The Top Regular Savers Discussion Thread

SFCooper

flaneurs_lobster said:

SFCooper said:

flaneurs_lobster said:

SFCooper said:

I’ve opened the Lloyds RS @ 6.25% and maxed deposits each month. I’ve got another £200 available to save - can anyone suggest the next best option?

I believe I may have seen mention somewhere of something called the Principality Building Society 6 Month Regular Saver (Issue 4) ......

That lasts only 6 months?

Given the name that would be my best guess. You have other requirements?

I was asking for advice and you’re delivering sarcastic responses.

 Thank you.

Bobblehat

I'm glad my simple "League Table" has not generated as much microscopic analysis that Principality has on here! It's probably the result of inadvertently starting the table with no rules to criticise, other than the "how many have you got" rule? 

In itself, the no rules could be a target for criticism, but I think the contributors have entered into the spirit of the table with great positivity .... an element of fun amongst the money making! And it seems to have encouraged quite a few to boost their RS efforts, or even set out on the start of the journey 

Not only do the debates on this thread show what a diverse lot RS enthusiasts are, but the 67 contributors (so far) to the "League Table" thread demonstrate that diversity from some holding zero RS's to 76 RS's.

I look forward to Bridlington1's new spreadsheet, I don't doubt it'll be useful 

SFCooper

where_are_we said:

SF Cooper - you are correct that the Principality 6 Month RS4 lasts only 6 months. An advantage of this is that your funds are released after 6 months, which for a "no withdrawals" account, means your cash flow problems to fund other RS`s is alleviated compared to 12 month "no withdrawals" RS`s. You can also close it anytime with no loss of interest. You might be able to open a new one at maturity after 6 months hopefully at a good interest rate. But who knows what RS offers might appear in the future. At 7.5% fixed my advice would be to open one ASAP as it could be pulled tomorrow.
As has been said there are no hoops to jump through eg opening a current account.   

Appreciate the advice. So, presumedly, Principality will offer me the greatest returns for my £200 investment each month?

masonic

SFCooper said:

where_are_we said:

SF Cooper - you are correct that the Principality 6 Month RS4 lasts only 6 months. An advantage of this is that your funds are released after 6 months, which for a "no withdrawals" account, means your cash flow problems to fund other RS`s is alleviated compared to 12 month "no withdrawals" RS`s. You can also close it anytime with no loss of interest. You might be able to open a new one at maturity after 6 months hopefully at a good interest rate. But who knows what RS offers might appear in the future. At 7.5% fixed my advice would be to open one ASAP as it could be pulled tomorrow.
As has been said there are no hoops to jump through eg opening a current account.   

Appreciate the advice. So, presumedly, Principality will offer me the greatest returns for my £200 investment each month?

As discussed earlier in the thread, it might be worth checking the start of the thread for options over 12 months (or longer) paying 6.5%+, as these would return more over their term than successive 6 month accounts at 7.5%.

poolboy

Principality 7.5% fix is the best, get it while you can

Dizzycap

Hattie627 said:

trickydicky14 said:

Bridlington1 said:

trickydicky14 said:

I will be sooo glad when a new topic comes along. I'm going to lay down in a dark room until it goes away.

I would imagine Scottish BS'll come to your rescue at some point then, when I spoke to them they said they were hoping to launch their online RS either this week or next week.

Thanks Bridlington but I've applied for the postal version so I can't now get excited about the upcoming online one as I can only have the one, unless you know different you old boundary pusher.

Knowing the habits of the old lags on here, we'll all apply for the Scottish BS online version and hope for the best.

I certainly will be as 8 days after posting my application form for the Scottish BS RS, the monies still have been drawn from the cheque I also sent, so I've moved it back into an account that gets a higher interest rather than my current account. IMHO, 8 days is more than long enough for a BS to get themselves organised and either accept or reject an application, especially after sending off the application along with ID via email & then reciving an email of confirmation to send a cheque & including a completed print out form and ID again!

Aidanmc

Dizzycap said:

Hattie627 said:

trickydicky14 said:

Bridlington1 said:

trickydicky14 said:

I will be sooo glad when a new topic comes along. I'm going to lay down in a dark room until it goes away.

I would imagine Scottish BS'll come to your rescue at some point then, when I spoke to them they said they were hoping to launch their online RS either this week or next week.

Thanks Bridlington but I've applied for the postal version so I can't now get excited about the upcoming online one as I can only have the one, unless you know different you old boundary pusher.

Knowing the habits of the old lags on here, we'll all apply for the Scottish BS online version and hope for the best.

