The Top Regular Savers Discussion Thread

Bridlington1

Virgin Money Exclusive RS Issue 3 at 6.5% now NLA

clairec666

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.

An extra 3% interest on £200 for 1 month will gain you an extra 50p. And yes, all those small amounts will add up over the long term, but in this case the gain might not be worth it when you might have to find another home for your money if Principality reject it. Depends if you think your extra admin time is worth 50p.

HHUK

s71hj said:
What is this IG promotion of which you speak! 

This presumably:

https://www.ig.com/uk/media-centre/press-release-overview/ig-offers-8-5--aer-variable-interest-on-cash-for-new-customers--   

s71hj

HHUK said:

s71hj said:
What is this IG promotion of which you speak! 

This presumably:

https://www.ig.com/uk/media-centre/press-release-overview/ig-offers-8-5--aer-variable-interest-on-cash-for-new-customers--   

Aha. Nla then. 

allegro120

clairec666 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.

An extra 3% interest on £200 for 1 month will gain you an extra 50p. And yes, all those small amounts will add up over the long term, but in this case the gain might not be worth it when you might have to find another home for your money if Principality reject it. Depends if you think your extra admin time is worth 50p.

Providing payee is already set up it can take approximately one minute (or less if you're quick) to make a deposit and register it on spreadsheet. That's £30 per hour, which is equivalent to £62,400 yearly salary https://uk.talent.com/convert?salary=30&start=hour&end=year 

I've done this twice with Principality, both unintentionally.  First time I've made 7th payment into one of the 6-months 1st issue accounts - deposit was accepted.  Second time I paid £250 instead of £125 into one of my Christmas accounts - £125 was credited and the illegitimate half was returned back on the same day.

Hattie627

allegro120 said:

clairec666 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.

An extra 3% interest on £200 for 1 month will gain you an extra 50p. And yes, all those small amounts will add up over the long term, but in this case the gain might not be worth it when you might have to find another home for your money if Principality reject it. Depends if you think your extra admin time is worth 50p.

Providing payee is already set up it can take approximately one minute (or less if you're quick) to make a deposit and register it on spreadsheet. That's £30 per hour, which is equivalent to £62,400 yearly salary https://uk.talent.com/convert?salary=30&start=hour&end=year 

I've done this twice with Principality, both unintentionally.  First time I've made 7th payment into one of the 6-months 1st issue accounts - deposit was accepted.  Second time I paid £250 instead of £125 into one of my Christmas accounts - £125 was credited and the illegitimate half was returned back on the same day.

This is true; however overpaying into an account is a breach of the terms and conditions of the account which you accepted when opening the account. If done repeatedly, it may cause PBS to take action (closing all your accounts and declining future applications). I don't think the risk is worth it for the small gain. I draw a distinction between this situation and the opening of multiple accounts of the same issue of the 6 month RS by way of maturity rollover. In the latter situation PBS is offering the customer an additional 6 month RS account in the menu of options at maturity. It is reasonable for the customer to infer from that that PBS are waiving the condition prohibiting the holding of more than one account of the same issue of the six month RS. The customer accepts the offer; PBS is under no obligation to open the account but does so. There are two active actions by PBS (the offer of the account and the acceptance of the customer's application for the account by opening the account). It would be difficult for PBS to argue that they had not waived the condition.

clairec666

allegro120 said:

clairec666 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.

An extra 3% interest on £200 for 1 month will gain you an extra 50p. And yes, all those small amounts will add up over the long term, but in this case the gain might not be worth it when you might have to find another home for your money if Principality reject it. Depends if you think your extra admin time is worth 50p.

Providing payee is already set up it can take approximately one minute (or less if you're quick) to make a deposit and register it on spreadsheet. That's £30 per hour, which is equivalent to £62,400 yearly salary https://uk.talent.com/convert?salary=30&start=hour&end=year 

I've done this twice with Principality, both unintentionally.  First time I've made 7th payment into one of the 6-months 1st issue accounts - deposit was accepted.  Second time I paid £250 instead of £125 into one of my Christmas accounts - £125 was credited and the illegitimate half was returned back on the same day.

Fair enough. For me personally, I would rather put the money in the 7% Monmouthshire regular saver (which I am very unlikely to be able to fully fund) rather than potentially get a smidge more interest in Principality. Everyone's circumstances are different though, and I've nothing against anyone who wants to get an extra 50p here and there.

s71hj

janusdesign said:

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.

I posted applications for me and my wife Wed and had hoped for the same but nothing showing yet.. I guess it will be Monday now, fingers crossed 

Bridlington1

s71hj said:

janusdesign said:

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.

I posted applications for me and my wife Wed and had hoped for the same but nothing showing yet.. I guess it will be Monday now, fingers crossed 

There's a chance they could do it on Saturday but I'd imagine they may be getting rather a lot of applications at present. Just received a nice orange passbook for the account too.

allegro120

Hattie627 said:

allegro120 said:

clairec666 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.

An extra 3% interest on £200 for 1 month will gain you an extra 50p. And yes, all those small amounts will add up over the long term, but in this case the gain might not be worth it when you might have to find another home for your money if Principality reject it. Depends if you think your extra admin time is worth 50p.

Providing payee is already set up it can take approximately one minute (or less if you're quick) to make a deposit and register it on spreadsheet. That's £30 per hour, which is equivalent to £62,400 yearly salary https://uk.talent.com/convert?salary=30&start=hour&end=year 

I've done this twice with Principality, both unintentionally.  First time I've made 7th payment into one of the 6-months 1st issue accounts - deposit was accepted.  Second time I paid £250 instead of £125 into one of my Christmas accounts - £125 was credited and the illegitimate half was returned back on the same day.

This is true; however overpaying into an account is a breach of the terms and conditions of the account which you accepted when opening the account. If done repeatedly, it may cause PBS to take action (closing all your accounts and declining future applications). I don't think the risk is worth it for the small gain. I draw a distinction between this situation and the opening of multiple accounts of the same issue of the 6 month RS by way of maturity rollover. In the latter situation PBS is offering the customer an additional 6 month RS account in the menu of options at maturity. It is reasonable for the customer to infer from that that PBS are waiving the condition prohibiting the holding of more than one account of the same issue of the six month RS. The customer accepts the offer; PBS is under no obligation to open the account but does so. There are two active actions by PBS (the offer of the account and the acceptance of the customer's application for the account by opening the account). It would be difficult for PBS to argue that they had not waived the condition.

Agreed.  There's a difference between getting extra accounts (PBS/Cahoot) or violating 12 months "curfew" (Lloyds/Bos) and cheekily going over the maximum balance.  I personally prefer to stick to t&c for the latter.  However, I don't think PBS will be imposing any measures for occasional attempts to overpay. This must be happening a lot - people set up SOs "until further notice" and forget to cancel or miscalculate the number of months or forget what t&c says or something else.  So I think an occasional attempt to go over the maximum balance shouldn't trigger the alarm (if there is one).