The Top Regular Savers Discussion Thread

happybagger

Stolas said:

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.

Agree with this wholeheartedly. I do have photo ID and uploaded a scanned copy to them which they accepted, as I don't have a camera which was part of their online opening.

How they will deal with having no photo ID at all, you'll have to do as others have suggested - give them a call.

MisterMotivated

nottsphil said:

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.

Perhaps I need to read more threads but, while there are countless threads/posts from people talking about how they only received half the interest they expected from their regular saver (based on their final balance x 7% for example), I can't say I've seen anyone complaining of the same issue when they've been making deposits into an easy access savings account.

masonic

MisterMotivated said:

nottsphil said:

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.

Perhaps I need to read more threads but, while there are countless threads/posts from people talking about how they only received half the interest they expected from their regular saver (based on their final balance x 7% for example), I can't say I've seen anyone complaining of the same issue when they've been making deposits into an easy access savings account.

Tends to be quite rare these days, often months go by between posts. But those making such claims are unlikely to have the diligence to look for an answer first, and correcting them can almost be considered a sport.

Aidanmc

Re Chorley RS, how long does it take for funds to appear on online banking?

I sent a FP before 10am today and i just checked and its not showing on Chorley.

ForumUser7

Aidanmc said:

Re Chorley RS, how long does it take for funds to appear on online banking?

I sent a FP before 10am today and i just checked and its not showing on Chorley.

Normal for Chorley.

You're looking at up to 48 hours, but generally if made Tuesday 10am, it would show around Wednesday 13:30

MisterMotivated

masonic said:

MisterMotivated said:

nottsphil said:

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.

Perhaps I need to read more threads but, while there are countless threads/posts from people talking about how they only received half the interest they expected from their regular saver (based on their final balance x 7% for example), I can't say I've seen anyone complaining of the same issue when they've been making deposits into an easy access savings account.

Tends to be quite rare these days, often months go by between posts. But those making such claims are unlikely to have the diligence to look for an answer first, and correcting them can almost be considered a sport.

True they are not quite as common as they once were, but surely pasting a link to a pinned thread or the Regular Savers page on the main site would be more efficient than 17 different members explaining how they work in 17 different ways, which is what usually happens

masonic

MisterMotivated said:

masonic said:

MisterMotivated said:

nottsphil said:

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.

Perhaps I need to read more threads but, while there are countless threads/posts from people talking about how they only received half the interest they expected from their regular saver (based on their final balance x 7% for example), I can't say I've seen anyone complaining of the same issue when they've been making deposits into an easy access savings account.

Tends to be quite rare these days, often months go by between posts. But those making such claims are unlikely to have the diligence to look for an answer first, and correcting them can almost be considered a sport.

True they are not quite as common as they once were, but surely pasting a link to a pinned thread or the Regular Savers page on the main site would be more efficient than 17 different members explaining how they work in 17 different ways, which is what usually happens

What and spoil their fun? I doubt it would deter people from weighing in. Because you won't get those 17 people agreeing on the best way to explain it.

Pinned threads are unnecessary clutter for regular forum users. But those who wish to have a pre-prepared response could start a thread, add it to their browser bookmarks and post it in response to comments as they see fit.

Quite often a link to the calculator on the main site is posted by someone in the course of debunking the claims made. As well as the illustration provided for the account in question.

nottsphil

GetRichOrDieSaving said:

West Brom RS 

I picked up a EA to later receive a RS through eligibility. Jumped all the hoops to set up, then had to ring a number to set up online banking. Spoke to a lovely member of staff and confirmed all security questions, and was passed on to an automated call to set up a security number which was never picked up. 

Went through this process twice with West Brom and now given up completely. I will let me EA go unfunded and close due to lack of funding. 

Beware! 

I took out an ISA with them in order to become a member to qualify me for the regular saver. It didn't.
West Brom are now stuck with the administrative expense of a £1 ISA which I will not touch until they recognise me as a member

ForumUser7

nottsphil said:

GetRichOrDieSaving said:

West Brom RS 

I picked up a EA to later receive a RS through eligibility. Jumped all the hoops to set up, then had to ring a number to set up online banking. Spoke to a lovely member of staff and confirmed all security questions, and was passed on to an automated call to set up a security number which was never picked up. 

Went through this process twice with West Brom and now given up completely. I will let me EA go unfunded and close due to lack of funding. 

Beware! 

I took out an ISA with them in order to become a member to qualify me for the regular saver. It didn't.
West Brom are now stuck with the administrative expense of a £1 ISA which I will not touch until they recognise me as a member

What do you mean 'it didn't'? Is the account number not working when you put it on the form? Is it a WebSave ISA? If so, you should still be eligible, but you may need to call and speak to them to get it sorted.

Dizzycap

MisterMotivated said:

nottsphil said:

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.

Perhaps I need to read more threads but, while there are countless threads/posts from people talking about how they only received half the interest they expected from their regular saver (based on their final balance x 7% for example), I can't say I've seen anyone complaining of the same issue when they've been making deposits into an easy access savings account.

Obviously people haven't used the MSE interest calulating tool, if needed, to check what their actual return will be.

https://www.moneysavingexpert.com/savings/regular-savings-calculator/