

Thanks. It's also worth noting too whilst I'm at it that Skipton are one of those who don't begin their account terms till the day of first deposit and you've 30 days to make your first deposit so if you wanted to play it safe you could open both accounts now and then fund on 31st to get the most benefit out of the accounts.

Bridlington1

Leeds BS have now withdrawn their Home Deposit Saver Issue 4 at 4.8% and replaced it with issue 1 at the same rate. Ts&Cs seem to be the same.

pokemaster

Just a couple of questions I couldn’t seem to find answers for…

1) it says this account is for you if….

• You are saving for a house deposit

So that could be any one right?

2) it says

> The account is available to First Time Buyers and Home Movers aged 18 or over who are resident in the UK. 

Again that could be anyone who is a “home mover” ?

3) how would they know if you are not a first time buyer? I always thought this account was opened to first time buyers only, but it doesn’t say that?

Also with CBS first home deposit

It mentions saving for a family member to get their first house. How can they know that? And if it’s not used in 3 years it turns to an easy access?

jim1999

pokemaster said:

It mentions saving for a family member to get their first house. How can they know that? And if it’s not used in 3 years it turns to an easy access?

IMO these accounts are a bit of a middle ground, they are trying to show themselves as being considerate of first time buyers, and pull in some cash from people who might be mortgage customers in the future (rather than paying over the odds rates of interest to a bunch of pensioners who will never produce income for the BS) - but also they know that a) it's very difficult to define what a first time buyer is and b) the costs of checking this would be very painful and c) therefore it's not worth trying to keep track of.  All the ones I've seen convert into easy access, and sometimes they have further incentives if you go on to take out a mortgage (but I imagine getting the timing right on this is extremely rare).

So you get these wishy-washy statements that probably wouldn't matter unless a customer tried to go to the Ombudsman in some capacity and then they could point at some T&Cs.

I recall when Coventry made their very competitive BHS account available it specified that you could use it to save for any house purchase, whether that's your own or not.  I intend to help my kids with a house purchase one day, so I was satisfied that I'd technically meet their requirements.

In short, I doubt it matters.

apt

The 10% Virgin Money RS moves to a measly 1.75% Everyday Saver at the end of the month so should be moved on to a better place then. If you don't close the Everyday Saver this month's RS interest is only capitalised in September.

pecunianonolet

apt said:

The 10% Virgin Money RS moves to a measly 1.75% Everyday Saver at the end of the month so should be moved on to a better place then. If you don't close the Everyday Saver this month's RS interest is only capitalised in September.

So the Everyday Saver should be closed on 1st August to capitalise the interest after the last day of being paid 10% and to avoid funds being left to earn 1.75%?