The Top Regular Savers Discussion Thread

Bob2000

Good afternoon.
Just some thoughts and advice from you, MSE experts.
 
I opened a suffolk building society  regular saver this week, the 5% fixed still to fund but got 14 days l think.

Anyway, while this was opened, the Monthshire regular  saver  became  available, so l applied  for that too. I already  have an EA account with MBS (£1.33).

Haven't got funds to fully fund both but was thinking of putting  £500 into the MBS regular saver for the first two months, then either leave it at that or fund bare minimum.

The suffolk RS will be a replacement  for the virgin 10% one when that matures on 31st. I already have 3 regular  saver  paying better, but all funded for the next few months.

Aidanmc

Bob2000 said:

Good afternoon.
Just some thoughts and advice from you, MSE experts.
 
I opened a suffolk building society  regular saver this week, the 5% fixed still to fund but got 14 days l think.

Anyway, while this was opened, the Monthshire regular  saver  became  available, so l applied  for that too. I already  have an EA account with MBS (£1.33).

Haven't got funds to fully fund both but was thinking of putting  £500 into the MBS regular saver for the first two months, then either leave it at that or fund bare minimum.

The suffolk RS will be a replacement  for the virgin 10% one when that matures on 31st. I already have 3 regular  saver  paying better, but all funded for the next few months.

Have you got all the higher paying regular savers listed on page 1 of this thread?

Theres a good few higher than the 5% Suffolk 

I normally start with the higher interest regular savers first working my way down

flaneurs_lobster

Well the general advice is that you should always choose the account with the highest rate so that's the MonBS @ 6%. Also it will accept up to £500/mth rather than £250, and allows withdrawals during the term.

But the Suffolk BS's rate is fixed for a year. 

I'd keep both open, fund the MonBS to the maximum I could afford and minimum fund the Suffolk at £10/mth.

It's a hedge in case rates at the MonBS drop to less than 5% during the term. 

clairec666

Barring any massive rate cuts, Monmouthshire is likely to stay above 5% for most of the year, and even if it drops below, it will probably average at least 5%. So I'd think it would be better to fund this than and put the minimum amount into Suffolk if you want to keep it open.

allegro120

Bob2000 said:

Good afternoon.
Just some thoughts and advice from you, MSE experts.
 
I opened a suffolk building society  regular saver this week, the 5% fixed still to fund but got 14 days l think.

Anyway, while this was opened, the Monthshire regular  saver  became  available, so l applied  for that too. I already  have an EA account with MBS (£1.33).

Haven't got funds to fully fund both but was thinking of putting  £500 into the MBS regular saver for the first two months, then either leave it at that or fund bare minimum.

The suffolk RS will be a replacement  for the virgin 10% one when that matures on 31st. I already have 3 regular  saver  paying better, but all funded for the next few months.

I have an earlier version (30.06.2026) of Suffolk, but I assume t&c are the same. Fixed is a good feature, but you can't withdraw/close.   I'd stick £10 (minimum for getting 5%) in it to keep it running, this account might become competitive in future.
MonBS 6% is an obvious priority. Higher interest and you can withdraw/close if they reduce the rate or you simply need this money for something else.

Anything can happen, but based on previous performances it is unlikely that MonBS RS will drop below 5% in near future.

 

Bob2000

Aidanmc said:

Bob2000 said:

Good afternoon.
Just some thoughts and advice from you, MSE experts.
 
I opened a suffolk building society  regular saver this week, the 5% fixed still to fund but got 14 days l think.

Anyway, while this was opened, the Monthshire regular  saver  became  available, so l applied  for that too. I already  have an EA account with MBS (£1.33).

Haven't got funds to fully fund both but was thinking of putting  £500 into the MBS regular saver for the first two months, then either leave it at that or fund bare minimum.

The suffolk RS will be a replacement  for the virgin 10% one when that matures on 31st. I already have 3 regular  saver  paying better, but all funded for the next few months.

Have you got all the higher paying regular savers listed on page 1 of this thread?

Theres a good few higher than the 5% Suffolk 

I normally start with the higher interest regular savers first working my way down

Not all the big guns listed but l am going to reapply for  first direct, co-op and Nationwide when they mature.

I have market harborough building society  RS but l think you can only apply  via branch now?

Bob2000

flaneurs_lobster said:

Well the general advice is that you should always choose the account with the highest rate so that's the MonBS @ 6%. Also it will accept up to £500/mth rather than £250, and allows withdrawals during the term.

But the Suffolk BS's rate is fixed for a year. 

I'd keep both open, fund the MonBS to the maximum I could afford and minimum fund the Suffolk at £10/mth.

It's a hedge in case rates at the MonBS drop to less than 5% during the term. 

Yes decided to do what you suggested  going forward. The fixed rate seduced  me a bit.

Bob2000

clairec666 said:

Barring any massive rate cuts, Monmouthshire is likely to stay above 5% for most of the year, and even if it drops below, it will probably average at least 5%. So I'd think it would be better to fund this than and put the minimum amount into Suffolk if you want to keep it open.

Yes going to do exactly that now.

allegro120

flaneurs_lobster said:

Well the general advice is that you should always choose the account with the highest rate so that's the MonBS @ 6%. Also it will accept up to £500/mth rather than £250, and allows withdrawals during the term.

But the Suffolk BS's rate is fixed for a year. 

I'd keep both open, fund the MonBS to the maximum I could afford and minimum fund the Suffolk at £10/mth.

It's a hedge in case rates at the MonBS drop to less than 5% during the term. 

There's no minimum, except £10 to open.  It's in t&c - "If you miss a monthly deposit, your account will remain open until maturity, and you can continue to save monthly."  I've had Suffolk since March and only made 3 deposits, and definitely going to give it a miss in August. 

Bridlington1

allegro120 said:

flaneurs_lobster said:

Well the general advice is that you should always choose the account with the highest rate so that's the MonBS @ 6%. Also it will accept up to £500/mth rather than £250, and allows withdrawals during the term.

But the Suffolk BS's rate is fixed for a year. 

I'd keep both open, fund the MonBS to the maximum I could afford and minimum fund the Suffolk at £10/mth.

It's a hedge in case rates at the MonBS drop to less than 5% during the term. 

There's no minimum, except £10 to open.  It's in t&c - "If you miss a monthly deposit, your account will remain open until maturity, and you can continue to save monthly."  I've had Suffolk since March and only made 3 deposits, and definitely going to give it a miss in August. 

I opened one about a year ago and have only make one deposit (£10 to open the account). Essentially I wanted an account for membership purposes and this fit the bill rather nicely.