The Top Regular Savers Discussion Thread

AndyTh_2

Manchester BS Regular Saver 1

I waited over an hour for the User Id and didn't get it, so I went to their website to do a for "Forgotten your User ID?" on the login page, and got the User Id that way.

rallycurve

Bobblehat said:

rallycurve said:

Bobblehat said:

Stargunner said:

Bobblehat said:

friolento said:

Bigwheels1111 said:

Bobblehat said:

Bigwheels1111 said:

Hattie627 said:

Nationwide BS Flex Regular Saver

My Issue 3 Flex RS has its maturity date today. Interest has been added (£93.46). I have moved the balance plus interest out.  The account is still showing as a Flexible RS which is preventing me opening a new one (now Issue 7). I can't remember what happened last year. Has anyone any recent experience of a Flex RS maturity and can recall when the account changes to an Instant Saver? 

Did you make an extra £200 payment this month, ie total £2600.

I did and only got £93.42.

If it's of interest(!), opened the RS 22/09/2024, funded it 22/09 & 01/10 and then by SO on 01/11 until 01/09/2025, so closing balance was £2693.67.

Yes interest, I'm thinking of waiting until the 29th to open a new one so I can fund on the first as well to max

Interest this year. Then open on the 30th next year to do the same. As you need to wait a day to open.

It might not be available any longer on the 29th.

OTOH, there might be a better offer during Savings Week, only available if you haven’t yet got the 6.5% one.

Choices, choises🤔

I'll risk it! The NW agent I spoke to insisted on looking up the rate of the current offering when I mentioned about opening a new one later in the month (I already knew the rate). His wording was slightly worrying ... "It's still 6.5%, at the moment!". I should have asked if there was an expected drop imminent, but knew I would get a non-committal answer. 

It's a variable account anyway, so if it did drop between now and the 29th, I'd have probably only lost pennies. I have the choice to go elsewhere if the drop is drastic or NLA ... unlikely.

Why don't you open the new RS now, so that you can be earning interest on your first deposit of £200.

You previously said that you were leaving £400 in the current account to cover the first 2 payments. How much interest are you earning on the £400?

A good point .... but .....

I could shift it out to Chase Saver and back 7 days later @ 4.65% gaining £0.28p over leaving it where it is (1%)....

or, I could open the NW RS tomorrow and lose £2.56 over opening it on 29/09, (£94.10 maturing 22/09/2026 vs £96.66 maturing 28/09/2026).

So leaving the £400 where it is and not having to shift it around, and opening on 29th I'll have gained £2.56 over opening on 23rd but lost £0.28p for being a tad lazy! Do I loose an MSE point for being a tad lazy?

I’d be curious to know the maths behind this. How can you earn £2.56 in 7 days on £200 in an account paying 6.5%? 

OK ..... I'm glad I kept the rough working out spreadsheet! It would be 6 days BTW, as although I could have shifted the £400 I kept back today, I can't open the new RS until tomorrow at the earliest. 

Here you go ... usual qualifier, if you spot an error, let me know and I'll look and correct as necessary.



And for those who insist on a more accurate table showing payment dates for SO's on Bank working days ....



I have similar tables to above but showing a rate drop to 6.00% on 01/10/2025!  Did I here a murmur of "Keep 'em to yourself"? 

Thanks for that. I understand now, basically you get 6 extra days at the end when you have the account full and that's what makes the difference!

mattojgb

grumpy_codger said:

Bigwheels1111 said:

Bobblehat said:

Bigwheels1111 said:

Hattie627 said:

Nationwide BS Flex Regular Saver

My Issue 3 Flex RS has its maturity date today. Interest has been added (£93.46). I have moved the balance plus interest out.  The account is still showing as a Flexible RS which is preventing me opening a new one (now Issue 7). I can't remember what happened last year. Has anyone any recent experience of a Flex RS maturity and can recall when the account changes to an Instant Saver? 

Did you make an extra £200 payment this month, ie total £2600.

I did and only got £93.42.

If it's of interest(!), opened the RS 22/09/2024, funded it 22/09 & 01/10 and then by SO on 01/11 until 01/09/2025, so closing balance was £2693.67.

Yes interest, I'm thinking of waiting until the 29th to open a new one so I can fund on the first as well to max

Interest this year. Then open on the 30th next year to do the same. As you need to wait a day to open.

Waiting makes no sense if you have money now. You are loosing interest - it's better for this money to earn 6.5% than to wait.

Easiest to think of the benefits by considering the difference between making the first payment on the first on the month Vs last day of the month. If you make the first payment on 1st then for the first month you are getting interest on £200 for the whole of the first month. At the end of the term you have only£2400. If you make a first payment on the last day and your second payment on the 1st of the following month, you are earning interest on £400 for the more or less the whole month. At the end of the term you get interest on £2600 for moreorless the whole month.

clairec666

I've always been a bit sceptical of the "open at the end of the month" thing, and have generally followed the rule of "open now if you have the money". But now Bobblehat's spreadsheet is making me doubt myself...

It's not worth overthinking these things though - for example when my last Coop RS matured, it took 5 days for my new account to open, so this could tip you over into the next month. Others like Principality are more predictable (if your maturity instructions are accepted, of course...)

