The Top Regular Savers Discussion Thread

Bridlington1

nomorekids said:

jameseonline said:

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.

I'm also not as "availability of funding rich" as others on this group, you could do what I do and list everything on a spreadsheet with the aim of putting everything in the best account in terms of what each pound you currently have at your disposal, can earn you, raid those lower down the list if you've instant access but close nothing until the account naturally matures, you never know you may be funding that account later as interest rates change.

I take a similar approach, all accounts are listed in a spreadsheet, which I fund and when depends on cashflow.

A slight variation of your approach though, I tend to ``refresh" rather than just empty accounts I'm raiding if they're still available though to push the maturity dates on a bit. I've had a few different version of the Santander regular saver, I'm on my second Penrith regular eSaver, my third Darlington 12 Month RS (Issue 1) etc. Newcastle's regular saver has also been refreshed a few times.

Also I'll sometimes stagger some regular saver deposits if I've got accounts maturing mid-month, e.g. I've got Zopa's regular saver pot maturing on 2nd October so shall most likely delay funding some of my regular savers by a day to accommodate it.

surreysaver

Bridlington1 said:

nomorekids said:

jameseonline said:

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.

I'm also not as "availability of funding rich" as others on this group, you could do what I do and list everything on a spreadsheet with the aim of putting everything in the best account in terms of what each pound you currently have at your disposal, can earn you, raid those lower down the list if you've instant access but close nothing until the account naturally matures, you never know you may be funding that account later as interest rates change.

I take a similar approach, all accounts are listed in a spreadsheet, which I fund and when depends on cashflow.

A slight variation of your approach though, I tend to ``refresh" rather than just empty accounts I'm raiding if they're still available though to push the maturity dates on a bit. I've had a few different version of the Santander regular saver, I'm on my second Penrith regular eSaver, my third Darlington 12 Month RS (Issue 1) etc. Newcastle's regular saver has also been refreshed a few times.

Also I'll sometimes stagger some regular saver deposits if I've got accounts maturing mid-month, e.g. I've got Zopa's regular saver pot maturing on 2nd October so shall most likely delay funding some of my regular savers by a day to accommodate it.

I tend to follow a similar approach. The higher paying regular savers at the beginning of the month; lower paying ones at the end to allow for intervening payday or maturing accounts

liamcov

For the previous Monmouthshire, my online banking is showing 2 accounts (must be from online then app applications). Has this happened to others? Have you been funding both? Is that allowed? 

s71hj

liamcov said:

For the previous Monmouthshire, my online banking is showing 2 accounts (must be from online then app applications). Has this happened to others? Have you been funding both? Is that allowed? 

I tried and it bounced ed back. 

flaneurs_lobster

liamcov said:

For the previous Monmouthshire, my online banking is showing 2 accounts (must be from online then app applications). Has this happened to others? Have you been funding both? Is that allowed? 

The Regular Saver Issue 8?
Yes
Yes
No

s71hj

My Progressive regular saver matured but I can't see how to withdraw money from it. The only option offered it to transfer funds to another Progressive account. Anyone have any tips! 

flaneurs_lobster

s71hj said:

My Progressive regular saver matured but I can't see how to withdraw money from it. The only option offered it to transfer funds to another Progressive account. Anyone have any tips! 

The Rainy Day Saver? Mine's due to mature next week, got an email 10 days ago that says

On the day following maturity, your account will rollover into the current issue of our Online Instant Access Account. 

Says you can transfer out of that, can't remember if there's already a nominated (external) account in place.

Aidanmc

s71hj said:

My Progressive regular saver matured but I can't see how to withdraw money from it. The only option offered it to transfer funds to another Progressive account. Anyone have any tips! 

Has it converted to an easy access savings account?
Maybe as its weekend may not change to Tuesday, bank holiday on Monday.
Mine matured a couple months ago, don't remember any issues making a withdrawal.

DealSeeker11

s71hj said:

My Progressive regular saver matured but I can't see how to withdraw money from it. The only option offered it to transfer funds to another Progressive account. Anyone have any tips! 

Mine matured 2 weeks ago. The entire fund including interest was automatically transferred to a new instant access account. I went to View Account/Set Linked Bank Account to set up my nominated account, it then allowed me to close and and withdraw the entire fund to my nominated account.

I suggest you do this on a working day because I suspect when you try to set up a nominated bank during weekend the system just raises a ticket but nothing happens. On a working day, I was able to set it up and got my money on the same day.

clairec666

Bridlington1 said:

clairec666 said:

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 

This account is confusing me though - I'd got to the point where my regular savers were fairly nicely spread throughout the year, so when each one matures it provides most of the funds for that month's deposits. So my money is earning the best rates for the maximum time possible. This new account will skew that completely, as it will spew out £12400 on maturity (if fully funded) which is way beyond my usual monthly deposits. Currently messing around with a spreadsheet to work out the best strategy.

I'd be inclined to cross that bridge when I come to it. The rate is variable so who knows what it'll pay in a year's time, the same goes for the regular saver landscape in general, so it could be that the rate falls and you end up withdrawing funds from it before maturity to fund other regular savers.

Wise words. I'll take the approach that 7% is the best rate my money can get right now, and can always withdraw if the rate drops.