The Top Regular Savers Discussion Thread

Kim_13

£26.96 for me, which I suspect can be explained as I have sometimes funded by Halifax DC. As the account says it will mature in one day and the interest has been credited today, wouldn’t instructing closure today result in a deduction of a day’s worth of interest? 

ChewyyBacca

allegro120 said:

pecunianonolet said:

Hattie627 said:

Yorkshire BS £50 Regular Saver

Opened on the first day of issue last year (10/09/24). Interest of £27.06 now credited (0200 hours, 9th September 2025). Account closed at £627.06 and funds moved out (due in current account on 10th).

Although the rate of 8% was impressive, the return is less than exciting after a year's saving. Still, every penny counts.

I had £27.16 credited but can't see a way of moving the entire balance out. It does say product will mature in 1 day in the app. Do I need to wait until tomorrow?

YBS 
No, you don't have to wait.  I closed mine this morning, expecting funds to arrive tomorrow.  

I had £27.11, Don't know why I got 5p less, I've opened the account on 10th and paid in £50 every 1st of the month.

YBS 8% RS: Interest credited, though the account still shows 8% interest. Wouldnt it be prudent to leave approx £677 at 8% for another day, until YBS converts it to Easy Access Saver Reward @ 4.05%V (as per email)?

Or since the interest is already credited, the rate isnt 8% as account has matured, and online banking isnt updated yet to reflect the new name of the product and the new rate?

allegro120

@Pippilongstocking Kim_13 said:

£26.96 for me, which I suspect can be explained as I have sometimes funded by Halifax DC. As the account says it will mature in one day and the interest has been credited today, wouldn’t instructing closure today result in a deduction of a day’s worth of interest? 

This explains why I got 5p less than @pecunianonolet, I might have funded by Halifax DC once or twice.
You are right about 1 day interest loss. I haven’t thought of this when closing my account. 

Emily_Joy

Section62 said:

Bob2000 said:

friolento said:

Bob2000 said:

flaneurs_lobster said:

Bob2000 said:

MonBS APP EXCLUSIVE  RS 7%

Would MonBS close the account  because of non-app use?

If it were any other building society then I would say "No way" but..... 

Well l thought  I'd contact the people who would know but in the end decided  to get in touch with Monmouthshire instead!

What did they say?

Just had a read of the message sent from Monbs. Said you don't need the app once opened as you can use/see your transactions online. BUT the guy did say if you delete the app they MAY close the account.

Interesting... as there was nothing I saw in the T&C's saying you had to keep the app active as a condition of holding the account, nor anything saying they could close the account if you deleted the app.

And given how flaky the app seems to be, requiring non-deletion wouldn't seem to be a reasonable condition.

I have had to jump through a few hoops but finally managed to install Monmouth app on a 7 years old smartphone. The phone is typically not connected to the internet for months, so there is no way for Monmouth to know whether the app still installed... 
(Otherwise, "Run in the background" feature would allow Monmouth to see that the app is still installed, though). 

clowning

I opened a YBS loyalty regular esaver in May this year paying 5.05%. I have learned from this thread that the rate will be dropping on 2nd Oct. (I don’t seem to have had an email about it). Does that mean that I can close the account now please? Thank you

ForumUser7

clowning said:

I opened a YBS loyalty regular esaver in May this year paying 5.05%. I have learned from this thread that the rate will be dropping on 2nd Oct. (I don’t seem to have had an email about it). Does that mean that I can close the account now please? Thank you

If it’s the same account that’s currently available:

Can I withdraw money?

You can withdraw money from this account on any 1day a year, starting from the day you opened it. For example, if you opened the account on 2 May you have until 1 May the next year to make your withdrawal.

For security reasons, you cannot withdraw money for the first 14 days after you open the account.

If you make a withdrawal using CHAPS, there will be a fee.

To keep your account open, you need at least £1 in your account.

You can close your account at any time.

https://www.ybs.co.uk/savings/product?id=YB901826W

jameseonline

Kim_13 said:

Hattie627 said:

OrangeBlueGreen said:

Hattie627 said:

I've been doing RS's since 2016 and currently have 51. So I kind of understand how it works. Not sure though I want to go as low as £50 a month, even for 8%. YVMV

And there was me thinking I had too many at ....6!  :-)

I do wonder how low the monthly payment and how high the interest rate could reach before people lose interest (pun intended). The next marketing wheeze might be a 10% interest with a £25 monthly limit. Yes, you won't get a better rate for those chunks of £25 while it lasts, but when does the effort of opening, managing, closing and keeping records for tax purposes outweigh the benefit? Particularly when you're paying tax at 40%. 

In that case such an account would likely be more popular if it was a 12 month rather than a 6 month version, and could be used to push interest into the next tax year and be accounted for in that year’s PSA. For those on PAYE who prefer to switch to an ISA as soon as the £500 is accounted for, the extra effort is minimal unless the provider make requests for ID and the customer can’t seamlessly upload a photo ID, either because they don’t have one or the provider want certified copies etc. From experiences recounted in the thread, Saffron and Principality have been less hassle for £50 savers than YBS.

I suspect the inspiration for £50 Regular Savers came from Help to Save, though.

Maybe YBS will learn to sort their dumb security out, it's the reason I couldn't get their £50 saver & possibly others, took out money from a maturing account, closed some accounts and only have £4 in accounts with them now.

But YBS haven't offered anything good since anyways.

poshrule_uk

I guess once I empty my YBS it's probably worth 🪟 another account with YBS and keeping a £1 in or does just being a customer on there database be enormous for any future prone loyal products?

chris_the_bee

poshrule_uk said:

I guess once I empty my YBS it's probably worth 🪟 another account with YBS and keeping a £1 in or does just being a customer on there database be enormous for any future prone loyal products?

No, you need an open account to be a member

Bridlington1

chris_the_bee said:

poshrule_uk said:

I guess once I empty my YBS it's probably worth 🪟 another account with YBS and keeping a £1 in or does just being a customer on there database be enormous for any future prone loyal products?

No, you need an open account to be a member

In addition YBS's systems have been known to struggle with determining how long you've been a member for if your membership consists of a series of overlapping savings accounts so it would probably be worth keeping hold of your oldest YBS account to reduce the likelihood of them having to manually check how long you've been a member.