The Top Regular Savers Discussion Thread

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. 

janusd

for those thinking of applying for the Monmouthshire BS Branch Exclusive Regular Saver (Issue 1) by mail, just to let you know that I posted the completed application form 1st Class, along with a cheque, at 5pm on Wednesday and the account has just been added to the app this morning (Friday) - that's quicker than I expected... i've manually added the account to the MonBS online... many thanks to @Bridlington1 for mentioning the postal option and linking to the pdf.

the balance is still zero, so I guess the cheque won't clear now until next week and assume the opening date will be when its cleared rather than received - if that's the case, it should count as next month's deposit.

savethepandas

Dudley Building Society

Loyalty One Year Regular Saver 6% var on £500.

Just got a call from a very nice lady, I had completely forgotten to fund this at the end of July. They were about to close it, as ts & cs state it can only be open for 30 days without being funded.

Just in case, someone else has forgotten.

s71hj

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 😅😂

What is this IG promotion of which you speak! 

gt94sss2

janusdesign said:

for those thinking of applying for the Monmouthshire BS Branch Exclusive Regular Saver (Issue 1) by mail...

the balance is still zero, so I guess the cheque won't clear now until next week and assume the opening date will be when its cleared rather than received - if that's the case, it should count as next month's deposit.

I would double check the app as I suspect your cheque will show and the opening date is when the cheque is deposited (this month), not when it clears.