The Top Regular Savers Discussion Thread

masonic

gt94sss2 said:

masonic said:

trickydicky14 said:

Bridlington1 said:

wmb194 said:

londoner62 said:

Hi all; Can anyone direct me to any building societies offering 24 month regualar savers not including Skipton, Hinkley & Rugby, Yorkshire, Penrith and Leeds? 

Thanks for any help...

Melton. It might be branch only though.

"Based on the current rate of interest, if you deposited £500 on the 1st of each calendar month, after 24 months you would have £12,548.19."

https://www.themelton.co.uk/regular_savings/regular-saver-5/

It can also be opened by post. Once opened it can be managed online and by post.

The only problem is once you reach 6K your stuffed as the rate is only 2.5%

According to the summary page "You do not need to make a  payment into your account each month", so you could pay in £5,500 and leave it for the rest of the term. You can also take it to £6000 and withdraw the interest as it comes in, but I'm not sure if that's possible online. Or pay in half the monthly limit over the full term.

There is an option in the Melton online banking site which allows you to select interest is automatically credited to another account (under account services) - including your nominated account.

If I'd taken the trouble to look through the application form I'd have seen you can ask for interest to be paid away there too. It is an interesting one. Not much to look at right now, but it might become more valuable if it maintains its rate.

Bridlington1

masonic said:

gt94sss2 said:

masonic said:

trickydicky14 said:

Bridlington1 said:

wmb194 said:

londoner62 said:

Hi all; Can anyone direct me to any building societies offering 24 month regualar savers not including Skipton, Hinkley & Rugby, Yorkshire, Penrith and Leeds? 

Thanks for any help...

Melton. It might be branch only though.

"Based on the current rate of interest, if you deposited £500 on the 1st of each calendar month, after 24 months you would have £12,548.19."

https://www.themelton.co.uk/regular_savings/regular-saver-5/

It can also be opened by post. Once opened it can be managed online and by post.

The only problem is once you reach 6K your stuffed as the rate is only 2.5%

According to the summary page "You do not need to make a  payment into your account each month", so you could pay in £5,500 and leave it for the rest of the term. You can also take it to £6000 and withdraw the interest as it comes in, but I'm not sure if that's possible online. Or pay in half the monthly limit over the full term.

There is an option in the Melton online banking site which allows you to select interest is automatically credited to another account (under account services) - including your nominated account.

If I'd taken the trouble to look through the application form I'd have seen you can ask for interest to be paid away there too. It is an interesting one. Not much to look at right now, but it might become more valuable if it maintains its rate.

Additionally it's one of those with no maturity date but unlimited withdrawals. I opened it shortly after it was launched speculatively for this reason.

Also conveniently the maximum monthly deposit is the same as their RS Issues 4, 6 and the Adcock RS combined so in times I've surplus funds I can top up Issue 5 then ask Melton in advance to do internal transfers to my other 3 accounts.

happybagger

masonic said:

trickydicky14 said:

Bridlington1 said:

wmb194 said:

londoner62 said:

Hi all; Can anyone direct me to any building societies offering 24 month regualar savers not including Skipton, Hinkley & Rugby, Yorkshire, Penrith and Leeds? 

Thanks for any help...

Melton. It might be branch only though.

"Based on the current rate of interest, if you deposited £500 on the 1st of each calendar month, after 24 months you would have £12,548.19."

https://www.themelton.co.uk/regular_savings/regular-saver-5/

It can also be opened by post. Once opened it can be managed online and by post.

The only problem is once you reach 6K your stuffed as the rate is only 2.5%

According to the summary page "You do not need to make a  payment into your account each month", so you could pay in £5,500 and leave it for the rest of the term. You can also take it to £6000 and withdraw the interest as it comes in, but I'm not sure if that's possible online. Or pay in half the monthly limit over the full term.

I opened this with the intention of 11 payments of 500 then a 12th of 300. On the anniversary the balance would generate interest a tad under 200, giving a balance of about 6k. Then I will cancel the s/o for the 2nd year.

