The Top Regular Savers Discussion Thread

janusd

s71hj said:

Re Principality issue 4, I managed a payment this month. Is it worth trying for a 7th payment ie 1/2/26 bearing in mind end date of account is 28/2/26.

you could try, but I doubt it would work.... I mean i've had £3,900 deposited and accepted in a £3,600 max RS account, but also read of plenty of others having such payments returned.

clairec666

kermchem said:

Principality need to make less use of Royal Mail, and more of their secure messaging system, especially when account holder has given maturity instructions online. Saved postage can go into higher interest rates.

Same for Coventry - yesterday they sent me a mass of information about my maturing Sunny Day Saver, including a hefty brochure about the easy access account that it's maturing into. Complete waste, as I'll just be withdrawing everything to fund other regular savers. Could have saved the paper as well as the postage 

s71hj

janusdesign said:

s71hj said:

Re Principality issue 4, I managed a payment this month. Is it worth trying for a 7th payment ie 1/2/26 bearing in mind end date of account is 28/2/26.

you could try, but I doubt it would work.... I mean i've had £3,900 deposited and accepted in a £3,600 max RS account, but also read of plenty of others having such payments returned.

Tbh I think I'll not risk rocking the boat. I have multiple issues of the same RS through product maturity with them so be best not to do anything that flags me for attention

clairec666

s71hj said:

janusdesign said:

s71hj said:

Re Principality issue 4, I managed a payment this month. Is it worth trying for a 7th payment ie 1/2/26 bearing in mind end date of account is 28/2/26.

you could try, but I doubt it would work.... I mean i've had £3,900 deposited and accepted in a £3,600 max RS account, but also read of plenty of others having such payments returned.

Tbh I think I'll not risk rocking the boat. I have multiple issues of the same RS through product maturity with them so be best not to do anything that flags me for attention

If you work out how much interest the extra £200 will generate in a month, compared to putting it in a lower-rate regular saver or even the top-paying easy access, you'll be even less inclined to take the risk.

dcs34

clairec666 said:

s71hj said:

janusdesign said:

s71hj said:

Re Principality issue 4, I managed a payment this month. Is it worth trying for a 7th payment ie 1/2/26 bearing in mind end date of account is 28/2/26.

you could try, but I doubt it would work.... I mean i've had £3,900 deposited and accepted in a £3,600 max RS account, but also read of plenty of others having such payments returned.

Tbh I think I'll not risk rocking the boat. I have multiple issues of the same RS through product maturity with them so be best not to do anything that flags me for attention

If you work out how much interest the extra £200 will generate in a month, compared to putting it in a lower-rate regular saver or even the top-paying easy access, you'll be even less inclined to take the risk.

£200 earning interest at a regular saver rate (in this case 7.5%) for a month will always earn more than the top-paying easy access saver (currently 4.75% with Chase for new customers) - are you implying it'll earn less?

Yes the difference might be small but you could apply that same thinking to each month's deposit and never bother with regular savers to begin with.

orange-juice

I stopped paying into my regular savers (lower than 8.5%) for an few months recently, and left the money in an IG share dealing account, earning a promotional rate of 8.5% which is coming to an end at the end of this month

Ive resumed the reg savers by withdrawing money from the IG account in the past few days to get some money in the reg savers before the month ends, so that it earns a higher rate after the IG promo rate drops, for the duration of the reg savers.

i think my logic is sound but as dcs34 says, the difference is probably incredibly small 😅😂

Kim_13

dcs34 said:

clairec666 said:

s71hj said:

janusdesign said:

s71hj said:

Re Principality issue 4, I managed a payment this month. Is it worth trying for a 7th payment ie 1/2/26 bearing in mind end date of account is 28/2/26.

you could try, but I doubt it would work.... I mean i've had £3,900 deposited and accepted in a £3,600 max RS account, but also read of plenty of others having such payments returned.

Tbh I think I'll not risk rocking the boat. I have multiple issues of the same RS through product maturity with them so be best not to do anything that flags me for attention

If you work out how much interest the extra £200 will generate in a month, compared to putting it in a lower-rate regular saver or even the top-paying easy access, you'll be even less inclined to take the risk.

£200 earning interest at a regular saver rate (in this case 7.5%) for a month will always earn more than the top-paying easy access saver (currently 4.75% with Chase for new customers) - are you implying it'll earn less?

