The Top Regular Savers Discussion Thread

Ch1ll1Phlakes

topyam said:

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.

The AIB RS does not start until funded. The months for deposits are then set from the date of your first deposit. For example, if you open today the 26th, every AIB Month for your account would start on the 26th and you would be able to fund up to £500 each month, i.e up until the 25th. 

EDIT: Use the following link and look at "How does it work?" and the first Aid in particular Regular Saver - AIB (NI) Personal Banking

Ed-1

topyam said:

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.

There is no maximum monthly pay in limit. The amount you can earn the 6% on increases by £500 each month on the same date that you made your first payment in. Anything in the account above the threshold earns pittance.

Ch1ll1Phlakes

Ed-1 said:

topyam said:

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.

There is no maximum monthly pay in limit. The amount you can earn the 6% on increases by £500 each month on the same date that you made your first payment in. Anything in the account above the threshold earns pittance.

Correct. Sorry I didn't mention this but most people wouldn't want to leave anything over the £500 per month suggested value, as any excess only has the measly interest rate of 1.5%



But yes @topyam if you set up an instruction for the 1st Oct each subsequent funding month will start on the first. 

topyam

Thanks folks.
i set up the instruction for 1st - only for £10/month, as I didn't want to tie myself to an amount.
I intend on maxxing it out each month (only up to £500 as suggested), and putting this in via bank transfer.
As interest is calculated daily, I sent £490 today via bank transfer and that leaves the remaining £10 to go in on 1st  Oct. Does that make sense? Want to maximise days it is earning interest. Probs haven't made things easy for myself. The having to set up an instruction to pay from another AIB account is a pain, given that you can send money into it from other banks.

ccluedo

Monmouthshire. Regular and app exclusive. 

Interest wise is it better to fund on 1st of the month or on date of initial deposits pls? 

ThePirates

ccluedo said:

Monmouthshire. Regular and app exclusive. 

Interest wise is it better to fund on 1st of the month or on date of initial deposits pls? 

Always the 1st, the longer the cash is in the more interest you will earn.

Ch1ll1Phlakes

topyam said:

Thanks folks.
i set up the instruction for 1st - only for £10/month, as I didn't want to tie myself to an amount.
I intend on maxxing it out each month (only up to £500 as suggested), and putting this in via bank transfer.
As interest is calculated daily, I sent £490 today via bank transfer and that leaves the remaining £10 to go in on 1st  Oct. Does that make sense? Want to maximise days it is earning interest. Probs haven't made things easy for myself. The having to set up an instruction to pay from another AIB account is a pain, given that you can send money into it from other banks.

This should be fine but they may suggest that your transfer today would start the account today, i.e. meaning every funding month from now on will start on the 26th. I haven't used manual transfers into mine nor at the start so I can't confirm this but you may want to check your first statement in a months time (or if it comes sooner in the post) as AIB records the change of funding date on your statement.

Also as the AIB Regular Saver does not have an end date and a set interest payment date of April 1st, you may maximise your interest this year by funding the account early, but interest can only be maximised in the long run by funding on the 1st day of each funding month.

EDIT: After rereading the T&Cs I think my fears were correct. See the following.

allegro120

clairec666 said:

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

Beverley
It looks like it's a bit more tricky - "the account must remain open at 31st December in order to receive the bonus payment."  In my understanding this prevents from "penalty" free closing unless you do it on the day the interest is paid.  I'm under impression that the bonus won't be paid on closure as it is not the "penalty" that can be waved.  If I'm correct then the only sensible way of using this account would be to deposit £600 and close the account on 1st January.  I think the chance that this account will constantly deliver a competitive rate until January 2027 is very slim.

flaneurs_lobster

ccluedo said:

Monmouthshire. Regular and app exclusive. 

Interest wise is it better to fund on 1st of the month or on date of initial deposits pls? 

Both. The closer your initial deposit is to the 1st of successive month will maximise the amount of money that is held over the term and therefore maximise the return. Subsequent deposits should be on the 1st of the month.

ccluedo

ThePirates said:

ccluedo said:

Monmouthshire. Regular and app exclusive. 

Interest wise is it better to fund on 1st of the month or on date of initial deposits pls? 

Always the 1st, the longer the cash is in the more interest you will earn.

That's what I normally do, but reading some of the above posts re AIB, Zopa, I thought I'd best check. 😊