The Top Regular Savers Discussion Thread

Bridlington1

Beverley BS Regular Saver Issue 1 has been launched at 5.5% (variable)

Rate includes a bonus of 4.5% pf you deposit between £10 and £150/mth and make no withdrawals in the calendar year. Account must remain open on 31st December in order to receive the bonus.

£150/mth max

Unlimited withdrawals however withdrawals result in the bonus being lost for that year.

Online only

No maturity date specified.

Interest paid 31st December each year.

HHUK

Bridlington1 said:

Beverley BS Regular Saver Issue 1 5.5% (variable)

Thought for a moment that said 15.5% !   

dealyboy

HHUK said:

Bridlington1 said:

Beverley BS Regular Saver Issue 1 5.5% (variable)

Thought for a moment that said 15.5% !   

... we're clutching at typos 

Bridlington1

Chorley BS Home Saver has been launched at 4.25% (var)

Account lasts 5 years
2 withdrawals/yr
£500/mth max
No stated penalty for missing payments
Available to all over 18
£30k max balance over the account term

If you choose to take out a Chorley Building Society residential mortgage or remortgage, you may be eligible for a £500 cashback on successful completion of the mortgage. 

Bridlington1

dealyboy said:

HHUK said:

Bridlington1 said:

Beverley BS Regular Saver Issue 1 5.5% (variable)

Thought for a moment that said 15.5% !   

... we're clutching at typos 

Sadly the space is correct, I'll amend my post for clarity though.

qbadger

Bridlington1 said:

Beverley BS Regular Saver Issue 1 5.5% (variable)

Rate includes a bonus of 4.5% pf you deposit between £10 and £150/mth and make no withdrawals in the calendar year. Account must remain open on 31st December in order to receive the bonus.

£150/mth max

Unlimited withdrawals however withdrawals result in the bonus being lost for that year.

Online only

No maturity date specified.

Interest paid 31st December each year.

For the interest payment on 31st December:
- if we elect to have it paid away to the nominated bank account, would that count as a withdrawal?
- if we elect to have it credited into the same account, would that count towards the monthly £150 deposit limit?

s71hj

Bridlington1 said:

Beverley BS Regular Saver Issue 1 has been launched at 5.5% (variable)

Rate includes a bonus of 4.5% pf you deposit between £10 and £150/mth and make no withdrawals in the calendar year. Account must remain open on 31st December in order to receive the bonus.

£150/mth max

Unlimited withdrawals however withdrawals result in the bonus being lost for that year.

Online only

No maturity date specified.

Interest paid 31st December each year.

The regular saver market is determined to ensure that I end up feeling like the work I did to painstakingly fill my Natwest and RBS Regular savers via £1.01 debit card payments to myself for 5.5% was a waste of time. 

s71hj

Bridlington1 said:

Chorley BS Home Saver has been launched at 4.25% (var)

Account lasts 5 years
2 withdrawals/yr
£500/mth max
No stated penalty for missing payments
Available to all over 18
£30k max balance over the account term

If you choose to take out a Chorley Building Society residential mortgage or remortgage, you may be eligible for a £500 cashback on successful completion of the mortgage. 

Savings week is roaring to life like my lawnmower when been in the shed all winter

Bridlington1

s71hj said:

Bridlington1 said:

Beverley BS Regular Saver Issue 1 has been launched at 5.5% (variable)

Rate includes a bonus of 4.5% pf you deposit between £10 and £150/mth and make no withdrawals in the calendar year. Account must remain open on 31st December in order to receive the bonus.

£150/mth max

Unlimited withdrawals however withdrawals result in the bonus being lost for that year.

Online only

No maturity date specified.

Interest paid 31st December each year.

The regular saver market is determined to ensure that I end up feeling like the work I did to painstakingly fill my Natwest and RBS Regular savers via £1.01 debit card payments to myself for 5.5% was a waste of time. 

Although it's worth noting though that unlike NatWest/RBS, Beverley BS regular saver includes a conditional bonus rate of interest, which are rather stringent.

Any withdrawals (including closure) result in the bonus being lost for the full calendar year, as does any missed payments. Losing the bonus reduces the rate to a mere 1%.

The ideal time to make withdrawals if you need to would therefore be the beginning of the calendar year.

Also of note is that the General Ts&Cs state if a reduction to the interest rate is announced you will have 30 days in which you can close or switch the account without notice or penalty.

One other point I would mention is that I can imagine that if interest rates more generally begin to rise at any point in the future and the account fails to keep up with rates elsewhere then it might become something of a liability as you'd be left with an account slipping behind rates elsewhere with a harsh penalty for withdrawals.

clairec666

s71hj said:

Bridlington1 said:

Beverley BS Regular Saver Issue 1 has been launched at 5.5% (variable)

Rate includes a bonus of 4.5% pf you deposit between £10 and £150/mth and make no withdrawals in the calendar year. Account must remain open on 31st December in order to receive the bonus.

£150/mth max

Unlimited withdrawals however withdrawals result in the bonus being lost for that year.

Online only

No maturity date specified.

Interest paid 31st December each year.

The regular saver market is determined to ensure that I end up feeling like the work I did to painstakingly fill my Natwest and RBS Regular savers via £1.01 debit card payments to myself for 5.5% was a waste of time. 

I didn't do the round-ups thing, but getting my Natwest regular saver up to £5000 was a long-term project and I felt pretty satisfied when I got there. Feels like cheating that I can get to £5000 in 5 months at Monmouthshire.... and for 7%

Bridlington1 said:

Beverley BS Regular Saver Issue 1 has been launched at 5.5% (variable)

Rate includes a bonus of 4.5% pf you deposit between £10 and £150/mth and make no withdrawals in the calendar year. Account must remain open on 31st December in order to receive the bonus.

£150/mth max

Unlimited withdrawals however withdrawals result in the bonus being lost for that year.

Online only

No maturity date specified.

Interest paid 31st December each year.

For an account with such strict withdrawal conditions, I'd want it to be fixed rate. Compared to Skipton for example, which is variable (tracks the base rate) but also doesn't allow withdrawals, you would at least get the full amount of interest if you closed the account early. The restrictions on the Beverley account are more akin to First Direct (interest paid at their standard savings account variable rate if you close early), but at least First Direct offers you a fixed rate.

Bridlington1 said:

Also of note is that the General Ts&Cs state if a reduction to the interest rate is announced you will have 30 days in which you can close or switch the account without notice or penalty.

Thanks - I was looking for that information but didn't see it.