The Top Regular Savers Discussion Thread

jaypers

Born2Save_3 said:

Born2Save_3 said:

Vernon BS Online RS Maturity

I've received an email telling me that on the 30th of this month they will add the interest and transfer everything bar  £1 to an EA.

I'd like to get £250 back in on the 30th and also do my usual £250 on the 1st.  Can I do that or am I stuffed because I've already put £250 in this month ?  Can I just transfer £250 or £249 back in from the EA account ?  Or if I can do another £250/£249 in on the 30th, from my external nominated account ?

Did anyone notice what time of day the interest is added and balance transferred to the EA ?  Hoping it happens early in the day, so I can try transfers during working hours.

I'm wondering if I call, I could ask for £250 to be transferred back on the 30th.  Has anyone had success with this ?

Thanks in advance.

Any one else like to comment ?

I’m in the same boat, also on the 30th. Am assuming I cannot put another £250 in until the 1st as the account is effectively already open. Not really too worried about it and was just going to fund with £250 on the 1st as per usual, however if you learn anything different please let us know. 

s71hj

clairec666 said:

subjecttocontract said:

There was no criticism meant on my part, I just wanted to understand why the Beverley account seemed to be so attractive.......in case I was missing something.  The comments on here have persuaded me that the Manchester reg saver will make an ideal easy access account which I will open. Many thanks.

One pro for the Beverley account is that it appears to be open-ended, so your money won't mature into a lower-paying account after a year. The benefits of this are somewhat negated by the strict withdrawal conditions and the massive interest drop if you make a withdrawal.

It might be a helpful account for some people, if for example they know they're unlikely to need access to the money, if they've already maxed out their ISA and all higher-paying regular savers, etc.

The risk associated with the loss of interest if the rate reduces such that you want to withdraw seems to be totally offset if I understand correctly that in the event of an interest reduction you have 30 days to withdraw. I say totally offset, it depends on you noticing a rate change buried in your email inbox, another reason to obsessively follow this thread!!!! 

Section62

clairec666 said:

subjecttocontract said:

There was no criticism meant on my part, I just wanted to understand why the Beverley account seemed to be so attractive.......in case I was missing something.  The comments on here have persuaded me that the Manchester reg saver will make an ideal easy access account which I will open. Many thanks.

One pro for the Beverley account is that it appears to be open-ended, so your money won't mature into a lower-paying account after a year. The benefits of this are somewhat negated by the strict withdrawal conditions and the massive interest drop if you make a withdrawal.

It might be a helpful account for some people, if for example they know they're unlikely to need access to the money, if they've already maxed out their ISA and all higher-paying regular savers, etc.

Another possible reason - an old favourite - is having at least one account with a provider to potentially qualify for loyalty products.

Depositing £10 per month into an online-only account paying 5.5% might be seen by some as better than sticking £1 in the instant access passbook account at 2%.  Opinions are likely to vary though.

hgt

Section62 said:

clairec666 said:

subjecttocontract said:

There was no criticism meant on my part, I just wanted to understand why the Beverley account seemed to be so attractive.......in case I was missing something.  The comments on here have persuaded me that the Manchester reg saver will make an ideal easy access account which I will open. Many thanks.

One pro for the Beverley account is that it appears to be open-ended, so your money won't mature into a lower-paying account after a year. The benefits of this are somewhat negated by the strict withdrawal conditions and the massive interest drop if you make a withdrawal.

It might be a helpful account for some people, if for example they know they're unlikely to need access to the money, if they've already maxed out their ISA and all higher-paying regular savers, etc.

Another possible reason - an old favourite - is having at least one account with a provider to potentially qualify for loyalty products.

Depositing £10 per month into an online-only account paying 5.5% might be seen by some as better than sticking £1 in the instant access passbook account at 2%.  Opinions are likely to vary though.

I think another positive for the Beverley BS account is that it's available as a joint account if required, which I think is quite rare for a Regular Saver. I can only think of this and the Co-Op Bank RS off the top of my head which are available in joint names. 

Does anyone know of any others?

gt94sss2

hgt said:

Section62 said:

clairec666 said:

subjecttocontract said:

There was no criticism meant on my part, I just wanted to understand why the Beverley account seemed to be so attractive.......in case I was missing something.  The comments on here have persuaded me that the Manchester reg saver will make an ideal easy access account which I will open. Many thanks.

