The Top Regular Savers Discussion Thread

badger09

Kim_13 said:

badger09 said:

Dizzycap said:

With regards to YBS, this is for anyone who may be in the same(ish) position.

I opened a Christmas RS on 17/01/24 which as you know matured on 1st November 2024 (10 months). This was the only account I had with YBS at the time.

I opened a easy saver in August and put £1 in - kicking myself because I hadn't opened it at the same time as the Christmas RS to get Loyalty Member status for the YBS Loyalty RS.

I just happened to pop into the YBS App 17/01/25, clicked on Regular Savers and lo and behold, the Loyalty Regular Saver @ 5.45% variable was available to me. Application made, opened  & funded by open bank link all within 5 minutes. Therefore, YBS are working on funding history over a year not having a single account opened for a year.

Whilst I personally don't like RS under 5.5%, and certainly those which are not fixed rates, I decided to open it and fund for now as imho, it's better than the insult of the 5% variable Christmas RS that's on offer.

I may indeed kick myself for that statement at a later date! 

As a side note for anyone who maybe waiting on Skipton for a Member Regular Saver and made plans to be ready for the next issue by opening an easy saver with £1 before 11/01/25, Skipton are having a long maintenance weekend beginning Saturday 18th @ 10pm until Monday 20th. There maybe a possibility that they are about to launch a new issue of the Member RS (Issue 4). We shall have to wait and see

They’re not looking at ‘funding history over a year’. I’m pretty sure most Building Socs operate in the same way. For most loyalty or member products they look for a period of continuous membership. 

So as long as you maintain an account, any account, with minimum balance (often anything above £0), your period will start on the date you opened your 1st account. That’s why it often pays to leave a tiny balance in the 1st account you open. You achieved this continuous membership by opening an Easy Saver in August.

There would have been nothing to prevent letting the Christmas 2024 roll into the default option and withdrawing all but £1, effectively making that the membership account and retaining the earlier date. Too late in your case by the sounds of it, but it may be useful to someone.

I had a load of EAs for this reason until I manually closed all but the oldest. At the rate they’ve just launched, it’s quite possible it’ll be at least August before they launch a Loyalty account worth opening.

I think you’re replying to the wrong poster

Born2Save_3

First Direct Regular Saver 7% Fixed

Has anyone had any problems if they do not fund their linked 1st (current) account till after 00:00 am on the day of the Standing Order activation ?

I don't have an arranged overdraft on the 1st account and this month, transferred the money to the 1st account at 00:45.  When I logged into First Direct, I could see that the SO had activated before the transfer in and £300 had been taken before this was transferred in. I called later that day and was told that provided I transferred into the 1st account the amount that was transferred to my regular saver by 3pm/15:00, all should be fine, with no charges.  If there was insufficient money in the 1st account, then the SO transfer to the regular saver would be reversed out.

I tried doing a manual transfer to the Regular Saver on the day money should have been transferred into it, but was not as it was a non banking day.  This failed with an error message.  I do not believe it is possible to do a manual transfer directly to the regular saver.  It was something like 5-10 years ago, as I remember cancelling the SO and doing manual transfers on the day of the month money should go in, regardless of whether it was a banking day.

My guess is that the above would be the same or very similar with the HSBC 5% Regular Saver.

Bigwheels1111

Born2Save_3 said:

First Direct Regular Saver 7% Fixed

Has anyone had any problems if they do not fund their linked 1st (current) account till after 00:00 am on the day of the Standing Order activation ?

I don't have an arranged overdraft on the 1st account and this month, transferred the money to the 1st account at 00:45.  When I logged into First Direct, I could see that the SO had activated before the transfer in and £300 had been taken before this was transferred in. I called later that day and was told that provided I transferred into the 1st account the amount that was transferred to my regular saver by 3pm/15:00, all should be fine, with no charges.  If there was insufficient money in the 1st account, then the SO transfer to the regular saver would be reversed out.

I tried doing a manual transfer to the Regular Saver on the day money should have been transferred into it, but was not as it was a non banking day.  This failed with an error message.  I do not believe it is possible to do a manual transfer directly to the regular saver.  It was something like 5-10 years ago, as I remember cancelling the SO and doing manual transfers on the day of the month money should go in, regardless of whether it was a banking day.

My guess is that the above would be the same or very similar with the HSBC 5% Regular Saver.

FD has given a £250 min free overdraft for the last 25 years when you open an account.

In the last 3 months I've gone £3000 in debit on the first of the month.

As long as I'm in credit by 23.45pm the same day no charges are made.

Never had a SO bounce.

pecunianonolet

IanManc said:

schiff said:

Some talk in the Manchester Evening News (can't quote it unfortunately as I 'lost' the email link) that the Manchester BS which was merged with the Newcastle BS in 2023 is being revived - HO in the upmarket King St and branches in the city. More news may be forthcoming and they could start by offering something worthwhile.
Very early days of course.
Just found more: planning permission obtained for the HO building, opening hopefully later this year.
Was hardly worth posting, was it LOL

The article is here:

https://www.manchestereveningnews.co.uk/news/greater-manchester-news/manchester-building-society-back-new-30790368

One revives, another might close.

"Santander considers UK exit amid frustrations with high street banking"

https://archive.is/20250118212845/https://www.ft.com/content/52f65106-6def-4855-b7a0-ae2b7f3200f6

May be time to open their reg saver speculatively now.

simonsmithsays

allegro120 said:

Mansfield Bonus Regular Savings (8th issue).

This won't be useful for most, but I thought it could be useful for those who opened this account later than me or considering to apply.

