The Top Regular Savers Discussion Thread

WillPS

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.

adw1977

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.

Bridlington1

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.

clairec666

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.

s71hj

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

s71hj

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!!! 

Bridlington1

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.

To me it's a hobby that I profit from and admin-wise it's not as much as many people think to manage my collection of regular savers, it's mainly the turn of the month I have to spend time on it, during the middle of the month there's less to do.

Beyond that it's just the activities on this forum mostly. Plus my activities on the forum end up cutting my own admin a bit though.

The hobby element's often the key variable factor as to whether you consider it worth the effort, if you hate chasing the best rates you're probably going to deem it not worth it, if you enjoy it (as I do) then you'll probably deem it worth it.

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.