The Top Regular Savers Discussion Thread

surreysaver

kaMelo said:

subjecttocontract said:

Is 5.25% now considered an attractive return ?

It depends upon accessibility, I also need to bear in mind I have access to OH's Coventry FHS still paying 5.1%. If it operates like an easy access saver (such as Lloyds monthly saver) then yes, if their are any restrictions, penalties or notice periods then no, it would need to be higher.. 

I'm the same. 6% and above I don't mind locking it away. For below 6% it needs to be easy access.

orange-juice

Did anyone manage to open another Saffron Member's Month Loyalty Saver (8.0%) account when their old one matured - round about Jun/Jul last year?

I could have sworn that I opened a new 8.0% one but I logged into my account for the first time in a while due to the recent chat, and it says that I’ve been paying the same £50 but into a Members Regular Saver (4.75%) account instead 🫣

chris_the_bee

orange-juice said:

Did anyone manage to open another Saffron Member's Month Loyalty Saver (8.0%) account when their old one matured - round about Jun/Jul last year?

I could have sworn that I opened a new 8.0% one but I logged into my account for the first time in a while due to the recent chat, and it says that I’ve been paying the same £50 but into a Members Regular Saver (4.75%) account instead 🫣

Saffron
Yes, I did. Old matured and new opened on 14th June 2024 @ 8%

nottsphil

poolboy said:

 Thanks for Chorley tip just opened.

This thread is about regular savings accounts, not new recycling centres in Lancashire 😀

nottsphil

OneUser1 said:

Progressive Building Society have made their on-line Regular Saver Issue 3 (still Issue 2 on page 1 of this thread) paying 6%.

Progressive are based in Northern Ireland but the account is open to everyone over 18 in the UK with photo ID (although the staff are friendly on the phone and previously - Issue 1 - could accommodate those without photo ID.)

Are you suggesting that new customers might be able to open this new issue without photo ID? (My only photo ID is a bus pass, which I would not be willing to post to them). Why do they insist on this anyway? It's not as if mainlanders are going to travel to Northern Ireland and turn up at a branch in person! What alternatives would the Progressive accept?

wmb194

nottsphil said:

OneUser1 said:

Progressive Building Society have made their on-line Regular Saver Issue 3 (still Issue 2 on page 1 of this thread) paying 6%.

Progressive are based in Northern Ireland but the account is open to everyone over 18 in the UK with photo ID (although the staff are friendly on the phone and previously - Issue 1 - could accommodate those without photo ID.)

Are you suggesting that new customers might be able to open this new issue without photo ID? (My only photo ID is a bus pass, which I would not be willing to post to them). Why do they insist on this anyway? It's not as if mainlanders are going to travel to Northern Ireland and turn up at a branch in person! What alternatives would the Progressive accept?

Progressive BS

 When I opened my account in July 2024 I didn't have to supply any ID, it was opened with electronic checks.

Looking at its website this still appears to be the case, "We undertake a search with a Credit Reference Agency or Data Reference Agency. They supply us with information, including from the Electoral Register, for the purpose of verifying your identity. ... If we’re unable to verify your identity from the information provided you will be required to produce two items of documentation as proof of your identification."

https://theprogressive.com/support-information/savings-support/savings-faqs

OneUser1

nottsphil said:

OneUser1 said:

Progressive Building Society have made their on-line Regular Saver Issue 3 (still Issue 2 on page 1 of this thread) paying 6%.

Progressive are based in Northern Ireland but the account is open to everyone over 18 in the UK with photo ID (although the staff are friendly on the phone and previously - Issue 1 - could accommodate those without photo ID.)

Are you suggesting that new customers might be able to open this new issue without photo ID? (My only photo ID is a bus pass, which I would not be willing to post to them). Why do they insist on this anyway? It's not as if mainlanders are going to travel to Northern Ireland and turn up at a branch in person! What alternatives would the Progressive accept?

Loads of organisations - including HMRC for example - insist on a photo driving license or passport. It’s hardly unusual and certainly nothing specific to the Progressive.

i know that for Issue 1 Progressive allowed some people to register for on-line banking without Photo ID. However I have no idea whether they have continued that. 

I also know the Progressive staff are very friendly and helpful over the phone - that’s my experience and others posted on this forum at the time of Issue 1 saying the same thing.

if you are interested in trying the Progressive then really the best advice is to just ring them. You would get a genuine and up to date answer.

Stolas

OneUser1 said:

nottsphil said:

OneUser1 said:

Progressive Building Society have made their on-line Regular Saver Issue 3 (still Issue 2 on page 1 of this thread) paying 6%.

Progressive are based in Northern Ireland but the account is open to everyone over 18 in the UK with photo ID (although the staff are friendly on the phone and previously - Issue 1 - could accommodate those without photo ID.)

Are you suggesting that new customers might be able to open this new issue without photo ID? (My only photo ID is a bus pass, which I would not be willing to post to them). Why do they insist on this anyway? It's not as if mainlanders are going to travel to Northern Ireland and turn up at a branch in person! What alternatives would the Progressive accept?

Loads of organisations - including HMRC for example - insist on a photo driving license or passport. It’s hardly unusual and certainly nothing specific to the Progressive.

i know that for Issue 1 Progressive allowed some people to register for on-line banking without Photo ID. However I have no idea whether they have continued that. 

I also know the Progressive staff are very friendly and helpful over the phone - that’s my experience and others posted on this forum at the time of Issue 1 saying the same thing.

if you are interested in trying the Progressive then really the best advice is to just ring them. You would get a genuine and up to date answer.

My experience with Progressive was exactly this - staff were polite and helpful over the phone and via email.

savethepandas

anna42hmr said:

sorry if this has been asked before but I couldn't find the answer, I have already got the principal Christmas saver open and running and have just opened the 8% 6 month one today.  Principality use the same sort code and account number to send the standing orders to, but just vary the reference number.  

Will this cause any problems with Santander if I set the 2nd standing order from there? so will be two standing orders on 1st of each month going to the same sort code and account number but to different reference numbers.  reason I am asking is I recall a number of years back Natwest/RBS had an issue with this and wondering if any one knows if Santander work the way that Natwest/RBS does in that regard. 

Definitely not a problem, I send multiple payments from Santander to different Principality accounts at the beginning of each month.

nottsphil

MisterMotivated said:

Bigwheels1111 said:

HedgehogRulez said:

How come when my first direct RS matured I only got half the expected interest? Smells like a scam!

Did you put £300 in a month and get £ 136.50 interest.
If so it’s correct.
I bet you are working it out at 7% on £3600.
Not 7% on £300, The month 2 £600, etc,etc.
Only month 12 had £3600 @ 7%.

Maybe it's time we had a pinned thread explaining how Regular Savers actually work, since so many people seem to get caught out by this misunderstanding.

I disagree to an extent.
These people don't understand interest at all. If they did, they would realize that the interest gained paying in amounts each month would be no different than doing likewise with a standard savings account of the same interest rate.
By all means suggest a thread explaining daily calculated interest and per annum percentage rates, but this should not be regarded as regular saver-specific.