The Top Regular Savers Discussion Thread

mhoc

After deleting and adding the app and various passcodes I am finally into the app but no new regular saver is  showing as yet. 
Also tried logging in and again it wont accept my details which are as they have always been so this might involve a phone call on Monday  
 - "We were unable to log you in at this time. Either some of the details you provided were incorrect or your User ID has been suspended. Please try again or contact us to reactivate your User ID".

dcs34

Tried to apply to MonBS online and then surprised not to get account details confirmed. Then remembered I'd closed the previous regular saver as the rates had fallen. So technically don't hold any accounts and maybe aren't considered a new customer. But since I gave them all the same details maybe they will eventually link it to the same online account? Albeit with MonBS usually need to wait for 1+ working day so will see what happens.

MarkFromCornwall

dcs34 said:

Tried to apply to MonBS online and then surprised not to get account details confirmed. Then remembered I'd closed the previous regular saver as the rates had fallen. So technically don't hold any accounts and maybe aren't considered a new customer. But since I gave them all the same details maybe they will eventually link it to the same online account? Albeit with MonBS usually need to wait for 1+ working day so will see what happens.

I haven't held an account with them for three years, but I put in the account number of a long closed savings account and my old user ID and password and that worked and I was able to open the issue 8 regular saver.

Bobblehat

snow62 said:

Long time lurker with very few posts, but I've been playing the RS game for 10+ years, currently with 19 RS accounts.

I've never been convinced about the argument for waiting until the end of the month to open and make the initial payment to a new account.  I totally understand that this will maximise the interest on that account, but this is offset by the lower interest earned in a feeder account before opening as well not having an earlier opportunity to open a new account at maturity.  As an example, if I open and fund a new account in the middle of the month, I earn a higher rate for two weeks on that first deposit than if I wait.  In a year's time I either open a new account or I earn a further two weeks' interest on the accrued total.  Of course it can depend on each account's conditions, and a crystal ball is required to know what rates will be in a year's time, but my calculations don't indicate a benefit from waiting until the end of the month.

Re Monmouthshire, I've never had any problems with them.  Yes, their systems are fairly antiquated, and things might take a day or two longer than other institutions, but I'm quite happy to accept this if their rates make it worthwhile.  I've applied for the 6% online, and £500 monthly pay-in is a bonus - I'd have been fine with £300 as with previous accounts with them.

Have you taken into account that the RS maturing near the end of a month may be used to.... a) fund other RS's a day or so later in the next month, which could/should pay more than any EA holding account ... b) or fund a new RS at the end of the next month on from when the maturing RS matured (e.g. RS matures at end of July funds 1st payment of new RS at end of August and 2nd at beginning of September)? .... c) a combination of a) and b)?

With 19 RS's, hopefully spread out over a decent period, I'm surprised that you are not already doing a) or b) or c)?
I'll admit that differences in timing will only create small advantages over figures quoted by the Banks/BS's expected interest figures, but those small advantages add up. After all, if you thought differently, why not leave the funds in an EA/FR/Notice Account rather than administer 19 RS's?

As for crystal ball gazing .... I work on the general principle that rising RS rates occur with rising EA rates, and falling EA rates occur when RS rates are falling! Once I've filled my ISA allowance for the year, I'm looking at which RS/EA/FR/Notice accounts have the highest interest rate and work my way down the list.

Bridlington1

snow62 said:

I've never been convinced about the argument for waiting until the end of the month to open and make the initial payment to a new account.  I totally understand that this will maximise the interest on that account, but this is offset by the lower interest earned in a feeder account before opening as well not having an earlier opportunity to open a new account at maturity.  As an example, if I open and fund a new account in the middle of the month, I earn a higher rate for two weeks on that first deposit than if I wait.  In a year's time I either open a new account or I earn a further two weeks' interest on the accrued total.  Of course it can depend on each account's conditions, and a crystal ball is required to know what rates will be in a year's time, but my calculations don't indicate a benefit from waiting until the end of the month.

Depends on the circumstances. In my case most of my regular savers mature at the turn of the month and virtually all of my non-ISA funds are in regular savers. At present most of my regular savers are funded on 1st (or 1st working day) of the month using funds from regular savers that have matured within the last few days.

If I opened and funded a regular saver mid-month that has a 12 month term I'd likely have to pull money from other regular savers early to fund it, so any gain from funding early is reduced. I'd then most likely end up with a load of spare funds that I can't get into higher paying regular savers from the date of maturity till the end of that month so I'd have money sat in an EA account in the month of maturity instead.

