The Top Regular Savers Discussion Thread

trickydicky14

Bridlington1 said:

adw1977 said:

ChewyyBacca said:

Monmouth Branch Exc RS saga
I had sent my postal application end Aug with a cheque (the only cheque book I have). I called Monm last week & this week on 8 Sep, they checked & said they didn't receive it. It was suggested that I cancel the cheque & resend the application.
I called HSBC & requested for stop cheque. I would rather eat straw than call HSBC, they are the absolute worst.

Today, in my app, I see two Branch Exc RS, one with a credit of £500 dated 8 Sept. (cheque date 27 Aug)
Now that cheque is never going to clear, as theres 'stop cheque' on that.

Which of the two Branch accounts should I fund? or be cheeky & fund both, for my troubles?

I've had a similar experience a couple of years ago with Monmouthshire, where they said with great certainty that they hadn't received a postal application with cheque (posted weeks earlier) only for it to magically appear and for them to try to process two applications.

Either their postal deliveries are epically bad, or (more likely) they don't really have a queue what is in the "to do" pile.

I suspect it could well be the latter, this wouldn't be the first time they've been swamped with postal applications.

If I may issue a plea though to give Monmouthshire BS a fair bit of time before contacting them for updates though.

Monmouthshire BS shall no doubt be very busy at the moment and I should imagine they'll be trying to process these applications as quickly as possible. Phoning them only adds to their workload and delays applications further.

In fairness to them they are also being rather generous in honouring the applications in the first place when other building societies would've declined the application and told you to apply in branch.

Well said Bridlington

trickydicky14

s71hj said:

s71hj said:

clairec666 said:

WillPS said:

s71hj said:

OrangeBlueGreen said:

Bridlington1 said:

OrangeBlueGreen said:

Is the collective thinking that as YBS have a 5.05% RS that they won't be launching anything else for savings week? I was hoping for 7% or maybe 8% (considering it's on a low monthly deposit amount)..

When I spoke to them they said they were going to be launching a £50 RS, with it being promoted between the 22nd and 25th with similar terms to last year but as of yet they don't know what the interest rate shall be or the exact date of launch.

Oooh, thanks for this! (and all the work you do on here)

When you compare a £50 per month one to a £250, not to mention the extraordinary MBS £1000 per month the admin time per extra penny of interest compared with leaving in an easy access account is quite striking! 

Like 20 mins all in, including application, 12 deposits and whatever maturity/closure admin on average? Most of which is real low effort stuff that can easily be done while watching telly or whatever.

Even on the lower limit ones it's totally negligible.

The biggest organisational admin cost is already sunk the moment you have more than a few of these going.

For me, managing my regular savers is my "fun thing" to do on my long-ish commute, so I don't consider it to have cost me any of my time. If you've got less free time for that kind of thing, or if it's not your idea of fun, then I guess you can start weighing up whether the extra interest is worth your effort.

Mind you, if I'm having to spend time phoning customer services to sort out issues, then I would consider that to be negating the extra interest earned. And the time spent getting irate with Monmouthshire's app. I'm giving them a bit of a reprieve because their regular savers are pretty decent.

Overall I agree and will still do it probably but the contrast in bare £s gain for identical effort between  a £50 a month one coming to fruition before my eyes today and all my £250 or £300 a month recent maturities not to mention the £1000 Monmouth ones is stark

Ps I wholeheartedly agree on the "fun thing" element!!! 

It becomes a way of life, it's what you do.

s71hj

trickydicky14 said:

s71hj said:

s71hj said:

clairec666 said:

WillPS said:

s71hj said:

OrangeBlueGreen said:

Bridlington1 said:

OrangeBlueGreen said:

Is the collective thinking that as YBS have a 5.05% RS that they won't be launching anything else for savings week? I was hoping for 7% or maybe 8% (considering it's on a low monthly deposit amount)..

When I spoke to them they said they were going to be launching a £50 RS, with it being promoted between the 22nd and 25th with similar terms to last year but as of yet they don't know what the interest rate shall be or the exact date of launch.

