The Top Regular Savers Discussion Thread

bioboybill

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. 

Mine matured today and moved into my EA account as I had instructed. The interest was already added when I logged in at 8am this morning, but when I withdrew a message said it would be processed on Monday.

I was able to open a new RS straight away, but again my deposit won't be processed until Monday.

Essex123

@happybagger I had a dig through some old papers!

I’d opened a deposit account with the Nottingham at their (long gone) London ‘broom cupboard’ on Jermyn Street.  On 26/08/1998 they sent me a letter offering to convert my Personal Deposit into the share version - Access Plus.  Obviously I accepted!

National Counties wrote to me on 28th August 1998 also offering to convert my Direct Access Deposit to a Direct Access Share.  The stinger here was that they also required a minimum deposit of £2500 on the Share version.  So this one I refused and only became a member at a later date.

Such a shame all the old threads from Carpetbagger.com and Rpoints were lost, would be fun to look back now at some of the games we played!

Bridlington1

qsk said:

[Deleted User] said:

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.

Mine matured yesterday and disappeared from account list today (I guess it would appear again tomorrow with a different type). Opened a new one just now (still 7%) - worked a treat. 

It's also worth noting that Skipton BS are one of those helpful building societies where the account term begins the day you make your opening deposit rather than the day you apply for the account so if you wanted to maximise your interest and ensure the account matures at the most convenient time for funding other regular savers you could delay funding till 31st so that the account matures at the end of next January.

Alternatively IIRC you can close a Skipton account and then reopen another of the same type the same day so you could fund the account tomorrow and then ``refresh" at the end of the month if it's still available to push the maturity date on a bit.

[Deleted User]

qsk said:

[Deleted User] said:

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.

Mine matured yesterday and disappeared from account list today (I guess it would appear again tomorrow with a different type). Opened a new one just now (still 7%) - worked a treat. 

I think I put this in the wrong thread, its the member saver at 5% (previously 5.5%) thats maturing for me.

twadds123

Seen a few people discussing "renewing" the skipton members saver, currently @7%.

By renewing I presume you mean closing the existing one and opening a new one at the current issue before they potentially change the interest rate on the next issue?

Question though, is it worth it?  right now i've got £2000 in that account, is it not best to leave that there and be earning interest on the larger amounts over the next few months than start again?

or is the believe that the drop in rate on the next offer might be so much to offset that?

any thoughts greatly appreciated.

trickydicky14

twadds123 said:

Seen a few people discussing "renewing" the skipton members saver, currently @7%.

By renewing I presume you mean closing the existing one and opening a new one at the current issue before they potentially change the interest rate on the next issue?

Question though, is it worth it?  right now i've got £2000 in that account, is it not best to leave that there and be earning interest on the larger amounts over the next few months than start again?

or is the believe that the drop in rate on the next offer might be so much to offset that?

any thoughts greatly appreciated.

I'm in the same position, 2k saved. The thing is if I closed it at best I would put the cash into an EA saver paying no more than 4.75% and who knows, that could soon go down. So a bit of a gamble.

happybagger

Essex123 said:

@happybagger I had a dig through some old papers!

I’d opened a deposit account with the Nottingham at their (long gone) London ‘broom cupboard’ on Jermyn Street.  On 26/08/1998 they sent me a letter offering to convert my Personal Deposit into the share version - Access Plus.  Obviously I accepted!

National Counties wrote to me on 28th August 1998 also offering to convert my Direct Access Deposit to a Direct Access Share.  The stinger here was that they also required a minimum deposit of £2500 on the Share version.  So this one I refused and only became a member at a later date.

Such a shame all the old threads from Carpetbagger.com and Rpoints were lost, would be fun to look back now at some of the games we played!

Yes it was a change as part of the BS Act of 1997. I didn't have any money until 1999 when I started bagging. Reg Savers were not a thing then. As the societies found ways to "get their way" without member approval, I started to debag, which was a mistake, as it made things simpler to open accounts when they became available. Progressive's RS account being the most recent. I retained Vernon as it was my hardest 'bag', so their 6.5% account was easy. I kicked myself for missing out on Leek BS when theirs was top paying but members (or locals) only.

The tale is to retain a membership account just in case, particularly if the balance can be minimal. Modern day bagging 

allegro120

twadds123 said:

Seen a few people discussing "renewing" the skipton members saver, currently @7%.

By renewing I presume you mean closing the existing one and opening a new one at the current issue before they potentially change the interest rate on the next issue?

Question though, is it worth it?  right now i've got £2000 in that account, is it not best to leave that there and be earning interest on the larger amounts over the next few months than start again?

or is the believe that the drop in rate on the next offer might be so much to offset that?

any thoughts greatly appreciated.

Skipton RS.
I've "renewed" mine in November because I thought the interest rate will be soon reduced.  I was wrong, my RS would have matured today and the interest rate is still the same 7% for new applications. It wasn't worth it and I would've been in a better position if I didn't "renew".

Bridlington1

trickydicky14 said:

twadds123 said:

Seen a few people discussing "renewing" the skipton members saver, currently @7%.

By renewing I presume you mean closing the existing one and opening a new one at the current issue before they potentially change the interest rate on the next issue?

Question though, is it worth it?  right now i've got £2000 in that account, is it not best to leave that there and be earning interest on the larger amounts over the next few months than start again?

or is the believe that the drop in rate on the next offer might be so much to offset that?

any thoughts greatly appreciated.

I'm in the same position, 2k saved. The thing is if I closed it at best I would put the cash into an EA saver paying no more than 4.75% and who knows, that could soon go down. So a bit of a gamble.

I opened my 7% Skipton RS at the end of May 2024 (I refreshed my 7.5% one a day early so that I could get the full benefit of issue 3) so currently have £2,250 in my account. FWIW I've opted not to refresh the account and intend to let the account run till it matures in May.

Aside from the reasons I chose to not close my 7.5% regular saver early to secure the 7% regular saver a year ago, I'm also set to go over the PSA this tax year so ideally could do with the interest paid next tax year. If I refresh now I'm getting a chunk of interest paid this tax year that I could've got paid next tax year whilst simultaneously missing out on the final few months of the regular saver and instead putting the money in lower rate accounts at a time when I've already got a surplus of funds due to Furness BS's Christmas RS maturing anyway.

happybagger

I did the same with my Skipton Members RS in May '24 with the same debate. I think we are less likely to see rate drops than most commentators due to inflation this year so will also leave mine to May. Skipton like to do at least one Member account and I will take a gamble at this one being the one they offer.

Curious though @Bridlington1 do you think that you'll be in the same PSA/taxed interest situation in 12 months time? I have no doubt you have already out some "dummy" figures and dates down for interest to 04/26, in the same way I have, but any new 12 month RS accounts like what may come from Furness this week could alter things.

My calculations are more complex as I also use the 'starting rate' of 0%