The Top Regular Savers Discussion Thread

wmb194

Kim_13 said:

wmb194 said:

flaneurs_lobster said:

flaneurs_lobster said:

Dudley Loyalty Regular Saver

flaneurs_lobster said:

RosieRooBear said:

Dudley Loyalty Regular Saver
Have just spoken to Customer Services at Dudley BS as I opened my account last night but funds didn’t get credited until this morning. She has confirmed that as long as the account was opened on or before 17th July whether funded or not then you are eligible for the Loyalty RS.

checkly said:

Just rang CS and was told that it had to be funded by 17th July so no point them sending me an application form!  Oh well!

Mine's opened 17th, showing funded next day. One of those CS agents is correct, I've filled the form out so might as well spend the postage to find out which.

My Dudley Loyalty Regular Saver now showing in my online account. That was impressively quick, only posted the application yesterday.

Has anyone else who applied for Dudley BS accounts in the last week received any correspondence from them? I now have 2 accounts (albeit the RS doesn't seem to be accepting deposits yet) and have yet to receive any communication from them, not even an acknowledgement of account opening. 

Not exactly typical.

Yes, I posted my application on Friday and yesterday received the passbook in the post. The opening cheque was debited from my account this morning.

Did you make the cheque out to just your name or Dudley Building Society - Name? Not sure which to go with given the contradictory information in different places on their site, but wanted to send a cheque to maximise my chances of getting the account as funding is dated 18/7. I note however that the word live has been removed from the terms, so hopefully staff are now on the same page in that a 17/7 opening qualifies.

The way it's always been recommended for safety: <building society> a/c <my forename and surname>.

If I had a common name I'd add my middle initial.

mebu60

flaneurs_lobster said:

Kim_13 said:

The FP may have been sent on the day the account appeared on the online portal, so COP would be unlikely to work as it seems to involve overnight processing. 

Exactly this, CoP unable to CP so £10 sent rather than full funds.

I'm presuming you didn't send from a Santander account then? They have taken to not allowing me to proceed if account number or reference 'does not exist'. I just wait overnight now which isn't always as convenient as doing straightaway. Similarly I now have a raft of payees called 'mebu60' which isn't helpful but forcing through a payee as the institution name thereby failing CoP was either blocked or resulted in a phone call. At least the latter gave me an opportunity to moan about their high level payee list not including reference field or even better allowing the use of a nickname. The price of progress!  

flaneurs_lobster

mebu60 said:

I'm presuming you didn't send from a Santander account then? They have taken to not allowing me to proceed if account number or reference 'does not exist'. 

Chase. It does issue dire warnings of doom but will allow you to proceed to payment. RBS similar.

HHUK

mebu60 said:

I'm presuming you didn't send from a Santander account then? They have taken to not allowing me to proceed if account number or reference 'does not exist'.

I had this when trying to open a new Kent Reliance account and fund it by a FP of £5 from Nationwide last week. Don't ever remember them not allowing me to proceed before (although I was able to do so the next day).

mebu60

HHUK said:

mebu60 said:

I'm presuming you didn't send from a Santander account then? They have taken to not allowing me to proceed if account number or reference 'does not exist'.

I had this when trying to open a new Kent Reliance account and fund it by a FP of £5 from Nationwide last week. Don't ever remember them not allowing me to proceed before (although I was able to do so the next day).

The application of CoP by some banks and building societies appears to have morphed from a warning mechanism to 'thou shall not pass'! 

Bridlington1

Skipton BS Home Deposit Saver Issue 4  at 4.31% NLA.

friolento

mebu60 said:

flaneurs_lobster said:

Kim_13 said:

The FP may have been sent on the day the account appeared on the online portal, so COP would be unlikely to work as it seems to involve overnight processing. 

Exactly this, CoP unable to CP so £10 sent rather than full funds.

I'm presuming you didn't send from a Santander account then? They have taken to not allowing me to proceed if account number or reference 'does not exist'. I just wait overnight now which isn't always as convenient as doing straightaway. Similarly I now have a raft of payees called 'mebu60' which isn't helpful but forcing through a payee as the institution name thereby failing CoP was either blocked or resulted in a phone call. At least the latter gave me an opportunity to moan about their high level payee list not including reference field or even better allowing the use of a nickname. The price of progress!  

