The Top Regular Savers Discussion Thread

clairec666

jameseonline said:

s71hj said:

My HSBC regular saver appears to mature soon - opened 16th September 24. Does anybody know maturity process. I can't see an equivelant account to open when it matures, unlike First Direct, only a 5% one which is below my 5.5% cut off. Am I missing something as I seem to recall in previous years they seemed to offer pretty similar products? 

HSBC have done 5% as a standard for a while the only exception was during savings week last year they did a 7% version (which matched First Direct) & if you already had the 5% you were excluded, think that's all right, anyone feel free to correct me if I'm wrong.

As your HSBC one seems to end before savings week starts hold off opening other accounts and see if HSBC does something better than 5%

I must have been late in opening/funding HSBC last year - mine matures on 2nd October. Hopefully if they offer something good in savings week there's a long enough window for opening it, as I assume I won't be able to open a new one until last year's matures.

AndyTh_2

Mrs_Trellis_of_North_Wales said:

I'm getting confused by the MSE regular savings calculator Regular Savings Calculator – MoneySavingExpert and drip-feeding for a higher rate tax payer.

If I put How long will you save for = 1 year 0 months, Higher rate tax payer, lump sum = £36000, normal savings rate = 4.35%, move across each month = £3000, regular savings rate = 6%, I get this:

After drip-feeding the cash for 12 months, you'd have earned...
£1,173 in interest
£539 from the regular saver + £634 from the normal savings account

If you'd kept the cash in normal savings without drip-feeding it, you'd have earned...
£1,174 in interest

So it calculates that you're £1 worse off by drip-feeding. For None, Basic and Additional rates, drip-feeding comes out higher as expected.

Sorry if I'm making a basic error, but what's going on here?

The way they implemented the tax seems broken. No way £1,883 interest after tax is less than £1,536 after tax.

It does seem to take into account Personal Savings Allowance, but goes a bit odd on the drip-feeding side, where almost none/or no PSA is taken into account.

Stargunner

Mrs_Trellis_of_North_Wales said:

I'm getting confused by the MSE regular savings calculator Regular Savings Calculator – MoneySavingExpert and drip-feeding for a higher rate tax payer.

If I put How long will you save for = 1 year 0 months, Higher rate tax payer, lump sum = £36000, normal savings rate = 4.35%, move across each month = £3000, regular savings rate = 6%, I get this:

After drip-feeding the cash for 12 months, you'd have earned...
£1,173 in interest
£539 from the regular saver + £634 from the normal savings account

If you'd kept the cash in normal savings without drip-feeding it, you'd have earned...
£1,174 in interest

So it calculates that you're £1 worse off by drip-feeding. For None, Basic and Additional rates, drip-feeding comes out higher as expected.

Sorry if I'm making a basic error, but what's going on here?

There is an error with the calculation on the website, as that is not possible.

if you change the figure to £3600 lump sum and £300 a month (a realistic figure for a regular saver) it will give you the correct calculation.

BestSeagull

mattojgb said:

Principality maturity instructions

There seem to be two options on the Principality website that will potentially open a new RS account upon maturity. Which are people choosing and are known to work or not work?

One option is to take some money out and move the rest to a new savings account (and in the next step there is an option to open an RS4 and specify an amount to be used to open the account).

Or there is an option to take out all your money and open a new RS (RS4 being one of the available options).

@mattojgb, I spent most of last weekend discussing the same question on this thread. I'm still not sure if there is a definitive answer.

Calling the options, option 2 and 4;  I think I have in the past chosen option 2 both times and have been refused both times.

I thought that choosing option 4 would be the answer but some who have chosen option 2 have been successful.

Another variable is where you choose for the rest of the money to go. I've always chosen a Principality account then I transfer out myself. (Helps me keep track of the interest more easily) I think most people go for transfer to nominated account.

The other theory we are actively working on is to apply on a Sunday, wearing a green shirt (the green shirt may or may not have some relevance!)

What does seem to be universal is; if your choice triggers a message to them, then manual intervention results and you are likely to be refused.

If you make your choice, then check your sent messages and nothing has gone off to them, then you are in a so far, so good situation.

My plan is to choose option 4, and transfer money out to nominated account. I'll do this on Sunday but I'll probably be wearing blue!

Archerychick

mattojgb said:

Principality maturity instructions

There seem to be two options on the Principality website that will potentially open a new RS account upon maturity. Which are people choosing and are known to work or not work?

One option is to take some money out and move the rest to a new savings account (and in the next step there is an option to open an RS4 and specify an amount to be used to open the account).

Or there is an option to take out all your money and open a new RS (RS4 being one of the available options).

There doesn’t seem to be any consistent way on this at all. I filled my maturity on the same evening as someone else on this forum, theirs has been refused but mine hasn’t. My maturity request did not trigger a message to them - this is the constant but none of us know what it is that either causes this to happen or not. 

I say roll the dice and see what happens. I’ve been filling maturity online, requesting a new reg saver with the rest returned to my external current account. You’ll either get lucky or not. 😊

ForumUser7

Darlington BS

Just realised I have not been contacted regarding an upcoming 12 Month Regular eSaver maturity in a few days time.

Their terms say:

We will write to you up to 14 days before this date to inform you of this and let you know the options available to you.

Bear in mind therefore you may get little/no notice depending on how they interpret this term. It certainly doesn't appear to just mean the standard 14 days, rather implies less than 14 days.

Chaykin

Principality BS

I always choose option 2 for their 6 month RSs renewal. I say £200 into new account, select the 6 month RS as the new account (whatever issue offered at the time), with the remainder to be transferred to my bank account elsewhere.

It has never failed me and also never "created" a sent message on the system. Currently have 3x RS3 + 1x RS4. One of the RS3s is maturing soon and I have submitted my instructions to renew good few days ago - no rejection.

As someone mentioned here - added bonus is that the "new" RS account keeps the same account number so no need to change payee details etc.

This way I have also also managed to "change" my 1 Year Regular Saver Bond into a 6 Month Regular Saver when it matured.

The 1 Year Triple Access Regular Saver did not come with an option to renew. That matured into an Online Easy Access which I subsequently closed via the online form (Account Services -> Close an account) and a transfer to my bank account elsewhere. This has "created" an automated sent message on the system to which they have replied confirming instructions.

jifmoose

Dumb question that doesn't deserve it's own thread: are monthly limits on Regular Savers generally calendar months, or are do they apply from the monthly anniversary of when the account was opened? For example, if I opened an RS on the 18th of August and payed in in August, can I now pay in for September - or do I have to wait until after the 18th?

Bridlington1

jifmoose said:

Dumb question that doesn't deserve it's own thread: are monthly limits on Regular Savers generally calendar months, or are do they apply from the monthly anniversary of when the account was opened? For example, if I opened an RS on the 18th of August and payed in in August, can I now pay in for September - or do I have to wait until after the 18th?

The majority of the time they operate on a calendar month basis but there are some notable exceptions, e.g. First Direct, Zopa, Santander etc.

The listings on page 1 of this thread state whether the account runs on a calendar month or account monthly basis.

jifmoose

Ah got it, brilliant cheers Bridlington!