Oooh, thanks for this! (and all the work you do on here)

When you compare a £50 per month one to a £250, not to mention the extraordinary MBS £1000 per month the admin time per extra penny of interest compared with leaving in an easy access account is quite striking! 

Like 20 mins all in, including application, 12 deposits and whatever maturity/closure admin on average? Most of which is real low effort stuff that can easily be done while watching telly or whatever.

Even on the lower limit ones it's totally negligible.

The biggest organisational admin cost is already sunk the moment you have more than a few of these going.

For me, managing my regular savers is my "fun thing" to do on my long-ish commute, so I don't consider it to have cost me any of my time. If you've got less free time for that kind of thing, or if it's not your idea of fun, then I guess you can start weighing up whether the extra interest is worth your effort.

Mind you, if I'm having to spend time phoning customer services to sort out issues, then I would consider that to be negating the extra interest earned. And the time spent getting irate with Monmouthshire's app. I'm giving them a bit of a reprieve because their regular savers are pretty decent.

Overall I agree and will still do it probably but the contrast in bare £s gain for identical effort between  a £50 a month one coming to fruition before my eyes today and all my £250 or £300 a month recent maturities not to mention the £1000 Monmouth ones is stark

Ps I wholeheartedly agree on the "fun thing" element!!! 

It becomes a way of life, it's what you do.

It's like completing a stage on a computer game (I say this looking back on my teenage years, not something I've done for 40 years!!! ) but you have an actual pot of gold in pound coins as opposed to a pixelated picture on a screen! . I say this having set the thing off on this chat and feel like it sounded like I was dissing the whole thing which wasn't my intention . It's just the contrast with the YBS gain for exactly the same work as the others. 

s71hj

s71hj said:

trickydicky14 said:

s71hj said:

s71hj said:

clairec666 said:

WillPS said:

s71hj said:

OrangeBlueGreen said:

Bridlington1 said:

OrangeBlueGreen said:

Is the collective thinking that as YBS have a 5.05% RS that they won't be launching anything else for savings week? I was hoping for 7% or maybe 8% (considering it's on a low monthly deposit amount)..

When I spoke to them they said they were going to be launching a £50 RS, with it being promoted between the 22nd and 25th with similar terms to last year but as of yet they don't know what the interest rate shall be or the exact date of launch.

Oooh, thanks for this! (and all the work you do on here)

When you compare a £50 per month one to a £250, not to mention the extraordinary MBS £1000 per month the admin time per extra penny of interest compared with leaving in an easy access account is quite striking! 

Like 20 mins all in, including application, 12 deposits and whatever maturity/closure admin on average? Most of which is real low effort stuff that can easily be done while watching telly or whatever.

Even on the lower limit ones it's totally negligible.

The biggest organisational admin cost is already sunk the moment you have more than a few of these going.

For me, managing my regular savers is my "fun thing" to do on my long-ish commute, so I don't consider it to have cost me any of my time. If you've got less free time for that kind of thing, or if it's not your idea of fun, then I guess you can start weighing up whether the extra interest is worth your effort.

Mind you, if I'm having to spend time phoning customer services to sort out issues, then I would consider that to be negating the extra interest earned. And the time spent getting irate with Monmouthshire's app. I'm giving them a bit of a reprieve because their regular savers are pretty decent.

Overall I agree and will still do it probably but the contrast in bare £s gain for identical effort between  a £50 a month one coming to fruition before my eyes today and all my £250 or £300 a month recent maturities not to mention the £1000 Monmouth ones is stark

Ps I wholeheartedly agree on the "fun thing" element!!! 

It becomes a way of life, it's what you do.

It's like completing a stage on a computer game (I say this looking back on my teenage years, not something I've done for 40 years!!! ) but you have an actual pot of gold in pound coins as opposed to a pixelated picture on a screen! . I say this having set the thing off on this chat and feel like it sounded like I was dissing the whole thing which wasn't my intention . It's just the contrast with the YBS gain for exactly the same work as the others. 

