The Top Regular Savers Discussion Thread

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.

surreysaver

allegro120 said:

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.

There's no requirement to add £10pm if I've already forfeited the bonus 

Andystriker

Bridlington1 said:

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.

Thats a game changer!

Snapdragon

Monmouthshire Branch RS - COP  failing

Applied for this by post with a cheque and received pass book showing initial £500 deposited 2nd Sept.
Am having issues setting up the payee for the standing order! It keeps failing the COP check and I'm loathe to ignore it, as we aren't talking the usual "wait 24 - 48 hours and it will resolve". I've tried multiple times during the past couple of weeks. I rechecked the passbook instructions for funding, in case it was different to all my other MBS accounts, which haven't been an issue, however the only minor difference was passbook shows my initial rather than full first name, so tried adjusting that, used the MBS sort code and account and my account as the reference as per instructions, but LLoyds is adamant it doesn't match.

Anyone else had any issues sending to this particular RS?
I have the 6% and the App versions and the S/O are working fine for those with no set up issues, so can't figure out what's different about the branch one that Lloyds is fussing about.

I guess come October 1st I'll have to do a manual small initial payment ignoring the COP failure and then top up once it appears in MBS.

s71hj

Bridlington1 said:

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.

I hope  that's in writing somewhere buried in the literature! 

PowerSavingMode

Beverley BS Regular Saver Issue 1

Showing today as:

"

This product is now fully subscribed and closed to new applications. 

"

Malchester

Andystriker said:

Bridlington1 said:

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.

Thats a game changer!

I have opened this account but haven't got my account number yet.  Was unsure whether to fund it because of the restrictions. But, if this is true I may fund it and treat it as a 12 month fixed term account and with the opportunity to withdraw on 2 January each year without losing interest, unless the rate reduces when I may withdraw then without penalty