The Top Regular Savers Discussion Thread

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…..

allegro120

nomorekids said:

allegro120 said:

s71hj said:

jameseonline said:

flaneurs_lobster said:

friolento said:

My Monmouth BS Issue 8 is open and shows in the app. 

I had started the application in the app around 11pm last night but it didn’t complete and I just left it. This morning it had completed, without further intervention by myself. 

First £500 on their way now.

It seemed simple enough, very significantly faster than previous applications (ignoring that I was overly keen and tried to open the account earlier than it became officially available)

Mine's open too. Quid on its way.

I'm finding that the app is logging me out every time I move to another screen (filling in a new payee at my bank). which is fair enough, but logging back in demands a new OTP be generated each time despite having set up biometrics. This is a serious PITA.

I always have to double up on SMS codes because 1st time I request it doesn't advance to next screen on android app

Ditto. There's nowhere to put the 1st OTP in 

I've tried several times, received 3 OTPs, nowhere to put them in.  Then I've picked e-mail option, this somehow allowed me to input the code and open the account.

i concur, the only way i can use the app is with email two factor verification, sms ends in no way of entering the code.

keep checking but initial deposit has yet to show mind  

MonBS
If the app works in the same way as online portal you are unlikely to see your deposit until Monday or even Tuesday.  They backdate it and I believe the interest is accruing, but it takes one or two working days to show.

surreysaver

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.

I sort of see both sides of the argument. If you wait, there's a danger the account will go NLA (no longer available). And if it's a variable rate account, you've lost some time at the higher rate should the interest rate go down.  Some accounts (Skipton springs to mind), you can open, but delay funding it, as the account starts when first funded.
I lost out on HSBC's 7% account a while ago, as I wanted to spread my accounts out so they matured at a sensible frequently. I learnt my lesson then to open when they're available!

masonic

snow62 said:

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.

It's more complicated than that. You need to compare a time period that spans both scenarios, for example 13 months. In one scenario you start the RS immediately and it matures at the beginning of month 13. In the other it starts at the end of month 1 and matures at the end of month 13. The first question you should ask yourself is where are you going to put the lump sum if most of your other RS cannot be funded until the 1st of the next month - probably an EA account. If the RS is fixed, then in a falling interest rate environment you get more benefit from the latter situation, since the EA rate will be worse at the end of the period. Though if the RS rate falls at an equivalent rate, you just have to consider that it will be a larger sum in limbo at the end in the former scenario.

If you're funding from income, and (as is common) receive your income towards the end of each month, then funding an initial payment from savings means borrowing from your EA reserves until you are paid. For many RS, each subsequent payment can be made on the 1st of the month from the income received a few days earlier, but some work on account months and you don't really want to be holding back money for a couple of weeks before you can pay it into the RS.

If you're funding from maturing RS, then ideally you'd open each of these around the same time of the month or you'll need to keep more in EA savings to bridge the gap between monthly funding and your next account maturity. The time of the month that is best is towards the end of the month, because that minimises the time to second payment and maximises the weighted average balance. Essentially it's like being allowed to put in double for the first month, so the total funds you can circulate in RS is larger.

Mine aren't as equally spaced as I'd like, because sometimes you just have to seize opportunities in case accounts are pulled. But my aim is to open my next RS towards the end of each month, around the same time as I have another account mature, so that my first payment is from EA savings and my second payment can be funded by the maturing RS, along with my other ongoing RS.

35har1old

ChewyyBacca said:

So what is the verdict on best way to open Monmouth Reg Saver Iss 8? I havent yet downloaded the Monmouth BS mobile app

Online banking: Would this route trigger wet signature form to be sent and thus delay funding of the account for July 2025? I m an existing member since Feb 2025 and have the online account set up.

Mobile App: Is the app working perfectly, including 2FA and Reg saver is up and running?

What would you suggest- Online or mobile app?

Also, I understand CoP is not being recognised for some. Is funding through other Monmouth BS account okay, any specific T&Cs prohibiting this? I hold a Limited Access Saver Issue 4, with no withdrawals so far, so can make first deposit through it.

It does say cop takes 24hrs to apply

masonic

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.

If you are a new customer you will need to open another account initially as the RS won't be listed. However, as soon as you do this and complete registration in the app you'll be able to log in and apply for the RS.