I might add as well that its nice to go on the forum daily because it's full of people helping other people for absolutely no discernible personal gain which gives a bit of a warm feeling given how other parts of society operate at times. And I haven't EVEN  had a drink yet! 

Bobblehat

s71hj said:

trickydicky14 said:

s71hj said:

s71hj said:

clairec666 said:

WillPS said:

s71hj said:

OrangeBlueGreen said:

Bridlington1 said:

OrangeBlueGreen said:

Is the collective thinking that as YBS have a 5.05% RS that they won't be launching anything else for savings week? I was hoping for 7% or maybe 8% (considering it's on a low monthly deposit amount)..

When I spoke to them they said they were going to be launching a £50 RS, with it being promoted between the 22nd and 25th with similar terms to last year but as of yet they don't know what the interest rate shall be or the exact date of launch.

Oooh, thanks for this! (and all the work you do on here)

When you compare a £50 per month one to a £250, not to mention the extraordinary MBS £1000 per month the admin time per extra penny of interest compared with leaving in an easy access account is quite striking! 

Like 20 mins all in, including application, 12 deposits and whatever maturity/closure admin on average? Most of which is real low effort stuff that can easily be done while watching telly or whatever.

Even on the lower limit ones it's totally negligible.

The biggest organisational admin cost is already sunk the moment you have more than a few of these going.

For me, managing my regular savers is my "fun thing" to do on my long-ish commute, so I don't consider it to have cost me any of my time. If you've got less free time for that kind of thing, or if it's not your idea of fun, then I guess you can start weighing up whether the extra interest is worth your effort.

Mind you, if I'm having to spend time phoning customer services to sort out issues, then I would consider that to be negating the extra interest earned. And the time spent getting irate with Monmouthshire's app. I'm giving them a bit of a reprieve because their regular savers are pretty decent.

Overall I agree and will still do it probably but the contrast in bare £s gain for identical effort between  a £50 a month one coming to fruition before my eyes today and all my £250 or £300 a month recent maturities not to mention the £1000 Monmouth ones is stark

Ps I wholeheartedly agree on the "fun thing" element!!! 

It becomes a way of life, it's what you do.

..........  It's just the contrast with the YBS gain for exactly the same work as the others. 

I think I know exactly where you are coming from! More Monmouthshire's please   

35har1old

nomorekids said:

topyam said:

Just noticed Monmouthshire exclude Northern Ireland

That's bad, discriminatory even, poor NI savers

Ni saver holding 1 app regular and 2 6% regular savers

35har1old

clairec666 said:

wmb194 said:

nomorekids said:

topyam said:

Just noticed Monmouthshire exclude Northern Ireland

That's bad, discriminatory even, poor NI savers

Many BS’ and some banks e.g., Danske is NI only  restrict access to accounts based on postcode. Thems the breaks.

Danske bank has a really good switching bonus which (if you're a new customer) is only available if you're resident in Northern Ireland. You win some, you lose some.

If you have any old active accounts you can apply for the switch offer

subjecttocontract

My reg savers generate around £2400 in interest payments a year. Monmouth & Principality contribute around £825, so I have quite a lot to thank Wales for. I'm really far more interested in my upcoming renewals such as First Direct & Nationwide and the potential of bigger and better things from UK Savings Week starting on September 22nd.

innocentlove

Thanks a lot Bridlington1 for your tips regarding MonBS Branch Saver Postal application.

Sent by "Freepost" on Monday 8th about noon. Just logged in to App now and saw Branch Saver is there. Thumbs-up 👍 for all your inputs here for us. Cheers!

 

35har1old

flaneurs_lobster said:

happybagger said:

Given that they gave notification of an incoming reduction of this account to 4.85% some time ago, it's disappointing the email doesn't say as such

Disappointing? That's borderline misleading, and at best sly and underhand, not to mention that timetabled rate cut.

And it's a poor rate regardless of the cut.

As soon as you ask for more information the rate reduction is highlighted at the top of the page