The Top Regular Savers Discussion Thread

WillPS

friolento said:

clairec666 said:

Well, mine's up and running via the app without too much hassle. Can't help wondering though, have Monmouthshire really thought this through properly? I know others offer regular savers as a "loss leader", but the monthly limits mean they're not taking a massive hit per customer. Did someone at Monmouthshire add an extra zero by mistake?

I reckon there is a fair chance of that. Well done for getting in before they might correct it!

If this was one place that said £1000 and a dozen that said £100 I would agree. I very much doubt one can fat finger all these things in to existence with the wrong max deposit. MonBS tend to be relatively generous on the monthly deposits. £100 would be the lowest I could remember them offering (although no doubt historically there have been lower).

Further I don't see why the shiny new app would only get £100 monthly deposit while the branch equivalent gets £500. The former being higher makes sense.

Both are variable so they could just cull the rate if they decide it's costing them too much.

In short, I don't think this is a mistake.

jameseonline

Section62 said:

jameseonline said:

Section62 said:

....

Your potential loss from opening a new one now would be not having the maximum benefit from the 12-month term. But a less-than-maximum-benefit is a better outcome than no benefit at all, if you did miss out.  You could also consider repeating the closing/opening when you are ready to fund the account.

I don't have funds to start another which is why I'm closing it near enough a month early because I need to fund other regular savings at the start of September.

Nationwide have had several versions of the 6.5% account, the current version is 6, I'm closing a version 3 in a few days.

The Nationwide Regular only allows £200 to be paid in every month but Virgin Money allows £250 to be paid in every month.

There's no point in me opening a new account if I can't fund it properly.

Lots of us open new accounts we can't or don't (yet) want to fund.  As I said in my previous post, if Nationwide did stop doing the regular saver before you get round to applying for one then you miss out, and have to wait for the opportunity to come round again.

You don't need to have funds to make full monthly deposits. £1 is enough to open a new account, and other than the time taken, there is not much to lose by doing so.

I don't fund regular saver accounts with a pathetic £1 & leave them alone, if I get a regular saver I fully fund EVERY month, then close if I need to free up funds.

As I said Nationwide have had several issues of a 6.5% saver, so I'll have to risk potentially missing out but that's ok as I have a Virgin one that has a £250 limit compared to Nationwide.

I believe I'm being very clear in my posts yet people don't seem to be understanding what I'm saying 😔

Also hello again Monmouthshire😏

Kim_13

WillPS said:

friolento said:

clairec666 said:

Well, mine's up and running via the app without too much hassle. Can't help wondering though, have Monmouthshire really thought this through properly? I know others offer regular savers as a "loss leader", but the monthly limits mean they're not taking a massive hit per customer. Did someone at Monmouthshire add an extra zero by mistake?

I reckon there is a fair chance of that. Well done for getting in before they might correct it!

If this was one place that said £1000 and a dozen that said £100 I would agree. I very much doubt one can fat finger all these things in to existence with the wrong max deposit. MonBS tend to be relatively generous on the monthly deposits. £100 would be the lowest I could remember them offering (although no doubt historically there have been lower).

Further I don't see why the shiny new app would only get £100 monthly deposit while the branch equivalent gets £500. The former being higher makes sense.

Both are variable so they could just cull the rate if they decide it's costing them too much.

In short, I don't think this is a mistake.

The lowest Monmouthshire limit I can remember was £200, and that was on a fixed rate account. 

masonic

BestSeagull said:

Just catching up with the MonBS news. Is the feeling that the system maintenance message is because of system overload rather than actual maintenance and when things calm down later on, it might work then?

Originally it was just an intermittent issue, so probably overload. Suspect they may have taken it down at the end of the day as a precaution, given the way things were going.

The Android app has of the order 1000 total downloads. I guess iOS will be of the same order. Only a fraction will be active users. It's hard to believe there is a persistent volume of customers pounding on it unsuccessfully for hours on end. Most would give up fairly quickly.

s71hj

Is launching a highly lucrative app only account and almost immediately closing the app for maintenance a regular saver variation on the dead cat strategy in politics. Get yourself noticed and hold that attention in a... kind of irritating but compelling way. Sort of a combination of this and the "!!!!!! teaser" in popular culture 

clairec666

jameseonline said:
I don't fund regular saver accounts with a pathetic £1 & leave them alone, if I get a regular saver I fully fund EVERY month, then close if I need to free up funds.

Might be worth changing your stance about fully funding. If you can't put the full £1000 into the new Monmouthshire, it's still worth putting in, say, £200 per month. And at a higher rate than Nationwide for example.
I doubt I'll be able to put in £1000 most months, even with dropping lower rate accounts, so I'll start with £100 this month and only add more if it's not too much hassle.

Kim_13

It does seem a very bad move to have done a Skipton (and Dudley) in terms of the eligibility criteria being to have been a member since the day before the account launched. As they launched the open to all version first, it was only ever going to lead to a repeat in that Monmouthshire were overwhelmed with applications then, and all of those people will by default be eligible for the new 7% version (unless they gave up in the process of trying to open the 6% RS.) And unless savers have a lot of spare funds, many recently opened accounts will not now be seeing any use as they are ditched for the Exclusive version. 

gt94sss2

masonic said:

BestSeagull said:

Just catching up with the MonBS news. Is the feeling that the system maintenance message is because of system overload rather than actual maintenance and when things calm down later on, it might work then?

Originally it was just an intermittent issue, so probably overload. Suspect they may have taken it down at the end of the day as a precaution, given the way things were going.

The Android app has of the order 1000 total downloads. I guess iOS will be of the same order. Only a fraction will be active users. It's hard to believe there is a persistent volume of customers pounding on it unsuccessfully for hours on end. Most would give up fairly quickly.

While the Android app has been updated so that the 2FA issue has been fixed, I suspect it has introduced new issues which have increased the load on their servers 

For instance, if you change focus from the MonBS app to something else and then switch back, you are forced to login again..

ForumUser7

subjecttocontract said:

Is it worth trying the App at say silly o clock, around 3am, when most people will have given up and gone to bed ?

No joy unfortunately

trickydicky14

Well 7am and still no joy with the Monmouth app. If it hadn't been such a good deal I think I would have walked by now. Let's see what today brings.