The Top Regular Savers Discussion Thread

allegro120

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.

topyam

Ch1ll1Phlakes said:

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.

So today is the first day then. Thank you.
Not a fan of AIB, but this RS was too good to pass up.

Also - transfers into the account from any account work fine, as it has its own account number and sort code, and I tested that. 

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.' ?