One pro for the Beverley account is that it appears to be open-ended, so your money won't mature into a lower-paying account after a year. The benefits of this are somewhat negated by the strict withdrawal conditions and the massive interest drop if you make a withdrawal.

It might be a helpful account for some people, if for example they know they're unlikely to need access to the money, if they've already maxed out their ISA and all higher-paying regular savers, etc.

Another possible reason - an old favourite - is having at least one account with a provider to potentially qualify for loyalty products.

Depositing £10 per month into an online-only account paying 5.5% might be seen by some as better than sticking £1 in the instant access passbook account at 2%.  Opinions are likely to vary though.

I think another positive for the Beverley BS account is that it's available as a joint account if required, which I think is quite rare for a Regular Saver. I can only think of this and the Co-Op Bank RS off the top of my head which are available in joint names. 

Does anyone know of any others?

You can search Moneyfacts for Regular Savers which allow joint accounts.

I believe there are around 40 listed.

BestSeagull

friolento said:

trickydicky14 said:

subjecttocontract said:

Stargunner said:

subjecttocontract said:

Stargunner said:

subjecttocontract said:

Yes I can understand that, the 4.15% would annoy me as well.
The Beverley 5.5% would annoy me as well, that's why it's not being opened by me. It would get shown up by all the others that provide a better return.

5.5% is higher than my EA savings accounts, so I have gone for it. 

Well it's hardly easy access. I thought that if you withdraw money from the account..... doesn't the interest paid stay at 1% ?

That is correct.

i don’t need it to be easy access, but as it pays more than my easy access accounts I have gone for it.

I still don't understand the accounts attraction unless, you already have the many other reg savers that pay more than 5.5%.

Am I missing something, why not open the new Manchester B.S regular saver. Same rate 5.5% also variable and up to £500 a month and with easy access without all the conditions. And it runs for 2 years. And the system is fast, my deposit showed within an hour plus you get a text and email to tell you it's arrived.

What's all the criticim of people who opened accounts that you wouldn't open? Why do you assume that those who opened the Beverley one don't already have at least one Manchester one?

I don't think it's criticism. It's a discussion of the pros and cons of an atypical account. 
I really appreciate these posts as I'm on the fence about it at the moment.

clairec666

s71hj said:

clairec666 said:

subjecttocontract said:

There was no criticism meant on my part, I just wanted to understand why the Beverley account seemed to be so attractive.......in case I was missing something.  The comments on here have persuaded me that the Manchester reg saver will make an ideal easy access account which I will open. Many thanks.

One pro for the Beverley account is that it appears to be open-ended, so your money won't mature into a lower-paying account after a year. The benefits of this are somewhat negated by the strict withdrawal conditions and the massive interest drop if you make a withdrawal.

It might be a helpful account for some people, if for example they know they're unlikely to need access to the money, if they've already maxed out their ISA and all higher-paying regular savers, etc.

The risk associated with the loss of interest if the rate reduces such that you want to withdraw seems to be totally offset if I understand correctly that in the event of an interest reduction you have 30 days to withdraw. I say totally offset, it depends on you noticing a rate change buried in your email inbox, another reason to obsessively follow this thread!!!! 

Yes, a big thumbs up to the people who keep us up to speed with changing interest rates.

You're right, there's a get-out clause on the Beverley account if interest rates drop. Although in the unlikely event that interest rates suddenly soar and Beverley decide not to raise theirs, there's no such clause. In which case, it's the perfect excuse to make a spreadsheet to decide whether it's better to lose the bonus rate to move your money elsewhere

topyam

Just opened the AIB RS - guess that's my Monmouthshire (I live in NI)
It was annoying me that the Mon RS wasn't available to those of us in NI

topyam

And another note... like Mon, AIB is so slow

topyam

Can anybody help?
For the AIB RS, what do they count as a month for the max £500?
Does it reset at the start of the month like many, or is it (like the Zopa RS) every month when opened?

Have set up an instruction to add £ on 1st Oct. Condition of account. Earliest that can take effect.
Thinking I could however deposit a full £500 this month if it was calendar month...
Just can't go over, as the interest rate goes down.