Yes the difference might be small but you could apply that same thinking to each month's deposit and never bother with regular savers to begin with.

I think they are referring to how worthwhile it is to exploit possible loopholes, rather than to use Regular Savers in general (where the illustrative interest contained in summary boxes provides a tangible benefit, especially in combination with MSE’s calculator that factors in the feeder rate.) 

This particular loophole of fund Principality with a 7th payment gains maybe 3% over an EA on that £200 and perhaps less than that (1.5% more if you instead put the money into one of the Regular Savers currently paying 6%) for a maximum of 31 days. This appears to come with a lower chance of success than the maturity options trick and if it doesn’t work, you’ll be earning 0% on the money for as long as it takes Principality to reverse it. If you’re already in breach of the Ts and Cs with a far greater benefit (multiple of the same issue, as the poster confirms they are) then it’s better to keep that running than risk it all for loose change.

trickydicky14

orange-juice said:

I stopped paying into my regular savers (lower than 8.5%) for an few months recently, and left the money in an IG share dealing account, earning a promotional rate of 8.5% which is coming to an end at the end of this month

Ive resumed the reg savers by withdrawing money from the IG account in the past few days to get some money in the reg savers before the month ends, so that it earns a higher rate after the IG promo rate drops, for the duration of the reg savers.

i think my logic is sound but as dcs34 says, the difference is probably incredibly small 😅😂

So how many regular savers have you had that pays 8.5% or more? The only one of late I can think of was Virgin.

Hattie627

Kim_13 said:

dcs34 said:

clairec666 said:

s71hj said:

janusdesign said:

s71hj said:

Re Principality issue 4, I managed a payment this month. Is it worth trying for a 7th payment ie 1/2/26 bearing in mind end date of account is 28/2/26.

you could try, but I doubt it would work.... I mean i've had £3,900 deposited and accepted in a £3,600 max RS account, but also read of plenty of others having such payments returned.

Tbh I think I'll not risk rocking the boat. I have multiple issues of the same RS through product maturity with them so be best not to do anything that flags me for attention

If you work out how much interest the extra £200 will generate in a month, compared to putting it in a lower-rate regular saver or even the top-paying easy access, you'll be even less inclined to take the risk.

£200 earning interest at a regular saver rate (in this case 7.5%) for a month will always earn more than the top-paying easy access saver (currently 4.75% with Chase for new customers) - are you implying it'll earn less?

Yes the difference might be small but you could apply that same thinking to each month's deposit and never bother with regular savers to begin with.

I think they are referring to how worthwhile it is to exploit possible loopholes, rather than to use Regular Savers in general (where the illustrative interest contained in summary boxes provides a tangible benefit, especially in combination with MSE’s calculator that factors in the feeder rate.) 

This particular loophole of fund Principality with a 7th payment gains maybe 3% over an EA and on that £200 perhaps less than that (1.5% more if you instead put the money into one of the Regular Savers currently paying 6%) for a maximum of 31 days. This appears to come with a lower chance of success than the maturity options trick and if it doesn’t work, you’ll be earning 0% on the money for as long as it takes Principality to reverse it. If you’re already in breach of the Ts and Cs with a far greater benefit (multiple of the same issue, as the poster confirms they are) then it’s better to keep that running than risk it all for loose change.

Excellent reasoning. The possible loophole of earning roughly 3% extra interest (equivalent to 2.4% after basic rate tax or 1.8% after higher rate tax) on £200 for 31 days is simply not worth pursuing.

Kim_13

trickydicky14 said:

orange-juice said:

I stopped paying into my regular savers (lower than 8.5%) for an few months recently, and left the money in an IG share dealing account, earning a promotional rate of 8.5% which is coming to an end at the end of this month

Ive resumed the reg savers by withdrawing money from the IG account in the past few days to get some money in the reg savers before the month ends, so that it earns a higher rate after the IG promo rate drops, for the duration of the reg savers.

i think my logic is sound but as dcs34 says, the difference is probably incredibly small 😅😂

So how many regular savers have you had that pays 8.5% or more? The only one of late I can think of was Virgin.

8% fixed with Saffron was probably still worth it, knowing that the 8.5% would be ending shortly.