The Top Regular Savers Discussion Thread

WillPS

Probably won't bother with an application even for YBS - 6% accounts are already being lined up to be culled in the next couple of months to keep MonBS topped up at 7%. Even if it became competitive through other reductions midterm the potential gain would be tiny.

It'll make sense for someone, but not for me.

E_zroda

WillPS said:

Probably won't bother with an application even for YBS - 6% accounts are already being lined up to be culled in the next couple of months to keep MonBS topped up at 7%. Even if it became competitive through other reductions midterm the potential gain would be tiny.

It'll make sense for someone, but not for me.

What would be the plan for the 000s in MonBS when their rate starts dropping down after the initial inflow from MSEs money?

subjecttocontract

Not worth the effort for £19 gross interest, £15 for a basic rate taxpayer or £11 for a higher rate payer. I can make more than that doing other stuff. But the account is really designed to get people to start saving who wouldn't normally save. YBS must certainly know that they aren't going to raise much with such a poor offering.

Hal17

Hal17 said:

castle96 said:

print it off from the links and send to them with a cheque. Worked for me/others. - maybe too late now but worth a go

Thanks, just put two applications in the post box. Fingers crossed. 

Well that worked really well. Two Monmouthshire Branch accounts opened yesterday, glad I sent them first class post. I did not enclose a cheque, but added funds yesterday. Thanks to those for the heads up. 

DodgerPot

Hal17 said:

Hal17 said:

castle96 said:

print it off from the links and send to them with a cheque. Worked for me/others. - maybe too late now but worth a go

Thanks, just put two applications in the post box. Fingers crossed. 

Well that worked really well. Two Monmouthshire Branch accounts opened yesterday, glad I sent them first class post. I did not enclose a cheque, but added funds yesterday. Thanks to those for the heads up. 

Well done 😃
I’ve applied by post for the Branch Account this week 
I didn’t enclose a cheque 
Waiting hopefully for acceptance ….. only sent it 2nd class snail mail. 

Section62

E_zroda said:

WillPS said:

Probably won't bother with an application even for YBS - 6% accounts are already being lined up to be culled in the next couple of months to keep MonBS topped up at 7%. Even if it became competitive through other reductions midterm the potential gain would be tiny.

It'll make sense for someone, but not for me.

What would be the plan for the 000s in MonBS when their rate starts dropping down after the initial inflow from MSEs money?

Will have to see when the time comes.... but a few £50's paid into the YBS offering is not going to make much difference in re-homing the £000's currently going to MonBS.

s71hj

Re YBS RS, Moneyfacts suggests ot can be opened by post as well as in branch I think and I can't see anything in their notes to suggest not being able to have both branch and e saver version 

Hattie627

Coventry BS First Home Saver Issue 2

It says on the listing on page 1 of this thread that the rate is going down to 4.25% from 7th October. There was a previous reduction to 4.5% on 1st September. The account is still listed as available at 4.5% on the Coventry website. I'm not currently saving on this account but have a sizable balance sitting in the account which will need 60 days notice to withdraw. I've not had any notice of a reduction on 7th October (that I recall). Can anyone confirm the position? TIA

Kim_13

E_zroda said:

WillPS said:

Probably won't bother with an application even for YBS - 6% accounts are already being lined up to be culled in the next couple of months to keep MonBS topped up at 7%. Even if it became competitive through other reductions midterm the potential gain would be tiny.

It'll make sense for someone, but not for me.

What would be the plan for the 000s in MonBS when their rate starts dropping down after the initial inflow from MSEs money?

For me, that’s why I a) Haven’t attempted to open the branch version by post and b) Have repurposed the Monmouthshire 6% version as overflow only. If they cut one they’ll cut the other, so that would be the first one to cull. I was initially prioritising it above Dudley (only closure allowed) but as it’s a different BS and matures a month before, I’ve switched. 

I’m hoping for a replacement Principality Christmas and Cambridge to soak up some funds at a fixed rate to avoid too much ending up in August (although realistically anything left in Monmouthshire/Darlington will be August and September’s deposits.) I have an open ended Melton Issue 5 if needed and if the worst comes to the worst, a 4.15% fixed ISA with Suffolk that can be funded until the end of the tax year.

I’m still maxing out Melton Adcock at 6.5% variable given that matures in 2027.

allegro120

s71hj said:

Re YBS RS, Moneyfacts suggests ot can be opened by post as well as in branch I think and I can't see anything in their notes to suggest not being able to have both branch and e saver version 

It's in factsheet - "Can I open more than one? . No. . If you open this account, you cannot open the branch version of the same account as well. The branch version is called The 50 Pound Regular Saver. . If you open more than one in your name, the most recent account will be closed. We’ll move it to an online easy access savings account." https://www.ybs.co.uk/documents/productdata/Factsheet-YB902003W.pdf