The Top Regular Savers Discussion Thread

Bridlington1

dcs34 said:

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...

They already have been:

Beverley BS	Monthly Saver	https://web.archive.org/web/20220817231148/https://beverleybs.co.uk/savings/monthly-savings-account/
Beverley BS	Regular Saver Issue 1	https://web.archive.org/web/20250924175255/https://beverleybs.co.uk/savings/regular-saver-issue-1/

Hattie627

Beverley BS

I'm an enthusiastic Regular Saver opener and collector, but this one is just too, well, not sure what the term is, not confidence-inspiring? £150 at 5.5% open-ended is good, but (for a non-fixed rate, a fixed rate I know is impossible when open-ended) I want the ability to at least close (if not withdraw) at any time without penalty. This one clearly HAS a penalty for closing except immediately after 31 December. I'm not prepared to take the risk with this one. Their operation too seems a bit ropey (eg the apparent cut and paste job on the headline blurb for this new account, not professional).

surreysaver

Hattie627 said:

Beverley BS

I'm an enthusiastic Regular Saver opener and collector, but this one is just too, well, not sure what the term is, not confidence-inspiring? £150 at 5.5% open-ended is good, but (for a non-fixed rate, a fixed rate I know is impossible when open-ended) I want the ability to at least close (if not withdraw) at any time without penalty. This one clearly HAS a penalty for closing except immediately after 31 December. I'm not prepared to take the risk with this one. Their operation too seems a bit ropey (eg the apparent cut and paste job on the headline blurb for this new account, not professional).

I've opened it, with the knowledge that there's only four payments to make before an interest payment, in the hope that the T&Cs are clarified (allowing one withdrawal per calendar year or if the interest rate drops would be sensible clarifications)

surreysaver

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)

There is no such term. You only need to pay a minimum of £10pm to obtain the bonus rate. If I were to make a withdrawal, I would likely leave a token £10 in the account to keep it open 

Bridlington1

surreysaver said:

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)

There is no such term. You only need to pay a minimum of £10pm to obtain the bonus rate. If I were to make a withdrawal, I would likely leave a token £10 in the account to keep it open 

Or ``refresh" if still available, doing that enables you to have another chance of the bonus for that year if it becomes competitive later.

charlie12525

Beverley BS RS1

I usually jump at any decent Regular Saver.

According to the Beverley terms pdf I would earn £53.84 interest for 12 monthly payments of £150 into their RS1.

If I put the £150 monthly into my 4.4% Cahoot instant access account I will earn, roughly, £40 interest over a year.

Not worth it for me to negotiate the terms on the Beverley account for potentially £14 advantage.

Cahoot are more likely than Beverley to reduce their rate, I think, so that £14 advantage could increase.

Still gonna pass on this one.

HHUK

charlie12525 said:

Beverley BS RS1

If I put the £150 monthly into my 4.4% Cahoot instant access account I will earn, roughly, £40 interest over a year.

Already maxed out any 5% Cahoot Sunny Day Saver(s) ?

s71hj

Hattie627 said:

Beverley BS

I'm an enthusiastic Regular Saver opener and collector, but this one is just too, well, not sure what the term is, not confidence-inspiring? £150 at 5.5% open-ended is good, but (for a non-fixed rate, a fixed rate I know is impossible when open-ended) I want the ability to at least close (if not withdraw) at any time without penalty. This one clearly HAS a penalty for closing except immediately after 31 December. I'm not prepared to take the risk with this one. Their operation too seems a bit ropey (eg the apparent cut and paste job on the headline blurb for this new account, not professional).

T and Cs make it sound more like a riddle than a savings account! 

charlie12525

HHUK said:

charlie12525 said:

Beverley BS RS1

If I put the £150 monthly into my 4.4% Cahoot instant access account I will earn, roughly, £40 interest over a year.

Already maxed out any 5% Cahoot Sunny Day Saver(s) ?

Yes, I have 2 of them. Don't want to push my luck too much with Santander as I have my main bank account with them.

s71hj

s71hj said:

Hattie627 said:

Beverley BS

I'm an enthusiastic Regular Saver opener and collector, but this one is just too, well, not sure what the term is, not confidence-inspiring? £150 at 5.5% open-ended is good, but (for a non-fixed rate, a fixed rate I know is impossible when open-ended) I want the ability to at least close (if not withdraw) at any time without penalty. This one clearly HAS a penalty for closing except immediately after 31 December. I'm not prepared to take the risk with this one. Their operation too seems a bit ropey (eg the apparent cut and paste job on the headline blurb for this new account, not professional).

T and Cs make it sound more like a riddle than a savings account! 

Anyhow my wife was successful but I got a referral due to ID. Anyone else had this?