The Top Regular Savers Discussion Thread

friolento

Fingerbobs said:

 

So is the Reference number now part of the CoP check, with no option to bypass the check and make the payment anyway? 

The Reference number has been part of the CoP check for some time. Though not all the companies requiring a Reference are necessarily participating in CoP yet. Principality however, definitely is, and I have made CoP-matched and unmatched payments from Santander to Principality in the very recent past. I am using the Santander app - it might work differently in Santander online.

Bridlington1

OneUser1 said:

This WON’T get you into a Vernon Building Society 6.5% Regular Saver at the moment but might be useful information for those who take a long view.

The Vernon usually only let locals (25 miles of Stockport) open accounts although they’ve offered to anyone a rubbish bond for a while with a high minimum balance and low interest rate. However they occasionally relax things and I note currently you can open a range of accounts including a £100 minimum balance Easy Access account. But not the Regular Saver.

Like I said they change the requirements from time to time so MAYBE they will offer some future Regular Saver to locals and existing members. Or, of course, they might offer a new Regular Saver open to anyone. Or not. But they do change and change back so this could be a good time to get in if that’s your thing.

There appears to be a way of holding onto membership with £1 if you don't mind sacrificing some of your ISA allowance.

Their Regular Saver ISA is currently open to all, this requires £25 to open the account. Once open there is no minimum withdrawal amount but you must keep £1 in the account to keep it open.

The terms do reference a £25 minimum monthly deposit although it also says if you miss at least 1 monthly payment you'll lose the bonus rate of interest so one interpretation of this term could be that you can miss payments but the penalty for doing so is the loss of the bonus rate of interest (in other words you shall earn 3.15% instead of 3.8%)

OneUser1

IanManc said:

OneUser1 said:

This WON’T get you into a Vernon Building Society 6.5% Regular Saver at the moment but might be useful information for those who take a long view.

The Vernon usually only let locals (25 miles of Stockport) open accounts although they’ve offered to anyone a rubbish bond for a while with a high minimum balance and low interest rate. However they occasionally relax things and I note currently you can open a range of accounts including a £100 minimum balance Easy Access account. But not the Regular Saver.

Like I said they change the requirements from time to time so MAYBE they will offer some future Regular Saver to locals and existing members. Or, of course, they might offer a new Regular Saver open to anyone. Or not. But they do change and change back so this could be a good time to get in if that’s your thing.

Vernon BS haven't used the "25 miles from Stockport" criterion for quite a while.

The current restriction is that you must live in postcodes BL, CH, CW, M, OL, SK, WA or WN, which is a lot wider. For example, most of Flintshire in north Wales has CH postcodes, but is a lot further than 25 miles from Stockport. It's lot easier to identify qualifying applicants though. With the old 25 mile restriction I've seen staff in a branch have to get a map out.

My mistake. It took me literally years to get in at The Vernon always blocked by the "25 miles of Stockport" restriction so it’s now permanently embedded into my consciousness.

s71hj

Bridlington1 said:

OneUser1 said:

This WON’T get you into a Vernon Building Society 6.5% Regular Saver at the moment but might be useful information for those who take a long view.

The Vernon usually only let locals (25 miles of Stockport) open accounts although they’ve offered to anyone a rubbish bond for a while with a high minimum balance and low interest rate. However they occasionally relax things and I note currently you can open a range of accounts including a £100 minimum balance Easy Access account. But not the Regular Saver.

Like I said they change the requirements from time to time so MAYBE they will offer some future Regular Saver to locals and existing members. Or, of course, they might offer a new Regular Saver open to anyone. Or not. But they do change and change back so this could be a good time to get in if that’s your thing.

There appears to be a way of holding onto membership with £1 if you don't mind sacrificing some of your ISA allowance.

Their Regular Saver ISA is currently open to all, this requires £25 to open the account. Once open there is no minimum withdrawal amount but you must keep £1 in the account to keep it open.

The terms do reference a £25 minimum monthly deposit although it also says if you miss at least 1 monthly payment you'll lose the bonus rate of interest so one interpretation of this term could be that you can miss payments but the penalty for doing so is the loss of the bonus rate of interest (in other words you shall earn 3.15% instead of 3.8%)

Presumably this only sacrifices £1 of your isa allowance, as you can now replenish withdrawn funds back to an ISA In a tax year?

wiseonesomeofthetime

s71hj said:

Bridlington1 said:

OneUser1 said:

This WON’T get you into a Vernon Building Society 6.5% Regular Saver at the moment but might be useful information for those who take a long view.

The Vernon usually only let locals (25 miles of Stockport) open accounts although they’ve offered to anyone a rubbish bond for a while with a high minimum balance and low interest rate. However they occasionally relax things and I note currently you can open a range of accounts including a £100 minimum balance Easy Access account. But not the Regular Saver.

