The Top Regular Savers Discussion Thread

Reg_Smeeton

badger09 said:

Reg_Smeeton said:

Re:  Monmouthshire Exclusive RS issue 2 ( the 4.9% one)

I thought this account had no withdrawals before maturity but I can see online that I have the option to withdraw or transfer to my other MBS accounts. Is this due to the interest rate recently dropping or was I mistaken in my assumption? Just assessing my options as mine still has six weeks to run and could do with freeing up some money to fund more competitive RS’s at the moment

I queried this with MONBS and was told it was not possible to close this RS. Mine was due to mature late August but I closed it online several months early. Expected amount of interest was credited to date of closure. 

Have attempted to close mine online now, I sent MonBS the instruction over the weekend, now showing in the online portal as “processed” but still displaying with the full balance, and interest hasn’t been added yet. 

I’m fairly sure I’m operating outside of the T&Cs but will report back whether they are currently allowing closure as I’m sure other forumites will have similarly uncompetitive accounts still some weeks from maturity

pedrodelgado

Bobblehat said:

pedrodelgado said:

Question. Would it be more beneficial to open say 4 regular savers from different providers and put the maximum allowed in each one for say the first couple of months then a nominal amount to keep them open for the remaining months, thus having a bigger overall sum for 11 or 12 months than you would have had if opening one and saving monthly into that? Any thoughts?

clairec666 said:

I'm sure @Bobblehat can rustle up a good spreadsheet to come up with the best strategy!

Best I can rustle up 



So comparing results ...

Using the 4 x RS's Pedrodelgardo mentioned (I make it £1100pm using Bridlington1's page 1 figures).
Those 4 RS's can be funded with £0 for the 10 months.
Using £2200/12 = £183.33 for 12 equal monthly fund comparison.
Picking a typical EA rate now ~ 4.5%.

4 x RS's no drip feed Total £134.65
4 x RS's +   drip feed Total £138.78
Best single RS +  drip feed £128.80
Best single RS no drip feed £83.42
No RS's, leave fund in EA  £99

If I've made any errors, I can fix and repost.

Edit: Fat-fingered EA and cloned it throughout - corrected in tables (if reprinted) and text now.

Wow, thats incredible. Thanks. Couple of things to bear in mind, the drip feed easy access is probably going to be lower in a few months time, as are the RS accounts that are not fixed rate. 

Bobblehat

pedrodelgado said:

Bobblehat said:

pedrodelgado said:

Question. Would it be more beneficial to open say 4 regular savers from different providers and put the maximum allowed in each one for say the first couple of months then a nominal amount to keep them open for the remaining months, thus having a bigger overall sum for 11 or 12 months than you would have had if opening one and saving monthly into that? Any thoughts?

clairec666 said:

I'm sure @Bobblehat can rustle up a good spreadsheet to come up with the best strategy!

Best I can rustle up 



So comparing results ...

Using the 4 x RS's Pedrodelgardo mentioned (I make it £1100pm using Bridlington1's page 1 figures).
Those 4 RS's can be funded with £0 for the 10 months.
Using £2200/12 = £183.33 for 12 equal monthly fund comparison.
Picking a typical EA rate now ~ 4.5%.

4 x RS's no drip feed Total £134.65
4 x RS's +   drip feed Total £138.78
Best single RS +  drip feed £128.80
Best single RS no drip feed £83.42
No RS's, leave fund in EA  £99

If I've made any errors, I can fix and repost.

Edit: Fat-fingered EA and cloned it throughout - corrected in tables (if reprinted) and text now.

Wow, thats incredible. Thanks. Couple of things to bear in mind, the drip feed easy access is probably going to be lower in a few months time, as are the RS accounts that are not fixed rate. 

Glad you like it!

Rates dropping will just compress the difference between the top and bottom figures and lower the overall total interest. But what can you do? We were happy enough when rates were rising!

One thing I've noticed .. the RS novice might think that leaving their £2200 in the EA (£99 interest) is better than putting it in the Best of the 4 RS's (Co-op £83.42 interest), but taking into account that seasoned MSE'ers would usually try to drip feed the RS (or RS's) from an interest paying account (e.g. an EA), then the addition of the interest from the EA plus the £83.42 would beat £99!

SCC2

Hi.
not sure if I was seeing things, but I was able to open a second principality regular saver issue 3 but having just logged in for the first time in a while it seems to have changed to Regular Saver Bond Issue 36. Anyone else had this?

Aidanmc

Re matured Virgin RS, now everday saver, has anyone been successful in getting it closed?

francoghezzi

Aidanmc said:

Re matured Virgin RS, now everday saver, has anyone been successful in getting it closed?

Wrote to Virgin and account closed with no problems at all although in 48 hours and not immediately. July's interest paid in my nominated account. New regular saver funded on 1st August. Strange and prehistoric way of doing business, but in the end no other problems.

Aidanmc

francoghezzi said:

Aidanmc said:

Re matured Virgin RS, now everday saver, has anyone been successful in getting it closed?

Wrote to Virgin, and account closed with no problems at all. July's interest paid in my nominated account. New regular saver funded on 1st August

Did you write to them by online secure messaging?

I tried that and the reply i got was they cant do that and gave me a phone number to call!

masonic

Aidanmc said:

francoghezzi said:

Aidanmc said:

Re matured Virgin RS, now everday saver, has anyone been successful in getting it closed?

Wrote to Virgin, and account closed with no problems at all. July's interest paid in my nominated account. New regular saver funded on 1st August

Did you write to them by online secure messaging?

I tried that and the reply i got was they cant do that and gave me a phone number to call!

There is a web form to fill out. If you completed it before the mad rush last Friday, then generally it was processed same day. It will take longer the later in the day you left it, as presumably they'll be processed manually in turn.

allegro120

Reg_Smeeton said:

badger09 said:

Reg_Smeeton said:

Re:  Monmouthshire Exclusive RS issue 2 ( the 4.9% one)

I thought this account had no withdrawals before maturity but I can see online that I have the option to withdraw or transfer to my other MBS accounts. Is this due to the interest rate recently dropping or was I mistaken in my assumption? Just assessing my options as mine still has six weeks to run and could do with freeing up some money to fund more competitive RS’s at the moment

I queried this with MONBS and was told it was not possible to close this RS. Mine was due to mature late August but I closed it online several months early. Expected amount of interest was credited to date of closure. 

Have attempted to close mine online now, I sent MonBS the instruction over the weekend, now showing in the online portal as “processed” but still displaying with the full balance, and interest hasn’t been added yet. 

I’m fairly sure I’m operating outside of the T&Cs but will report back whether they are currently allowing closure as I’m sure other forumites will have similarly uncompetitive accounts still some weeks from maturity

Mine was due at the end of August.  I closed it today online and the money arrived to my bank account at around 4pm.

francoghezzi

Aidanmc said:

francoghezzi said:

Aidanmc said:

Re matured Virgin RS, now everday saver, has anyone been successful in getting it closed?

Wrote to Virgin, and account closed with no problems at all. July's interest paid in my nominated account. New regular saver funded on 1st August

Did you write to them by online secure messaging?

I tried that and the reply i got was they cant do that and gave me a phone number to call!

If you don't like to use the web, grab an old fashioned piece of paper and write a letter to 'Virgin-The Team' at Virgin Money, Sunderland, SA43 4JB asking them to close the account. Sign it and put it in a letter box or deliver it to any branch of the bank. Done and dusted. Maybe one day they will find the way to just close an account with a single 'click' on the App. The future will tell :-) (but Don’t hold your breath)