The Top Regular Savers Discussion Thread

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.

allegro120

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? 

Yes, exactly the same. I've tried to fund both, but only one of them is accepting deposits.

Nick_C

Well when it works, the Monmouthshire app is an improvement on the web service.

I sent £50 to my new App Exclusive RS yesterday, and a further £950 to my old "easy saver".

This morning, I could see the funds in the app, and was able to move the £950 from my easy access account to the new RS.  The transfer did not happen immediately, but the balances have since been updated, and I can now see £1k in the RS through the app.

On the web page though, the new RS still shows a status of pending and a zero balance.

savethepandas

Monmouthshire BS 7% app exclusive regular saver

I had troubled logging into the app to get the RS. So phoned them up and got through to Charli, there is a problem with my phone number which needs their tech team to solve it.

Mentioned I was logging on to get the RS, Charli immediately offered to open the account for me "as I wouldn't want you to miss out on it". So 'may' be a limited offering ?

ForumUser7

savethepandas said:

Monmouthshire BS 7% app exclusive regular saver

I had troubled logging into the app to get the RS. So phoned them up and got through to Charli, there is a problem with my phone number which needs their tech team to solve it.

Mentioned I was logging on to get the RS, Charli immediately offered to open the account for me "as I wouldn't want you to miss out on it". So 'may' be a limited offering ?

This agent sounds particularly helpful. I was probably just unlucky as I was told to keep an eye and then apply when it was working again by another agent.

Probably fine as we are being complimentary about the agent, but I don’t believe we are meant to say staff names over here. The Principality ‘incident’ was an example of this - though it was different circumstances as people were saying the agent was unhelpful there.

Kim_13

Nick_C said:

Well when it works, the Monmouthshire app is an improvement on the web service.

I sent £50 to my new App Exclusive RS yesterday, and a further £950 to my old "easy saver".

This morning, I could see the funds in the app, and was able to move the £950 from my easy access account to the new RS.  The transfer did not happen immediately, but the balances have since been updated, and I can now see £1k in the RS through the app.

On the web page though, the new RS still shows a status of pending and a zero balance.

Good to know - hopefully this’ll speed up the process come maturity time, as previously it has been necessary to wait until the day after maturity to see the interest in order to withdraw to zero.

MarkFromCornwall

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 last entry in the list of accounts you can withdraw to should say "nominated account".  If you aren't seeing that try clicking on "Edit linked bank account" to see whether you have a nominated account set up.

35har1old

MarkFromCornwall said:

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 last entry in the list of accounts you can withdraw to should say "nominated account".  If you aren't seeing that try clicking on "Edit linked bank account" to see whether you have a nominated account set up.

Have you any other accounts one might have a nominated account attached if so don't ask for a closure transfer if you want the money immediately transfer the bulk and the money will transfer almost immediately and then send to nominated account then request closure transfer.Check back the next day to see if the account closure request has occured

Speculator

allegro120 said:

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? 

Yes, exactly the same. I've tried to fund both, but only one of them is accepting deposits.

I have two and have so far fully funded both accounts.

Speculator

Going to start reducing my monthly payments to regular savers that are maturing soon. Maybe refresh Newcastle again. Need to redirect funds to our Monmouthshire 7% & 6% accounts. 

Going to start with the Market Harborough 6% maturing 30/11