The Top Regular Savers Discussion Thread

schiff

It's what I'm going to do, though I'll keep the app going, just in case.

jameseonline

Section62 said:

jameseonline said:

clairec666 said:

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.

I think you might have missed the fact I don't currently have funds to replace the Nationwide Regular that I'm currently closing early to fund others next month, Monmouthshire have now launched new accounts which has now shaken up the regular saver game on top of what I planned to do, I believe it's £500 per month for app version & £500 for branch version not £1000 per month for a single account?

We get the point you don't have the money to fully fund the accounts.

But you seem to be missing the point that you don't have to fully fund them.

There's nothing 'pathetic' about opening a high interest RS account and putting £1 in it, if it means you have one of those accounts opened and available for funding if circumstances change.  The best overall strategy is typically trying to fund those accounts paying the higher rates, even if only partially funded, rather than trying to full fund an account with a lower interest rate.

The £1000 pay-in for the new MonBS @7% means it would be better paying the £250 you would otherwise put in the VM RS into the MonBS account, even though you wouldn't (currently) be able to fully fund it each month.  Avoiding the MonBS account because you don't have £1000 this month would probably be an error.

Which accounts you open and how much you fund each one by is obviously up to you.  We're just trying to explain - in the spirit of MSE - that the strategy you've adopted isn't the one which is likely to get you the best overall return.  And even if you aren't interested, hopefully other people reading the thread won't go away from it in the mistaken belief that only opening accounts you can full fund is any kind of requirement.

Can people stop picking on me, Monmouthshire wasn't an option when I started talking about closing my nationwide account 

jameseonline

So my new strategy might be close Skipton currently paying 6% on £2000.

That will fund 2 months worth of Monmouthshire.

Can stick £1000 straight in & the other £1000 can be put into my Santander Edge Saver or something until I can fund another £1000.

Then maybe start emptying my Club Lloyds.

Then maybe start closing Principality accounts.

1stTimer

So after reading how ever many pages on the new Monmouthshire accounts I decided last night to apply for the Reg saver 8, fortunately the app seems to have recovered and it was a very quick process considering i have no existing accounts and it was a complete new set up.

transferred £1 which still isn’t showing but expecting it to be there soon.

I then thought I’d be cheeky and see what would happen if I applied for the exclusive 7% saver and it’s let me open it!

I’m going to hold off until next week to fund it just to see if they pull it considering I wasn’t a member before the eligible date.

Bridlington1

wiseonesomeofthetime said:

Need to contact support to add nominated account for any withdrawal though as no longer have the previously associated one.

You shouldn't need to contact them, I was able to change my nominated account a year or so ago in online banking, just go to your bank account on the LHS and then click delete, you should then be able to add a new nominated account straight away. 

IIRC the account was verified electronically without needing to contact them.

rallycurve

Bridlington1 said:

wiseonesomeofthetime said:

Need to contact support to add nominated account for any withdrawal though as no longer have the previously associated one.

You shouldn't need to contact them, I was able to change my nominated account a year or so ago in online banking, just go to your bank account on the LHS and then click delete, you should then be able to add a new nominated account straight away. 

IIRC the account was verified electronically without needing to contact them.

I did this a couple of weeks ago and I had to post back a signed mandate together with an account statement to prove it was my account.
It was a bit of a faff as I don't receive paper statements. At least they included a prepaid envelope.

I'm not sure why they wouldn't verify it electronically!

BestSeagull

jameseonline said:

Section62 said:

jameseonline said:

clairec666 said:

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.

I think you might have missed the fact I don't currently have funds to replace the Nationwide Regular that I'm currently closing early to fund others next month, Monmouthshire have now launched new accounts which has now shaken up the regular saver game on top of what I planned to do, I believe it's £500 per month for app version & £500 for branch version not £1000 per month for a single account?

We get the point you don't have the money to fully fund the accounts.

But you seem to be missing the point that you don't have to fully fund them.

There's nothing 'pathetic' about opening a high interest RS account and putting £1 in it, if it means you have one of those accounts opened and available for funding if circumstances change.  The best overall strategy is typically trying to fund those accounts paying the higher rates, even if only partially funded, rather than trying to full fund an account with a lower interest rate.

The £1000 pay-in for the new MonBS @7% means it would be better paying the £250 you would otherwise put in the VM RS into the MonBS account, even though you wouldn't (currently) be able to fully fund it each month.  Avoiding the MonBS account because you don't have £1000 this month would probably be an error.

Which accounts you open and how much you fund each one by is obviously up to you.  We're just trying to explain - in the spirit of MSE - that the strategy you've adopted isn't the one which is likely to get you the best overall return.  And even if you aren't interested, hopefully other people reading the thread won't go away from it in the mistaken belief that only opening accounts you can full fund is any kind of requirement.

Can people stop picking on me, Monmouthshire wasn't an option when I started talking about closing my nationwide account 

@jameseonline it's OK. People really are just trying to help you (and other readers). This little part of the internet is far, far more friendly, generous and helpful than almost all of the rest of it!  

francoghezzi

During the time you spent dealing with Monmouthshire BS and the "app" this week I managed to read a book to my child, I had a couple of great walks, cooked something Italian and enjoyed my life staying far, very far, from this mess. Not even a 10% interest rate could drag me into this 'Disneyland' style local bank, and a couple of others that seem so popular in this forum. 'Missing out' is, sometimes, a reassuring choice. Popcorn ready. 3, 2, 1 ... ready for the next 70 pages full of rants (and messages like 'I opened 2, 3, 5, 8 of them, should I fund all of them, no wait I have already 25 Principality, maybe I close them, but the App is down again...). Enjoy. Love and Peace.

ThePirates

MBS down for maintenance again!

francoghezzi

ThePirates said:

MBS down for maintenance again!

And so it begins