Bobblehat

rallycurve said:

Bobblehat said:

rallycurve said:

Bobblehat said:

Stargunner said:

Bobblehat said:

friolento said:

Bigwheels1111 said:

Bobblehat said:

Bigwheels1111 said:

Hattie627 said:

Nationwide BS Flex Regular Saver

My Issue 3 Flex RS has its maturity date today. Interest has been added (£93.46). I have moved the balance plus interest out.  The account is still showing as a Flexible RS which is preventing me opening a new one (now Issue 7). I can't remember what happened last year. Has anyone any recent experience of a Flex RS maturity and can recall when the account changes to an Instant Saver? 

Did you make an extra £200 payment this month, ie total £2600.

I did and only got £93.42.

If it's of interest(!), opened the RS 22/09/2024, funded it 22/09 & 01/10 and then by SO on 01/11 until 01/09/2025, so closing balance was £2693.67.

Yes interest, I'm thinking of waiting until the 29th to open a new one so I can fund on the first as well to max

Interest this year. Then open on the 30th next year to do the same. As you need to wait a day to open.

It might not be available any longer on the 29th.

OTOH, there might be a better offer during Savings Week, only available if you haven’t yet got the 6.5% one.

Choices, choises🤔

I'll risk it! The NW agent I spoke to insisted on looking up the rate of the current offering when I mentioned about opening a new one later in the month (I already knew the rate). His wording was slightly worrying ... "It's still 6.5%, at the moment!". I should have asked if there was an expected drop imminent, but knew I would get a non-committal answer. 

It's a variable account anyway, so if it did drop between now and the 29th, I'd have probably only lost pennies. I have the choice to go elsewhere if the drop is drastic or NLA ... unlikely.

Why don't you open the new RS now, so that you can be earning interest on your first deposit of £200.

You previously said that you were leaving £400 in the current account to cover the first 2 payments. How much interest are you earning on the £400?

A good point .... but .....

I could shift it out to Chase Saver and back 7 days later @ 4.65% gaining £0.28p over leaving it where it is (1%)....

or, I could open the NW RS tomorrow and lose £2.56 over opening it on 29/09, (£94.10 maturing 22/09/2026 vs £96.66 maturing 28/09/2026).

So leaving the £400 where it is and not having to shift it around, and opening on 29th I'll have gained £2.56 over opening on 23rd but lost £0.28p for being a tad lazy! Do I loose an MSE point for being a tad lazy?

I’d be curious to know the maths behind this. How can you earn £2.56 in 7 days on £200 in an account paying 6.5%? 

OK ..... I'm glad I kept the rough working out spreadsheet! It would be 6 days BTW, as although I could have shifted the £400 I kept back today, I can't open the new RS until tomorrow at the earliest. 

Here you go ... usual qualifier, if you spot an error, let me know and I'll look and correct as necessary.



And for those who insist on a more accurate table showing payment dates for SO's on Bank working days ....



I have similar tables to above but showing a rate drop to 6.00% on 01/10/2025!  Did I here a murmur of "Keep 'em to yourself"? 

Thanks for that. I understand now, basically you get 6 extra days at the end when you have the account full and that's what makes the difference!

You got it! The first and last deposit rows of the two tables says it all!

Bridlington1

clairec666 said:

I've always been a bit sceptical of the "open at the end of the month" thing, and have generally followed the rule of "open now if you have the money". But now Bobblehat's spreadsheet is making me doubt myself...

It's not worth overthinking these things though - for example when my last Coop RS matured, it took 5 days for my new account to open, so this could tip you over into the next month. Others like Principality are more predictable (if your maturity instructions are accepted, of course...)

Also worth noting that in many cases there's the option of ``Fund now, refresh at the end of the month if it's still available".

Bobblehat

Bridlington1 said:

clairec666 said:

I've always been a bit sceptical of the "open at the end of the month" thing, and have generally followed the rule of "open now if you have the money". But now Bobblehat's spreadsheet is making me doubt myself...

It's not worth overthinking these things though - for example when my last Coop RS matured, it took 5 days for my new account to open, so this could tip you over into the next month. Others like Principality are more predictable (if your maturity instructions are accepted, of course...)

Also worth noting that in many cases there's the option of ``Fund now, refresh at the end of the month if it's still available".

The best compromise for both those that like early and those that like late!

allegro120

AndyTh_2 said:

Manchester BS Regular Saver 1

I waited over an hour for the User Id and didn't get it, so I went to their website to do a for "Forgotten your User ID?" on the login page, and got the User Id that way.

Many thanks for this! It worked, saved me a hassle calling them tomorrow.

clairec666

Slight alteration to your fabulous spreadsheet @Bobblehat - assuming you've got £200 ready to fund the account on 23/9, and will have each subsequent £200 available on the 1st of each month. Consider the total interest earned between 23/9/2025 and 29/9/2026. If you open and fund on the 23rd, then you will have a spare 6 days after maturity where your money can earn interest elsewhere (I've used 4% as an example). If you're opening on the 29th then the spare 6 days will be at the beginning, and the 4% will only apply to £200.

If you compare the two methods over 371 days, then the 29th is still the winner, but not by quite such a large margin.



Edit: the 4% from 23/9 to 29/9 should apply to the £2600 plus interest, which would gain an extra 6p overall.

saverkev

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