The Top Regular Savers Discussion Thread

PRAISETHESUN

snow62 said:

Bobblehat said:

I think I've given as much information as needed for anyone who thinks my table doesn't reflect a particular scenario that they are interested in, to construct their own table. Thanks to everyone who has shown ....err .... interest!

Well, after slaving over a hot spreadsheet, I'm prepared to concede that, however counter-intuitive, waiting until the end of the month to make a first payment does appear to be slightly more beneficial than middle of the month, and a similar amount more again than beginning of the month.  With the example given, MonBS, £500 per month, 6% against 4.5%, it's around £3.40 extra interest overall from waiting until end of month rather than mid-month by my calculations.  This is assuming that over a 13 month period all funds are in the feeder account when not in the RS, whether before or after RS is active.  An interesting intellectual exercise in a geeky sort of way.  I'll still open and fund at the earliest opportunity, though, to avoid possibility of accounts being withdrawn.  Back to the cricket!

Amen. Let me buy you a pint... The interest will just about cover it, depending on whereabouts you live mate 🙂

Bridlington1

PRAISETHESUN said:

snow62 said:

Bobblehat said:

I think I've given as much information as needed for anyone who thinks my table doesn't reflect a particular scenario that they are interested in, to construct their own table. Thanks to everyone who has shown ....err .... interest!

Well, after slaving over a hot spreadsheet, I'm prepared to concede that, however counter-intuitive, waiting until the end of the month to make a first payment does appear to be slightly more beneficial than middle of the month, and a similar amount more again than beginning of the month.  With the example given, MonBS, £500 per month, 6% against 4.5%, it's around £3.40 extra interest overall from waiting until end of month rather than mid-month by my calculations.  This is assuming that over a 13 month period all funds are in the feeder account when not in the RS, whether before or after RS is active.  An interesting intellectual exercise in a geeky sort of way.  I'll still open and fund at the earliest opportunity, though, to avoid possibility of accounts being withdrawn.  Back to the cricket!

Amen. Let me buy you a pint... The interest will just about cover it, depending on whereabouts you live mate 🙂

I'd offer the same but as anyone who has met me would testify, I'm reluctant to part with money so all you'd be getting out of me is an envelope containing a teabag with a note saying ``have a drink on me".

WillPS

snow62 said:

Bobblehat said:

I think I've given as much information as needed for anyone who thinks my table doesn't reflect a particular scenario that they are interested in, to construct their own table. Thanks to everyone who has shown ....err .... interest!

Well, after slaving over a hot spreadsheet, I'm prepared to concede that, however counter-intuitive, waiting until the end of the month to make a first payment does appear to be slightly more beneficial than middle of the month, and a similar amount more again than beginning of the month.  With the example given, MonBS, £500 per month, 6% against 4.5%, it's around £3.40 extra interest overall from waiting until end of month rather than mid-month by my calculations.  This is assuming that over a 13 month period all funds are in the feeder account when not in the RS, whether before or after RS is active.  An interesting intellectual exercise in a geeky sort of way.  I'll still open and fund at the earliest opportunity, though, to avoid possibility of accounts being withdrawn.  Back to the cricket!

It also assumes the arbitrage between the rate MonBS offer and the feeder account will remain static.

If last year's exclusive account is anything to go by, it won't.

snow62

WillPS said:

It also assumes the arbitrage between the rate MonBS offer and the feeder account will remain static.

If last year's exclusive account is anything to go by, it won't.

Indeed.  The variables that come into play make it more of a theoretical scenario than what will actually happen.

clairec666

Well, I appreciate a good spreadsheet. I imagine most followers of this thread will have one to manage their assorted savings accounts. Mine has some fancy conditional formatting based on a logarithmic scale.

Bottom line - funding at the end of the month could gain you a few pounds, but for some people it might not be worth it, a lot depends on your circumstances and how much money you're able to put in right now.

trickydicky14

Like most of you, I found the MBS app a nightmare. So much info needed to be given and I lost count how many codes went back and forth. Yes it's working ok now but what a pain in the butt that was.

WillPS

trickydicky14 said:

Like most of you, I found the MBS app a nightmare. So much info needed to be given and I lost count how many codes went back and forth. Yes it's working ok now but what a pain in the butt that was.

They're a small regional society and the app has only been out for a couple of weeks. I presume the continual 2FA nags are a bug that'll be fixed in time.

I agree that it's suboptimal right now but it's still an improvement on the process that existed previously (which is still available if you'd prefer).

friolento

trickydicky14 said:

Like most of you, I found the MBS app a nightmare. So much info needed to be given and I lost count how many codes went back and forth. Yes it's working ok now but what a pain in the butt that was.

Crikey, what would you call an actual nightmare?

judgingjudy

Halifax Regular Saver

I note that the specifics of this account say that the funds should reach your account by the 25th of the month. Is there any reason for this?  If I open and fund it today, does anybody know whether it cause any issue?  I can't see why it should, but would welcome experience.

fonesaver

judgingjudy said:

Halifax Regular Saver

I note that the specifics of this account say that the funds should reach your account by the 25th of the month. Is there any reason for this?  If I open and fund it today, does anybody know whether it cause any issue?  I can't see why it should, but would welcome experience.

I've opened and funded on the 30th before and then again on the 1st with no problems