Generally I open the account immediately to secure the account and then if it can be closed/reopened the same day I'll often fund the first one and if it's still available ``refresh" at the end of the month, as I've done with Skipton, Principality etc on a few occasions, and if the account has gone NLA I've not lost the account (as happened with YBS £50 RS which remains at 8%).

clairec666

Bridlington1 said:

snow62 said:

I've never been convinced about the argument for waiting until the end of the month to open and make the initial payment to a new account.  I totally understand that this will maximise the interest on that account, but this is offset by the lower interest earned in a feeder account before opening as well not having an earlier opportunity to open a new account at maturity.  As an example, if I open and fund a new account in the middle of the month, I earn a higher rate for two weeks on that first deposit than if I wait.  In a year's time I either open a new account or I earn a further two weeks' interest on the accrued total.  Of course it can depend on each account's conditions, and a crystal ball is required to know what rates will be in a year's time, but my calculations don't indicate a benefit from waiting until the end of the month.

Depends on the circumstances. In my case most of my regular savers mature at the turn of the month and virtually all of my non-ISA funds are in regular savers. At present most of my regular savers are funded on 1st (or 1st working day) of the month using funds from regular savers that have matured within the last few days.

If I opened and funded a regular saver mid-month that has a 12 month term I'd likely have to pull money from other regular savers early to fund it, so any gain from funding early is reduced. I'd then most likely end up with a load of spare funds that I can't get into higher paying regular savers from the date of maturity till the end of that month so I'd have money sat in an EA account in the month of maturity instead.

Generally I open the account immediately to secure the account and then if it can be closed/reopened the same day I'll often fund the first one and if it's still available ``refresh" at the end of the month, as I've done with Skipton, Principality etc on a few occasions, and if the account has gone NLA I've not lost the account (as happened with YBS £50 RS which remains at 8%).

It's all about making sure your money isn't sitting around in lower-interest accounts and spends as much time as possible earning higher rates in regular savers. It's different for everyone depending on their circumstances - for me, I have two different jobs, one paying weekly, one the last day of the month, so I'm able to top up from these, as well as other maturing regular savers. I haven't bothered with the "open at the end of the month" tactic so far, but I'm quite new to this game, so that might change!

snow62

Bobblehat said:

Have you taken into account that the RS maturing near the end of a month may be used to.... a) fund other RS's a day or so later in the next month, which could/should pay more than any EA holding account ... b) or fund a new RS at the end of the next month on from when the maturing RS matured (e.g. RS matures at end of July funds 1st payment of new RS at end of August and 2nd at beginning of September)? .... c) a combination of a) and b)?

With 19 RS's, hopefully spread out over a decent period, I'm surprised that you are not already doing a) or b) or c)?
I'll admit that differences in timing will only create small advantages over figures quoted by the Banks/BS's expected interest figures, but those small advantages add up. After all, if you thought differently, why not leave the funds in an EA/FR/Notice Account rather than administer 19 RS's?

As for crystal ball gazing .... I work on the general principle that rising RS rates occur with rising EA rates, and falling EA rates occur when RS rates are falling! Once I've filled my ISA allowance for the year, I'm looking at which RS/EA/FR/Notice accounts have the highest interest rate and work my way down the list.

Ah, but my point is that funding initially at the end of the month instead of e.g. half-way through means that I would immediately be losing half a month at the higher rate.  RS matures in a year's time in the middle of the month, so that can be used to fund new RS half a month earlier which will earn more interest than initially funding on the 1st of a month.  Your b) just means you've missed out on a month of higher interest if you wait until the end of August; that's my take on it, anyway!

My 19 RSs aren't spread out evenly.  RS rates rose sharply around September 3 (?) years ago, which meant opening several in a short period.  That has followed on so I have 10 maturing Sept/Oct/Nov.  I've been using flexible cash ISA to fund and will replenish that as the RSs mature as well as opening new ones if the rates are worth it.

It's all swings and roundabouts.  What works for one person is not necessarily the same as what works for someone else.

clairec666

Re Monmouthshire regular saver - is it possible to use the app to open it if you're not an existing customer? Or if applying online, do you still have to sign paperwork and send back to them etc? Trying to avoid this as I'm away for most of August and won't be picking up post for a while.

Archerychick

clairec666 said:

Re Monmouthshire regular saver - is it possible to use the app to open it if you're not an existing customer? Or if applying online, do you still have to sign paperwork and send back to them etc? Trying to avoid this as I'm away for most of August and won't be picking up post for a while.

Yes I just have 

MDMD

Anyone else having problems getting the mobile phone 6 digit code? Started to install on the phone, got the code via text and email then gave up half way and started again on the iPad. But now don’t receive the 6 digit code by text. 

Tried deleting and reinstalling so I assume they have blocked my number as it’s been used once, but would be good to get a message saying so…..