The Top Regular Savers Discussion Thread

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

35har1old

Kim_13 said:

WillPS said:

OrangeBlueGreen said:

Section62 said:

Darlington BS  - regular saver maturities.

Apparently Darlington have a long-standing glitch in their online system which means online withdrawal requests to nominated accounts with certain external sort codes are likely to fail - Santander sort codes being an example.

The suggested work-arounds are either to send a secure message requesting the withdrawal, or changing your nominated account to one which isn't affected.  Barclays, HSBC, and LBG were suggested as ones which aren't affected.

I went with the second option as the secure message will only be actioned when someone gets around to it, whereas changing the nominated account is something the user can action, and only needs to be done once.  That said, the nominated account amendment process is also glitchy, which might need a phone call/secure message to get sorted.

I absolutely hate when organisations have an internal issue and then put the onus on customers to sort it, or put customers in a position where they are potentially inconvenienced. Very poor. 

Offering two workarounds for a problem, one of which is viable for everyone, is not putting the onus on the customer.

There's a reality that bugs take to fix - customer service teams are ethically and legally compelled to provide good customer outcomes. Both options advised offer far better outcomes than waiting an unknown amount of time for the issue to be fixed.

The only piece I don't understand is why they couldn't submit the message to the correct department themselves, but there probably is a good reason for that.

It’s still onus on the customer in that the issue is not of the customer’s making (unless Darlington were to explicitly state which sort codes are the issue at application and the customer still chooses to open an account and to nominate a particular account knowing it is affected.) Both workarounds are just that and require the customer to take action beyond the expected log in and request closure of the matured account.

I would be less negative about it had they communicated the issue to everyone and provided a comprehensive list of accounts that could be used without issue. I would want to use either Nationwide, NatWest or Chase, but all of these would be a lottery as things stand.

Nationwide sames to have a few issues at the moment
Carried out a few transactions yesterday none of which where showing in the statement the last transaction has yet to be sent

35har1old

liamcov said:

chris_the_bee said:

trickydicky14 said:

schiff said:

Monmouth
Posted my application and £500 cheque for the Branch RS by FCP on Friday 29/8. Received acknowledgement and pass book last week with a start date of 3/9 but the cheque has still not been cleared! Unfortunately the waiting £500 has been in a no interest current account.

I think being able to get round the rules and not having to go to a branch to open this account I would be happy to lose a few days interest on my £500. And I think you could have opened the account without sending a cheque. 

trickydicky14 said:

schiff said:

Monmouth
Posted my application and £500 cheque for the Branch RS by FCP on Friday 29/8. Received acknowledgement and pass book last week with a start date of 3/9 but the cheque has still not been cleared! Unfortunately the waiting £500 has been in a no interest current account.

I think being able to get round the rules and not having to go to a branch to open this account I would be happy to lose a few days interest on my £500. And I think you could have opened the account without sending a cheque. 

Monmouth
Yes, I successfully opened mine by adding "to be funded by bank transfer once account is open" to the top of the application form.

Me too, although on checking the product webpage for my records, it now states:

Not suitable for you if:

   You want to open this account over the phone, via the MonBS app or by post.

So they may have recently added that after getting a flurry of postal claims??

Those terms have always been on the account 

35har1old

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.

Perhaps they are going down the app verification route to gain access to there online portal in the future