Like I said they change the requirements from time to time so MAYBE they will offer some future Regular Saver to locals and existing members. Or, of course, they might offer a new Regular Saver open to anyone. Or not. But they do change and change back so this could be a good time to get in if that’s your thing.

There appears to be a way of holding onto membership with £1 if you don't mind sacrificing some of your ISA allowance.

Their Regular Saver ISA is currently open to all, this requires £25 to open the account. Once open there is no minimum withdrawal amount but you must keep £1 in the account to keep it open.

The terms do reference a £25 minimum monthly deposit although it also says if you miss at least 1 monthly payment you'll lose the bonus rate of interest so one interpretation of this term could be that you can miss payments but the penalty for doing so is the loss of the bonus rate of interest (in other words you shall earn 3.15% instead of 3.8%)

Presumably this only sacrifices £1 of your isa allowance, as you can now replenish withdrawn funds back to an ISA In a tax year?

My understanding is that it will sacrifice £25 of your ISA allowance, unless the account is flexible, in which case the £24 can be returned to the Vernon account in the same tax year.

Bridlington1

s71hj said:

Bridlington1 said:

OneUser1 said:

This WON’T get you into a Vernon Building Society 6.5% Regular Saver at the moment but might be useful information for those who take a long view.

The Vernon usually only let locals (25 miles of Stockport) open accounts although they’ve offered to anyone a rubbish bond for a while with a high minimum balance and low interest rate. However they occasionally relax things and I note currently you can open a range of accounts including a £100 minimum balance Easy Access account. But not the Regular Saver.

Like I said they change the requirements from time to time so MAYBE they will offer some future Regular Saver to locals and existing members. Or, of course, they might offer a new Regular Saver open to anyone. Or not. But they do change and change back so this could be a good time to get in if that’s your thing.

There appears to be a way of holding onto membership with £1 if you don't mind sacrificing some of your ISA allowance.

Their Regular Saver ISA is currently open to all, this requires £25 to open the account. Once open there is no minimum withdrawal amount but you must keep £1 in the account to keep it open.

The terms do reference a £25 minimum monthly deposit although it also says if you miss at least 1 monthly payment you'll lose the bonus rate of interest so one interpretation of this term could be that you can miss payments but the penalty for doing so is the loss of the bonus rate of interest (in other words you shall earn 3.15% instead of 3.8%)

Presumably this only sacrifices £1 of your isa allowance, as you can now replenish withdrawn funds back to an ISA In a tax year?

I'm afraid the terms are very explicit on that point:

happybagger

Re: Vernon
The Easy Access account doesn't seem to have a minimum operating balance, just a minimum opening balance.

The terms of the ORS a/c state they will open an EA a/c when you open the ORS, so they transfer the balance over each 12 months. So the EA account is opened with a  zero balance at that time.

Personally, if I wasn't already in here, I'd just open the EA with £100 anyway, then the ORS, then when the ORS matures into the EA withdraw down at that point. The op cost is around £2 with an op gain of around £35

ForumUser7

happybagger said:

Re: Vernon
The Easy Access account doesn't seem to have a minimum operating balance, just a minimum opening balance.

The terms of the ORS a/c state they will open an EA a/c when you open the ORS, so they transfer the balance over each 12 months. So the EA account is opened with a  zero balance at that time.

Personally, if I wasn't already in here, I'd just open the EA with £100 anyway, then the ORS, then when the ORS matures into the EA withdraw down at that point. The op cost is around £2 with an op gain of around £35

But we can’t open the ORS as existing customers anyway unless you happen to live in the catchment area.

happybagger

ForumUser7 said:

happybagger said:

Re: Vernon
The Easy Access account doesn't seem to have a minimum operating balance, just a minimum opening balance.

The terms of the ORS a/c state they will open an EA a/c when you open the ORS, so they transfer the balance over each 12 months. So the EA account is opened with a  zero balance at that time.

Personally, if I wasn't already in here, I'd just open the EA with £100 anyway, then the ORS, then when the ORS matures into the EA withdraw down at that point. The op cost is around £2 with an op gain of around £35

But we can’t open the ORS as existing customers anyway unless you happen to live in the catchment area.

I don't think you understood my point:

"Personally, if I wasn't already in here, I'd just open the EA with £100 anyway, then the ORS, then when the ORS matures into the EA withdraw down at that point. The op cost is around £2 with an op gain of around £35"

Or if anyone wants the ISA route as above, just transfer it out after you've got the ORS, into your chosen ISA. That will preserve the ISA allowance

Archerychick

pecunianonolet said:

Zopa Reg Saver

Quick q, if I open the Zopa Reg saver on the 6th March, will the first interest payment be on the 6th April (new tax year and a Sunday)?

My experience seems to be different to the other reply. I get interest monthly on the 6th of the month. I opened & funded mine on the 28th of the month.