The Top Regular Savers Discussion Thread

s71hj

happybagger said:

surreysaver 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%)

If I understand Vernon's T&Cs for the easy access account, you just need to pay in £100 to open it. You can then withdraw £99 of that, as the T&Cs state you just need to have a balance in the account to prevent it being closed.
I've opened an easy access account with them and shall close my 35 Day Notice account I opened with them last year, as that's got £500 sitting in it not doing much 

... which is pretty much what I said yesterday, although I suggested the EA account stay with the £100 balance so not to make it too obvious (as I said the opportunity cost about £2) And Yes @Essex123 bagged a few by opening larger balances then getting the decent account, can't ever recall having any "deposit" accounts though, only ever Share accounts

Or if you are part of a couple open a joint account with £100 and the opportunity cost is £1 each. 

ForumUser7

Cambridge BS

Got a reward rs coming up to maturity. Anyone know timeframes for this please - I.e, funds to NBA, account rollover into selected maturity account, interest added etc. Thanks

ForumUser7

surreysaver 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%)

If I understand Vernon's T&Cs for the easy access account, you just need to pay in £100 to open it. You can then withdraw £99 of that, as the T&Cs state you just need to have a balance in the account to prevent it being closed.
I've opened an easy access account with them and shall close my 35 Day Notice account I opened with them last year, as that's got £500 sitting in it not doing much 

Anyone tried this and can confirm please? Thank you

Growingold

ForumUser7 said:

Cambridge BS

Got a reward rs coming up to maturity. Anyone know timeframes for this please - I.e, funds to NBA, account rollover into selected maturity account, interest added etc. Thanks

On my RS with them  interest was added day before maturity, new regular saver opened on day of maturity with the balance being transferred as per my maturity instructions to my instant access account with them.  On the Monday I transferred the money from this account to my nominated account.  Only did this as it was a weekend. Otherwise could have transferred the balance same day (Maturity day) to my nominated account.

Kim_13

ForumUser7 said:

Cambridge BS

Got a reward rs coming up to maturity. Anyone know timeframes for this please - I.e, funds to NBA, account rollover into selected maturity account, interest added etc. Thanks

Mine was processed as a Product Switch for £300 exactly 12 months from opening the initial account and the residual balance including interest arrived in my NBA the same day. This was a working day so it may differ if your anniversary of opening lands on a weekend. 

The interest is dated the day before the anniversary, but I don’t think it was visible in the account on that day from memory.

surreysaver

ForumUser7 said:

Cambridge BS

Got a reward rs coming up to maturity. Anyone know timeframes for this please - I.e, funds to NBA, account rollover into selected maturity account, interest added etc. Thanks

I sent them a message prior to maturity, asking them to put £300 into a new Extra Reward Regular Saver and to transfer the rest to my nominated account. It worked for me 

PloughmansLunch

Can anybody please confirm that Skipton RS maturity either takes place later in the day or on working days only? Mine matures today and I’d like to tick off interest on my spreadsheet and open a new one, but it’s still showing the same as it’s been all January. 

[Deleted User]

PloughmansLunch said:

Can anybody please confirm that Skipton RS maturity either takes place later in the day or on working days only? Mine matures today and I’d like to tick off interest on my spreadsheet and open a new one, but it’s still showing the same as it’s been all January. 

I'm not expecting mine to show till Monday.

happybagger

WillPS said:

happybagger said:

surreysaver 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%)

If I understand Vernon's T&Cs for the easy access account, you just need to pay in £100 to open it. You can then withdraw £99 of that, as the T&Cs state you just need to have a balance in the account to prevent it being closed.
I've opened an easy access account with them and shall close my 35 Day Notice account I opened with them last year, as that's got £500 sitting in it not doing much 

... which is pretty much what I said yesterday, although I suggested the EA account stay with the £100 balance so not to make it too obvious (as I said the opportunity cost about £2) And Yes @Essex123 bagged a few by opening larger balances then getting the decent account, can't ever recall having any "deposit" accounts though, only ever Share accounts

What's wrong with 'being obvious'? Plenty of people leave a token minimum amount in a building society to maintain membership, it's not at all improper.

Nottingham BS even encouraged that we should consider doing this if we needed to draw down an account.

I'm not sure why they'd have any reason to object?

Nothing insofar as the applicant is concerned. After all, it's within the terms.
As regards to them putting up the shutters / closing the loophole, when a small BS with just one person doing these things in St Petersgate is concerned, that's a different matter.
Each to their own.

Hattie627

Yorkshire BS: Possible Xmas RS for 2025?

Has anyone heard anything about this as a likelihood? If I remember correctly, the 2024 Xmas RS launched around 17 or 18 January 2024, with maturity on 31 October 2024, so not a full year.

(Apologies if question already asked)