The Top Regular Savers Discussion Thread

premierfella

allegro120 said:

Beverley
..  I think the chance that this account will constantly deliver a competitive rate until January 2026 is very slim.

I assume you meant to write January 2027? I think the chances of it delivering a competitive rate for the next few months are very high

jaypers

allegro120 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? 

MonBS
Yes on the 1st, except for November, January, February, March and August because MonBS doesn't credit deposits on none-working days so the deposits made at weekends won't earn any interest until the next working day.

I think they do as although it takes until the next working day to show, I’ve found that the posting date is the date of the transfer with Mon, including weekends so think it does earn interest from that date. Furness on the other hand……your comment definitely applies to them! 

surreysaver

allegro120 said:

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 2026 is very slim.

That's what I was planning to do. Might leave £10 in to keep a foot in the door with Beverley 

allegro120

premierfella said:

allegro120 said:

Beverley
..  I think the chance that this account will constantly deliver a competitive rate until January 2026 is very slim.

I assume you meant to write January 2027? I think the chances of it delivering a competitive rate for the next few months are very high

Yes, that was a typo, I meant 2027, thanks for correcting this.

allegro120

jaypers said:

allegro120 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? 

MonBS
Yes on the 1st, except for November, January, February, March and August because MonBS doesn't credit deposits on none-working days so the deposits made at weekends won't earn any interest until the next working day.

I think they do as although it takes until the next working day to show, I’ve found that the posting date is the date of the transfer with Mon, including weekends so think it does earn interest from that date. Furness on the other hand……your comment definitely applies to them! 

MonBS
May be it has changed now.  I didn't know this, it used to be working days only.  I remember about 2 years ago making a deposit at weekend - it wasn't credited until the next working day and there were few posts on here suggesting that the interest doesn't start accruing until next working day.  

jaypers

allegro120 said:

jaypers said:

allegro120 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? 

MonBS
Yes on the 1st, except for November, January, February, March and August because MonBS doesn't credit deposits on none-working days so the deposits made at weekends won't earn any interest until the next working day.

I think they do as although it takes until the next working day to show, I’ve found that the posting date is the date of the transfer with Mon, including weekends so think it does earn interest from that date. Furness on the other hand……your comment definitely applies to them! 

MonBS
May be it has changed now.  I didn't know this, it used to be working days only.  I remember about 2 ago making a deposit at weekend - it wasn't credited until the next working day and there were few posts on here suggesting that the interest doesn't start accruing until next working day.  

Here’s my validation…..opened a RS on Sat 13th and did a test transaction of £5. Didn’t show until the 15th but you can see it’s dated Sat 13th. The Mon 15th payment of £495 didn’t show until Tuesday 16th but it’s dated 15th. Hope this helps. 

allegro120

surreysaver said:

allegro120 said:

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 2026 is very slim.

That's what I was planning to do. Might leave £10 in to keep a foot in the door with Beverley 

Beverley
I see the point, but In order to keep a foot in the door at the rate higher than 1% you'll have to keep adding £10 every month.  Whether this is worth doing or not depends on the individual circumstances and strategies, I think I will give this one a miss.

SJMALBA

Mon BS

IME, deposits show as the date sent, irrespective of whether it's a working day, weekend or BH; however, on page 1 of this thread, @Bridlington1 states 'Deposits on non-working days: Treated as having been received the next working day.' ?

Bridlington1

SJMALBA said:

Mon BS

IME, deposits show as the date sent, irrespective of whether it's a working day, weekend or BH; however, on page 1 of this thread, @Bridlington1 states 'Deposits on non-working days: Treated as having been received the next working day.' ?

The first page goes off how it's treated for interest purposes, MBS is a bit like Skipton in that whilst payments show in the account from the day it's received it earns interest from the next working day under the general Ts&C's.

Bridlington1

Just spoken to Beverley BS, the branch manager has confirmed that if they announce a cut to the interest rate of the Online RS and you decided to close the account early as a result you would still earn the bonus rate of interest provided you've paid in £10-£150 up to the day of closure.