I certainly will be as 8 days after posting my application form for the Scottish BS RS, the monies still have been drawn from the cheque I also sent, so I've moved it back into an account that gets a higher interest rather than my current account. IMHO, 8 days is more than long enough for a BS to get themselves organised and either accept or reject an application, especially after sending off the application along with ID via email & then reciving an email of confirmation to send a cheque & including a completed print out form and ID again!

So what happens in that situation when the cheque doesn't clear?

Eco_Miser

francoghezzi said:

Eco_Miser said:

francoghezzi said:

Bridlington1 said:

francoghezzi said:

CricketLady said:

Hello Francoghezzi,

No need to apologise and I'm sure lots more savvy members will have better answers but in my case, I don't pay tax on my hard earned cash as I'm taking a break from work so rather than have any of my cash sitting at 5% Cahoot I'd much rather have as many accounts paying 6% upwards no matter what the time frame.  If I could have another 6.25% regular saver with Lloyds I would, I'd have 5 if they'd let me, but they only let you have one.  And I have all of the others (I currently feed 52 with about £10k per month, a mix of new cash as my husband is a higher earner and recycled funds) but again, others on here will probably have more than 52!

Have a lovely day xx

But 1200 kept at 5% on Cahoot will give you more interests in a year than 2 Principality rs ... almost £10 more (it's £60 interest with Cahoot against £52 from Principality). Even deposited in a 5.25% Rs those money would earn more interests in 12 months time

But £1.2k kept at 5% in Cahoot for 6 months would earn less than £1.2k kept in Cahoot and drip-fed into 7.5% Principality RSs. 

That's for sure. But the big question remains. Why should I go for a 6 month Rs when any other 12 month Rs above 5.25% would give me more investing the same amount of money? (Unless, of course, I already own 100 fully funded Rs ...)

In my world Principality 7.5% has the same appeal of TSB or Hsbc 5%. No more than that because Maths is not an opinion

But you're NOT investing the same amount of money for the same time. Two consecutive  6 month accounts use only half the money*time a 12 month account does. So you can put the extra in an easy access account, or spread it over multiple RSs  

Scenario 1 - pay £200 a month into a 6 month RS@ 7.5% result £26.25 interest. Repeat for months 7-12, with the excess in an EA @4%, resulting in total interest of £62.50

Scenario 2 - pay £200 a month into a 12 month RS@ 5.5% for 6 months, then leave the £1200 result £52.50 interest.

Scenario 3 - like scenario 2 but @6.53%, result interest of £62.50.

month	6m RS	EA	12m RS
1	200		200
2	400		400
3	600		600
4	800		800
5	1000		1000
6	1200		1200
7	200	1000	1200
8	400	800	1200
9	600	600	1200
10	800	400	1200
11	1000	200	1200
12	1200	0	1200
£months	8400	3000	11400
rate	7.50%	4%	5.50%
£ interest	52.5	10.00	52.25

Scenario 4 - Feeding £200 a month for the full 12 months @5.5% gives £71.50 interest, but uses £2400 by the last month.

Scenario 5 - Repeating scenario 1, but also feeding £200 into another 6 month RS, matching the payments in scenario 4, gives £115.

So it really depends on what actual rates are available.

Everything interesting, but where it is written that after the first 6 months you'll still have a Principality Rs paying 7.5%?

True, it could be 8%

ThePirates

friolento said:

Plus number of posts questioning why anyone would open the account, and number of posts calling the account a scam because 'it only pays half the interest'

Or a quarter of the interest in Principality's case 😉

francoghezzi

masonic said:

SFCooper said:

where_are_we said:

SF Cooper - you are correct that the Principality 6 Month RS4 lasts only 6 months. An advantage of this is that your funds are released after 6 months, which for a "no withdrawals" account, means your cash flow problems to fund other RS`s is alleviated compared to 12 month "no withdrawals" RS`s. You can also close it anytime with no loss of interest. You might be able to open a new one at maturity after 6 months hopefully at a good interest rate. But who knows what RS offers might appear in the future. At 7.5% fixed my advice would be to open one ASAP as it could be pulled tomorrow.
As has been said there are no hoops to jump through eg opening a current account.   

Appreciate the advice. So, presumedly, Principality will offer me the greatest returns for my £200 investment each month?

As discussed earlier in the thread, it might be worth checking the start of the thread for options over 12 months (or longer) paying 6.5%+, as these would return more over their term than successive 6 month accounts at 7.5%.

Thank you again for your serious contribution to this forum.