My exit timeline.
My bonus expired on Saturday 11th January. I've sent a secure message asking to close my account and transfer funds to my bank account. Got the reply on Monday 13th "Unfortunately, we are not able to complete a withdrawal/closure request for a branch based account via the Mansfield Online portal. Could you please send your request in writing, along with your passbook to our Head Office". I've done that straight away. Received the cheque today 18th January, Scanned it in with Lloyds app, so hopefully will get the money on Tuesday 21st January... It would have been quicker if I knew what to do and sent the letter with passbook a day or two earlier, but the point is - in any circumstances your money will be earning 0% for some days.  I'm OK with this because the interest rate mitigates this loss of interest, posted my application and £250 cheque for a new one today (they've sent me the application form with SAE and I still have plenty of unused pages in my 25 year old cheque book  .  

Not just any SAE though

A whopper of one!

Section62

pecunianonolet said:

One revives, another might close.

"Santander considers UK exit amid frustrations with high street banking"

https://archive.is/20250118212845/https://www.ft.com/content/52f65106-6def-4855-b7a0-ae2b7f3200f6

May be time to open their reg saver speculatively now.

Another one for Nationwide BS to buy perhaps?

surreysaver

Section62 said:

pecunianonolet said:

One revives, another might close.

"Santander considers UK exit amid frustrations with high street banking"

https://archive.is/20250118212845/https://www.ft.com/content/52f65106-6def-4855-b7a0-ae2b7f3200f6

May be time to open their reg saver speculatively now.

Another one for Nationwide BS to buy perhaps?

My chequebook still has cheques in it with Abbey National written at the top 

Bob2000

pecunianonolet said:

IanManc said:

schiff said:

Some talk in the Manchester Evening News (can't quote it unfortunately as I 'lost' the email link) that the Manchester BS which was merged with the Newcastle BS in 2023 is being revived - HO in the upmarket King St and branches in the city. More news may be forthcoming and they could start by offering something worthwhile.
Very early days of course.
Just found more: planning permission obtained for the HO building, opening hopefully later this year.
Was hardly worth posting, was it LOL

The article is here:

https://www.manchestereveningnews.co.uk/news/greater-manchester-news/manchester-building-society-back-new-30790368

One revives, another might close.

"Santander considers UK exit amid frustrations with high street banking"

https://archive.is/20250118212845/https://www.ft.com/content/52f65106-6def-4855-b7a0-ae2b7f3200f6

May be time to open their reg saver speculatively now.

What advantage would you gain my opening their RS if they do pull out of the British market?
I'm still learning stuff on here so pardon if it's a silly question. 

spreadsheeterapple

Born2Save_3 said:

First Direct Regular Saver 7% Fixed

Has anyone had any problems if they do not fund their linked 1st (current) account till after 00:00 am on the day of the Standing Order activation ?

I don't have an arranged overdraft on the 1st account and this month, transferred the money to the 1st account at 00:45.  When I logged into First Direct, I could see that the SO had activated before the transfer in and £300 had been taken before this was transferred in. I called later that day and was told that provided I transferred into the 1st account the amount that was transferred to my regular saver by 3pm/15:00, all should be fine, with no charges.  If there was insufficient money in the 1st account, then the SO transfer to the regular saver would be reversed out.

I tried doing a manual transfer to the Regular Saver on the day money should have been transferred into it, but was not as it was a non banking day.  This failed with an error message.  I do not believe it is possible to do a manual transfer directly to the regular saver.  It was something like 5-10 years ago, as I remember cancelling the SO and doing manual transfers on the day of the month money should go in, regardless of whether it was a banking day.

My guess is that the above would be the same or very similar with the HSBC 5% Regular Saver.

First Direct and HSBC still have separate computer systems, never integrated/merged. The timing of when their transfers, standing orders, direct debits appear on your account also differs between the two banks.

AFAIK First Direct regular savers HAVE to be funded by standing order from your FD current account, by no other method.
HSBC's reg saver allows both standing order and internal transfer; I've done both, but never paid into it directly from an external bank for example.

They set controls on how the savers can be credited because, to be fair, the savers have higher rates because they are 'perks' or incentives for customers using their current accounts. They want to encourage to use them as your main bank. Banks earn income from current account customers regularly using their accounts, and in the hope you might 'buy' something else from them (insurance, investments, credit card, loan etc).

pecunianonolet

Bob2000 said:

pecunianonolet said:

IanManc said:

schiff said:

Some talk in the Manchester Evening News (can't quote it unfortunately as I 'lost' the email link) that the Manchester BS which was merged with the Newcastle BS in 2023 is being revived - HO in the upmarket King St and branches in the city. More news may be forthcoming and they could start by offering something worthwhile.
Very early days of course.
Just found more: planning permission obtained for the HO building, opening hopefully later this year.
Was hardly worth posting, was it LOL

The article is here:

https://www.manchestereveningnews.co.uk/news/greater-manchester-news/manchester-building-society-back-new-30790368

One revives, another might close.

"Santander considers UK exit amid frustrations with high street banking"

https://archive.is/20250118212845/https://www.ft.com/content/52f65106-6def-4855-b7a0-ae2b7f3200f6

May be time to open their reg saver speculatively now.

What advantage would you gain my opening their RS if they do pull out of the British market?
I'm still learning stuff on here so pardon if it's a silly question. 

That such a step doesn't happen over night but if this is a serious plan it will mean a lot of restructure beforehand and that could mean that they restructure their portfolio, which in turn could mean accounts are withdrawn but remain perfectly fine and operable by those who have it open.