The Top Regular Savers Discussion Thread

happybagger

Hattie627 said:

Beverley BS Regular Saver

Not sure I like this. If BBS drop the bonus rate of 5.5% so that it becomes uncompetitive, you are stuck with that rate until the December 31st following. If you pull your money out mid-year in response to the account becoming uncompetitive, your money (including what you take out) will only earn 1% during the period from the previous 31 December to the date of withdrawal. The alternative is to leave your money at an uncompetitive rate until the next 31 December. Have I got this right? (I've opened the account online, but am having second thoughts about funding it)

Not how I read section 9.15 of the General Savings Terms and Conditions.

If they make a rate change to your disadvantage (ie reduction) then you have 30 days to close (not make a partial withdrawal) or switch to another account "without incurring charges or a loss of interest". 

Stargunner

Hattie627 said:

Beverley BS Regular Saver

Not sure I like this. If BBS drop the bonus rate of 5.5% so that it becomes uncompetitive, you are stuck with that rate until the December 31st following. If you pull your money out mid-year in response to the account becoming uncompetitive, your money (including what you take out) will only earn 1% during the period from the previous 31 December to the date of withdrawal. The alternative is to leave your money at an uncompetitive rate until the next 31 December. Have I got this right? (I've opened the account online, but am having second thoughts about funding it)

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.

dcs34

Beverley BS Regular Saver

I'm confused by their product description that "this may be ideal for you if you can commit to saving each month, with only one withdrawal per calendar year." The implication being that one withdrawal each year doesn't impact the interest?

On that basis, do others interpret the product T&Cs to mean that the 'year withdrawal' restriction applies to each calendar year, i.e.:

• a withdrawal on 31st December reduces the interest earned in the preceding 365 days, and
• a withdrawal on 1st January only reduces 1 day's worth of interest?

If I've understood correctly then that does at least follow the spirit of their product description, albeit their summary wording could make this clearer (to me at least!).

Whilst my regular saver funding threshold is currently anything > 5.2%, and I like collecting smaller BS accounts, this feels like more of a future headache than the variable interest rate justifies!

Bridlington1

kermchem 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.

Interesting, almost like someone at Beverley BS had been reading some of the posts on here and decided to come up with a slightly different RS for Savings Week.

• No closing date - does that mean it runs for ever? Or at least until they cut the rate and savers leave. And you can keep putting money in for ever.
• Issue 1 - so this is the first RS from a single branch BS
• Not far from Beverley to Bridlington 
• Exactly one payment in must happen each month, but amount can vary
• The obvious date to get your money out is 2nd January any year. 

It's the first online only RS from Beverley BS, though they have had (and still have) a Monthly Savings Account for a number of year, which can be opened in branch/post. This account only pays 3.4% and includes a bonus of 0.5%. I vaguely recalls seeing posts on here mentioning this account was competitive in its day but it has since fallen behind.

Having a bonus rate of interest isn't a new feature with Beverley BS, though in the case of the original Monthly Saver the rate was only applicable if you made deposits each month and having the account open on 31st December, withdrawals weren't related to the bonus (1 penalty-free withdrawal/yr, further withdrawals resulted in 30 day interest hit). The new RS is stricter in that the bonus is also dependent on not making any withdrawals.

Bridlington1

dcs34 said:

Beverley BS Regular Saver

I'm confused by their product description that "this may be ideal for you if you can commit to saving each month, with only one withdrawal per calendar year." The implication being that one withdrawal each year doesn't impact the interest?

On that basis, do others interpret the product T&Cs to mean that the 'year withdrawal' restriction applies to each calendar year, i.e.:

• a withdrawal on 31st December reduces the interest earned in the preceding 365 days, and
• a withdrawal on 1st January only reduces 1 day's worth of interest?

If I've understood correctly then that does at least follow the spirit of their product description, albeit their summary wording could make this clearer (to me at least!).

Whilst my regular saver funding threshold is currently anything > 5.2%, and I like collecting smaller BS accounts, this feels like more of a future headache than the variable interest rate justifies!

I think the product description may be a copy/paste from the Monthly Savings Account they've had for a while, my guess is that they've failed to adjust the description accordingly.

Hattie627

Bridlington1 said:

kermchem 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.

Interesting, almost like someone at Beverley BS had been reading some of the posts on here and decided to come up with a slightly different RS for Savings Week.

• No closing date - does that mean it runs for ever? Or at least until they cut the rate and savers leave. And you can keep putting money in for ever.
• Issue 1 - so this is the first RS from a single branch BS
• Not far from Beverley to Bridlington 
• Exactly one payment in must happen each month, but amount can vary
• The obvious date to get your money out is 2nd January any year. 

It's the first online only RS from Beverley BS, though they have had (and still have) a Monthly Savings Account for a number of year, which can be opened in branch/post. This account only pays 3.4% and includes a bonus of 0.5%. I vaguely recalls seeing posts on here mentioning this account was competitive in its day but it has since fallen behind.

Having a bonus rate of interest isn't a new feature with Beverley BS, though in the case of the original Monthly Saver the rate was only applicable if you made deposits each month and having the account open on 31st December, withdrawals weren't related to the bonus (1 penalty-free withdrawal/yr, further withdrawals resulted in 30 day interest hit). The new RS is stricter in that the bonus is also dependent on not making any withdrawals.

Beverley BS new RS

Hi Bridlington. I'm having difficulty understanding this account. On what day of the year can you make a withdrawal without affecting the bonus rate?

surreysaver

Hattie627 said:

Bridlington1 said:

kermchem 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.