The Santander app lets you ignore the 'account not found' warning. It also allows you to change the payee name to something meaningful to you. I do it all the time, and they never called me about it. I now have well over 500 payees, with nearly all of them using an account name that enables me to identify the receiving bank and account. The nomenclature I use is FL - Bank - last 4 digits of account number / reference number. For Dudley, it reads "FL Dudley RS 1234".

exel1966

friolento said:

mebu60 said:

flaneurs_lobster said:

Exactly this, CoP unable to CP so £10 sent rather than full funds.

I'm presuming you didn't send from a Santander account then? They have taken to not allowing me to proceed if account number or reference 'does not exist'. I just wait overnight now which isn't always as convenient as doing straightaway. Similarly I now have a raft of payees called 'mebu60' which isn't helpful but forcing through a payee as the institution name thereby failing CoP was either blocked or resulted in a phone call. At least the latter gave me an opportunity to moan about their high level payee list not including reference field or even better allowing the use of a nickname. The price of progress!  

The Santander app lets you ignore the 'account not found' warning. It also allows you to change the payee name to something meaningful to you. I do it all the time, and they never called me about it. I now have well over 500 payees, with nearly all of them using an account name that enables me to identify the receiving bank and account. The nomenclature I use is FL - Bank - last 4 digits of account number / reference number. For Dudley, it reads "FL Dudley RS 1234".

Yep, I currently have 67 S/O going out of Chase each month to RS accounts and everyone of them is set up as going to the branded account name and no mention of my name.eg.

MELTON ADCOCK RS WEST BROM FRS 7 CAMBRIDGE EXTRA REWARD etc etc

allegro120

s71hj said:

TheBanker said:

ForumUser7 said:

UndergroundSaxClub said:

Bridlington1 said:

UndergroundSaxClub said:

PRAISETHESUN said:

UndergroundSaxClub said:

Hopefully an easy one.

Recently completed a switch to RBS for the £125 incentive, now opening a DRS for the extra £50. Is using this account as advertised "pointless" if I have a lump sum, or can save around 800pcm rather than 150? I'm not great with numbers, but I think I would get a better return just sticking a big lump into an easy-access savings account rather than top this up for X amount of years.

The higher interest rate will always be the better place to save your money, even with the deposit restrictions for RS accounts. Best way to maximise your return is to whack your lump sum into a high interest easy access savings account and drip feed it each month into the even higher interest DRS account (or any of the other RS accounts discussed in this thread).

Thanks, guess it never hurts to have a backup. Currently have a Santander Edge saver at 5.84% for a year (I think) with 4k, and everything else in their Easy Access Saver, due to drop to 3% in August

I typically pay into whichever accounts give me the highest rate of interest for my money, if I pay the maximum into the top regular saver and still have money leftover I fill up the second best regular saver, then the third best one etc. You'll likely find many on this forum have a few dozen or more regular savers on the go at any one time (my peak was over 60 regular savers).

Thanks again. I think I'll follow your method. New to regular savers, but not regular saving. Seems a bit odd to wait almost 3 years to hit the currently advertised interest rate, or am I misunderstanding? 150x33months for 5.5% seems rough.

You can fill it up quickly using 'round ups'.

To do this, you turn on 5x round ups from your debit card in the NatWest app, and then you can make loads of £1.01 payments into accounts that accept debit card deposits, or just as you spend normally let it fill up.

Agree it is tedious though, and takes a while to fill

Natwest Regular Saver
If you have the Natwest Rewards current account you can also pay your cashback into the Regular Saver which doesn't seem to count towards your limit. Interest is paid monthly on the Regular Saver which also does not count towards your limit, so it is certainly possible to get to £5k quicker.

I like this account - although it's not as competitive as it was, and there are other accounts paying more, iit's very convenient for me as my main current account is with Natwest. Although Natwest have reduced the interest rate, it doesn't feel like they've been as aggressive in cutting it as some other providers, and you don't have to go through the annual close and re-open cycle. My Digital Regular Saver is my longest-standing savings account. 