Can withdraw anytime if the rate falls.

trickydicky14

masonic said:

trickydicky14 said:

Bridlington1 said:

wmb194 said:

londoner62 said:

Hi all; Can anyone direct me to any building societies offering 24 month regualar savers not including Skipton, Hinkley & Rugby, Yorkshire, Penrith and Leeds? 

Thanks for any help...

Melton. It might be branch only though.

"Based on the current rate of interest, if you deposited £500 on the 1st of each calendar month, after 24 months you would have £12,548.19."

https://www.themelton.co.uk/regular_savings/regular-saver-5/

It can also be opened by post. Once opened it can be managed online and by post.

The only problem is once you reach 6K your stuffed as the rate is only 2.5%

According to the summary page "You do not need to make a  payment into your account each month", so you could pay in £5,500 and leave it for the rest of the term. You can also take it to £6000 and withdraw the interest as it comes in, but I'm not sure if that's possible online. Or pay in half the monthly limit over the full term.

Yes I understand what you are saying but for me, it takes the shine off when you have a two year account and you have to stop paying into it part way through. But in saying that, it's no different than something like the NatWest digital saver you reach a point when it's no longer viable to continue funding.

masonic

trickydicky14 said:

masonic said:

trickydicky14 said:

Bridlington1 said:

wmb194 said:

londoner62 said:

Hi all; Can anyone direct me to any building societies offering 24 month regualar savers not including Skipton, Hinkley & Rugby, Yorkshire, Penrith and Leeds? 

Thanks for any help...

Melton. It might be branch only though.

"Based on the current rate of interest, if you deposited £500 on the 1st of each calendar month, after 24 months you would have £12,548.19."

https://www.themelton.co.uk/regular_savings/regular-saver-5/

It can also be opened by post. Once opened it can be managed online and by post.

The only problem is once you reach 6K your stuffed as the rate is only 2.5%

According to the summary page "You do not need to make a  payment into your account each month", so you could pay in £5,500 and leave it for the rest of the term. You can also take it to £6000 and withdraw the interest as it comes in, but I'm not sure if that's possible online. Or pay in half the monthly limit over the full term.

Yes I understand what you are saying but for me, it takes the shine off when you have a two year account and you have to stop paying into it part way through. But in saying that, it's no different than something like the NatWest digital saver you reach a point when it's no longer viable to continue funding.

I don't follow this. The Ideal situation is you have the maximum balance in there on day 1 and earn interest on it for the full term. We accept a monthly payment limit in exchange for a higher interest rate, but usually you only get interest on the maximum balance for 1 month maximum. In this case you can earn interest on the maximum balance for over a year. How is that a bad thing? If I could pay £600 per month for 6 months into my First Direct RS and then hold to term, I would.

If for some reason you want to make monthly payments throughout the term, treat it as having a £250 limit (still reasonable in the scheme of things). There is no obligation to fill it more quickly, just an option for those who want to.

ForumUser7

Bridlington1 said:

Bath BS Interest Rate Cuts 1/9/25

Bath BS 16-25 Regular Saver from 6.65% to 6.4%
Home Deposit Saver from 4.1% to 3.95%

Upon reviewing the email they sent me, their Homestart Regular Saver seems to be going from 4.10% to 3.85%, not 3.95%

janusd

Bridlington1 said:

masonic said:

trickydicky14 said:

Bridlington1 said:

wmb194 said:

londoner62 said:

Hi all; Can anyone direct me to any building societies offering 24 month regualar savers not including Skipton, Hinkley & Rugby, Yorkshire, Penrith and Leeds? 

Thanks for any help...

Melton. It might be branch only though.

"Based on the current rate of interest, if you deposited £500 on the 1st of each calendar month, after 24 months you would have £12,548.19."

https://www.themelton.co.uk/regular_savings/regular-saver-5/

It can also be opened by post. Once opened it can be managed online and by post.

The only problem is once you reach 6K your stuffed as the rate is only 2.5%

According to the summary page "You do not need to make a  payment into your account each month", so you could pay in £5,500 and leave it for the rest of the term. You can also take it to £6000 and withdraw the interest as it comes in, but I'm not sure if that's possible online.