Interesting, almost like someone at Beverley BS had been reading some of the posts on here and decided to come up with a slightly different RS for Savings Week.

• No closing date - does that mean it runs for ever? Or at least until they cut the rate and savers leave. And you can keep putting money in for ever.
• Issue 1 - so this is the first RS from a single branch BS
• Not far from Beverley to Bridlington 
• Exactly one payment in must happen each month, but amount can vary
• The obvious date to get your money out is 2nd January any year. 

It's the first online only RS from Beverley BS, though they have had (and still have) a Monthly Savings Account for a number of year, which can be opened in branch/post. This account only pays 3.4% and includes a bonus of 0.5%. I vaguely recalls seeing posts on here mentioning this account was competitive in its day but it has since fallen behind.

Having a bonus rate of interest isn't a new feature with Beverley BS, though in the case of the original Monthly Saver the rate was only applicable if you made deposits each month and having the account open on 31st December, withdrawals weren't related to the bonus (1 penalty-free withdrawal/yr, further withdrawals resulted in 30 day interest hit). The new RS is stricter in that the bonus is also dependent on not making any withdrawals.

Beverley BS new RS

Hi Bridlington. I'm having difficulty understanding this account. On what day of the year can you make a withdrawal without affecting the bonus rate?

You can't (according to the T&Cs). Therefore the best time to make a withdrawal would be the day after interest is credited, and to make a full withdrawal, and to not fund the account for a year 

happybagger

surreysaver said:

 and to not fund the account for a year 

The terms require a minimum monthly deposit if £10, but it doesn't specifically state what happens if you don't.

They may well give notice to close it if the terms are not met.

Staying within the terms would mean 12 deposits of £10 in the year which would mean an average balance of around £70 over the year earning just 1%, before it became eligible for the full 5.5% from the net 1st January.

People can decide which option would be the one for them I guess (I would prefer to remain within the terms)

Bridlington1

Hattie627 said:

Bridlington1 said:

kermchem 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.

Interesting, almost like someone at Beverley BS had been reading some of the posts on here and decided to come up with a slightly different RS for Savings Week.

• No closing date - does that mean it runs for ever? Or at least until they cut the rate and savers leave. And you can keep putting money in for ever.
• Issue 1 - so this is the first RS from a single branch BS
• Not far from Beverley to Bridlington 
• Exactly one payment in must happen each month, but amount can vary
• The obvious date to get your money out is 2nd January any year. 

It's the first online only RS from Beverley BS, though they have had (and still have) a Monthly Savings Account for a number of year, which can be opened in branch/post. This account only pays 3.4% and includes a bonus of 0.5%. I vaguely recalls seeing posts on here mentioning this account was competitive in its day but it has since fallen behind.

Having a bonus rate of interest isn't a new feature with Beverley BS, though in the case of the original Monthly Saver the rate was only applicable if you made deposits each month and having the account open on 31st December, withdrawals weren't related to the bonus (1 penalty-free withdrawal/yr, further withdrawals resulted in 30 day interest hit). The new RS is stricter in that the bonus is also dependent on not making any withdrawals.

Beverley BS new RS

Hi Bridlington. I'm having difficulty understanding this account. On what day of the year can you make a withdrawal without affecting the bonus rate?

None at all unless 1st January becomes a normal working day as withdrawal requests made on non-working days are treated as having been received the next working day.

You can however make withdrawals on the 1st working day of the year to minimise the impact of a withdrawal, if you do this you'll get the bonus rate for the previous year but then lose it for the year of the withdrawal.

E.g. if you open the account now and fully fund it, then decide to withdraw on Friday 2nd January 2026 you'd get the bonus rate of interest for 2025 (i.e. 5.5% (var)), then would earn 1% variable for 2026 (which would be just the one day on the amount withdrawn), if you paid in again that year you'd continue to earn 1% (var) until 31/12/26, and would begin earning the bonus rate from 1/1/27 onwards.

happybagger said:

surreysaver said:

 and to not fund the account for a year 

The terms require a minimum monthly deposit if £10, but it doesn't specifically state what happens if you don't.

They may well give notice to close it if the terms are not met.

Staying within the terms would mean 12 deposits of £10 in the year which would mean an average balance of around £70 over the year earning just 1%, before it became eligible for the full 5.5% from the net 1st January.

People can decide which option would be the one for them I guess (I would prefer to remain within the terms)

They don't, the £10+ monthly payment is only required to get the bonus rate, the penalty for missing payments is that you forfeit the bonus for that year.

dcs34

Bridlington1 said:

dcs34 said:

Beverley BS Regular Saver

I'm confused by their product description that "this may be ideal for you if you can commit to saving each month, with only one withdrawal per calendar year." The implication being that one withdrawal each year doesn't impact the interest?

On that basis, do others interpret the product T&Cs to mean that the 'year withdrawal' restriction applies to each calendar year, i.e.:

• a withdrawal on 31st December reduces the interest earned in the preceding 365 days, and
• a withdrawal on 1st January only reduces 1 day's worth of interest?

If I've understood correctly then that does at least follow the spirit of their product description, albeit their summary wording could make this clearer (to me at least!).

Whilst my regular saver funding threshold is currently anything > 5.2%, and I like collecting smaller BS accounts, this feels like more of a future headache than the variable interest rate justifies!

I think the product description may be a copy/paste from the Monthly Savings Account they've had for a while, my guess is that they've failed to adjust the description accordingly.

Better archive those for the future dispute then...