I think this account is part of their overall headline offering in their marketing, so I'm pretty confident the last rate reduction was just bowing to the inevitable after a number of rate cuts and they will not be especially reactive to all future rate cuts. My plan is to get it and the RBS equivelant to £5000 via a strategy of aggressive £1.01 debit card payments for roundups and then maintain them as savings accounts with what  hopefully will remain a market leading rate for a relatively easy access account. 

RBS/Natwest
The rate changes were slow historically, so I'm of the same thought that 5.5% is going to be there for a long time.
I've had both accounts since Sept 2020 and the rates were always on a competitive side.  I've used £1.01 method using NS&I direct saver, but not aggressively.  It helps, but the process is very tedious.  Fivers from reward scheme also helped at the end.  Now I just collect monthly interest.  £10k with unlimited instant access earning 5.5% is a good deal, I think.

shirley999

allegro120 said:

s71hj said:

TheBanker said:

ForumUser7 said:

UndergroundSaxClub said:

Bridlington1 said:

UndergroundSaxClub said:

PRAISETHESUN said:

UndergroundSaxClub said:

Hopefully an easy one.

Recently completed a switch to RBS for the £125 incentive, now opening a DRS for the extra £50. Is using this account as advertised "pointless" if I have a lump sum, or can save around 800pcm rather than 150? I'm not great with numbers, but I think I would get a better return just sticking a big lump into an easy-access savings account rather than top this up for X amount of years.

The higher interest rate will always be the better place to save your money, even with the deposit restrictions for RS accounts. Best way to maximise your return is to whack your lump sum into a high interest easy access savings account and drip feed it each month into the even higher interest DRS account (or any of the other RS accounts discussed in this thread).

Thanks, guess it never hurts to have a backup. Currently have a Santander Edge saver at 5.84% for a year (I think) with 4k, and everything else in their Easy Access Saver, due to drop to 3% in August

I typically pay into whichever accounts give me the highest rate of interest for my money, if I pay the maximum into the top regular saver and still have money leftover I fill up the second best regular saver, then the third best one etc. You'll likely find many on this forum have a few dozen or more regular savers on the go at any one time (my peak was over 60 regular savers).

Thanks again. I think I'll follow your method. New to regular savers, but not regular saving. Seems a bit odd to wait almost 3 years to hit the currently advertised interest rate, or am I misunderstanding? 150x33months for 5.5% seems rough.

You can fill it up quickly using 'round ups'.

To do this, you turn on 5x round ups from your debit card in the NatWest app, and then you can make loads of £1.01 payments into accounts that accept debit card deposits, or just as you spend normally let it fill up.

Agree it is tedious though, and takes a while to fill

Natwest Regular Saver
If you have the Natwest Rewards current account you can also pay your cashback into the Regular Saver which doesn't seem to count towards your limit. Interest is paid monthly on the Regular Saver which also does not count towards your limit, so it is certainly possible to get to £5k quicker.

I like this account - although it's not as competitive as it was, and there are other accounts paying more, iit's very convenient for me as my main current account is with Natwest. Although Natwest have reduced the interest rate, it doesn't feel like they've been as aggressive in cutting it as some other providers, and you don't have to go through the annual close and re-open cycle. My Digital Regular Saver is my longest-standing savings account. 

I think this account is part of their overall headline offering in their marketing, so I'm pretty confident the last rate reduction was just bowing to the inevitable after a number of rate cuts and they will not be especially reactive to all future rate cuts. My plan is to get it and the RBS equivelant to £5000 via a strategy of aggressive £1.01 debit card payments for roundups and then maintain them as savings accounts with what  hopefully will remain a market leading rate for a relatively easy access account. 

RBS/Natwest
The rate changes were slow historically, so I'm of the same thought that 5.5% is going to be there for a long time.
I've had both accounts since Sept 2020 and the rates were always on a competitive side.  I've used £1.01 method using NS&I direct saver, but not aggressively.  It helps, but the process is very tedious.  Fivers from reward scheme also helped at the end.  Now I just collect monthly interest.  £10k with unlimited instant access earning 5.5% is a good deal, I think.

I’m about to hit the £5k imminently.  You say unlimited instant access.  Are you suggesting you can eg, spend £4k and replace it two months later?