You can make withdrawals by faster payment if you send them a secure message, though they have a minimum withdrawal amount for faster payments (£100 IIRC but don't quote me on that).

that's interesting - I got as far as reading there was a passbook and moved on.

if applying by post, do you need to send some form of ID, or can you assume you will pass the electronic checks and only need to send them something if you fail?

trickydicky14

masonic said:

trickydicky14 said:

masonic said:

trickydicky14 said:

Bridlington1 said:

wmb194 said:

londoner62 said:

Hi all; Can anyone direct me to any building societies offering 24 month regualar savers not including Skipton, Hinkley & Rugby, Yorkshire, Penrith and Leeds? 

Thanks for any help...

Melton. It might be branch only though.

"Based on the current rate of interest, if you deposited £500 on the 1st of each calendar month, after 24 months you would have £12,548.19."

https://www.themelton.co.uk/regular_savings/regular-saver-5/

It can also be opened by post. Once opened it can be managed online and by post.

The only problem is once you reach 6K your stuffed as the rate is only 2.5%

According to the summary page "You do not need to make a  payment into your account each month", so you could pay in £5,500 and leave it for the rest of the term. You can also take it to £6000 and withdraw the interest as it comes in, but I'm not sure if that's possible online. Or pay in half the monthly limit over the full term.

Yes I understand what you are saying but for me, it takes the shine off when you have a two year account and you have to stop paying into it part way through. But in saying that, it's no different than something like the NatWest digital saver you reach a point when it's no longer viable to continue funding.

I don't follow this. The Ideal situation is you have the maximum balance in there on day 1 and earn interest on it for the full term. We accept a monthly payment limit in exchange for a higher interest rate, but usually you only get interest on the maximum balance for 1 month maximum. In this case you can earn interest on the maximum balance for over a year. How is that a bad thing? If I could pay £600 per month for 6 months into my First Direct RS and then hold to term, I would.

If for some reason you want to make monthly payments throughout the term, treat it as having a £250 limit (still reasonable in the scheme of things). There is no obligation to fill it more quickly, just an option for those who want to.

Simple, I want my cake and eat it. Put £500 in each month for 2 years but that's not possible. I agree it's a reasonable deal as it is but, it could be better that's all I'm saying. Also being variable who knows what it will be paying in a years time.

Bridlington1

ForumUser7 said:

Bridlington1 said:

Bath BS Interest Rate Cuts 1/9/25

Bath BS 16-25 Regular Saver from 6.65% to 6.4%
Home Deposit Saver from 4.1% to 3.95%

Upon reviewing the email they sent me, their Homestart Regular Saver seems to be going from 4.10% to 3.85%, not 3.95%

Thanks for bringing this to my attention, now amended.

Bridlington1

janusdesign said:

Bridlington1 said:

masonic said:

trickydicky14 said:

Bridlington1 said:

wmb194 said:

londoner62 said:

Hi all; Can anyone direct me to any building societies offering 24 month regualar savers not including Skipton, Hinkley & Rugby, Yorkshire, Penrith and Leeds? 

Thanks for any help...

Melton. It might be branch only though.

"Based on the current rate of interest, if you deposited £500 on the 1st of each calendar month, after 24 months you would have £12,548.19."

https://www.themelton.co.uk/regular_savings/regular-saver-5/

It can also be opened by post. Once opened it can be managed online and by post.

The only problem is once you reach 6K your stuffed as the rate is only 2.5%

According to the summary page "You do not need to make a  payment into your account each month", so you could pay in £5,500 and leave it for the rest of the term. You can also take it to £6000 and withdraw the interest as it comes in, but I'm not sure if that's possible online.

You can make withdrawals by faster payment if you send them a secure message, though they have a minimum withdrawal amount for faster payments (£100 IIRC but don't quote me on that).

that's interesting - I got as far as reading there was a passbook and moved on.

if applying by post, do you need to send some form of ID, or can you assume you will pass the electronic checks and only need to send them something if you fail?

IIRC I didn't for the first account I opened with them and it was successful, they do an electronic check first, if this fails they ask for ID. For the last couple of applications I've just sent one of my other passbooks for updating alongside it and not had any issues.