The Top Regular Savers Discussion Thread

bripat

enterprising2016 said:

Hello, my Skipton regular saver matures today. I tried to open a new one but received this message - 

• Your account couldn't be opened as you don't meet our product criteria. For more support please contact us. [210993]

Is it correct that I have to wait until tomorrow to open a new one? Or is it an unexpected error?

Thank you!!

I was the same on Tuesday take the money out close the account then you will be able to open the new regualar account 

alfred64

I've been looking at the Stafford bs regular saver account. The rate was cut in December from 5.15% to 4.9%, so it's hardly amongst the higher offers but there is a certain appeal about this account as its open ended so possible to keep  a useful sum here without a reduced % rate as there is no maturity date.
 However, must not go more than 3 months per year without depositing. And cash withdrawals max £2,500 per day.
 Any account holders here? Thoughts, please.

https://srbs.co.uk/savings-product/regular-saver/

Kim_13

alfred64 said:

I've been looking at the Stafford bs regular saver account. The rate was cut in December from 5.15% to 4.9%, so it's hardly amongst the higher offers but there is a certain appeal about this account as its open ended so possible to keep  a useful sum here without a reduced % rate as there is no maturity date.
 However, must not go more than 3 months per year without depositing. And cash withdrawals max £2,500 per day.
 Any account holders here? Thoughts, please.

https://srbs.co.uk/savings-product/regular-saver/

I have one, and keep it rolling at £25 per month. If I need money it’s usually the first place I go due to the lower rate. I like open ended accounts and it’s the only one I have, so the low requirement makes it worth maintaining (though I forgot in December; I haven’t had a SO for a while as I have been paying in on different dates.) 

I opened it when it was the best payer (August 2022 from memory.) I’m not sure I’d open it now given that I’m not local so have to pay for postage when I need a withdrawal, without the rate advantage to offset it. But I’ve been very happy with their service, given they are a small society.

They occasionally restrict to locals only, so it also makes sense for me to remain a member in case they launch something better in future.

happybagger

alfred64 said:

I've been looking at the Stafford bs regular saver account. The rate was cut in December from 5.15% to 4.9%, so it's hardly amongst the higher offers but there is a certain appeal about this account as its open ended so possible to keep  a useful sum here without a reduced % rate as there is no maturity date.
 However, must not go more than 3 months per year without depositing. And cash withdrawals max £2,500 per day.
 Any account holders here? Thoughts, please.

https://srbs.co.uk/savings-product/regular-saver/

I also have this because it's over my Instant Access rate and open ended. It's borderline thought, I fluctuate between small and large amounts.

Is having a cash withdrawal above £2500 important to you? Just wondering.
I've only ever had a cheque from them before as it clears in Santander by the end of the next day anyway, and of course there is CHAPS, for a fee, if you ever needed that.

Looking at the online platform FAQs I see they do allow their notice accounts to have the notice period set by message, and a faster payments option is permitted "on the forms" so it seems that they will do FP, if the right form is signed and enclosed with the passbook. That's how it reads anyway.

where_are_we

Stafford RS1 @ 4.9% - like the others I have reduced my SO to £25 /month. They were competitive, but not now, and I view any further reduction in interest rate as a signal for me to empty all but £25.

Happybagger - to avoid cheque withdrawals do a faster payment to your nominated account.

allegro120

Kim_13 said:

alfred64 said:

I've been looking at the Stafford bs regular saver account. The rate was cut in December from 5.15% to 4.9%, so it's hardly amongst the higher offers but there is a certain appeal about this account as its open ended so possible to keep  a useful sum here without a reduced % rate as there is no maturity date.
 However, must not go more than 3 months per year without depositing. And cash withdrawals max £2,500 per day.
 Any account holders here? Thoughts, please.

https://srbs.co.uk/savings-product/regular-saver/

I have one, and keep it rolling at £25 per month. If I need money it’s usually the first place I go due to the lower rate. I like open ended accounts and it’s the only one I have, so the low requirement makes it worth maintaining (though I forgot in December; I haven’t had a SO for a while as I have been paying in on different dates.) 

Certainly worth keeping them for as long as it is sustainable.  I had an open ended RS with Coventry for 13 years. The rates were changing in line with the normal 12 months issues, which were always on competitive side.  By the time I closed the account my balance got up to £46k.  I closed it when the interest rate dropped 0.1% below the conventional Coventry's RS, which was already too low.  I saw it as a sign that Coventry wants to wind this product down and I already had a better home for this money.       

etienneg

Open-ended accounts are something I haven't considered in the past. Are there any others at the moment?

ForumUser7

etienneg said:

Open-ended accounts are something I haven't considered in the past. Are there any others at the moment?

Some of the following providers have (or had) them:

• Darlington BS
• Buckinghamshire BS
• Ecology BS
• Co-op Credit Union
• Hanley EBS
• Leeds BS
• Loughborough BS
• Mansfield BS
• Melton BS
• NatWest and RBS (Competitive)

N.B. These rates/dividends generally aren't competitive

Kim_13

I forgot the NatWest/RBS ones - but these require a current account with the bank in question and are online only. Maximum of £5,000 earning the competitive rate, so it is likely that people will hit it and it essentially becomes just another Instant Access account from which to draw off the interest each month. 

I doubt anyone will be hitting the maximum for Stafford BS (it’s £100K so over the FSCS compensation limit unless it was a joint account and each person had a maximum of £35K in individually held savings with them.)

I would have liked to open the Hanley Economic one but couldn’t spare the money during the short time it was available (40x the amount needed to open an account with Stafford) and their minimum monthly amount was ten times Stafford’s.

Speculator

ForumUser7 said:

etienneg said:

Open-ended accounts are something I haven't considered in the past. Are there any others at the moment?

Some of the following providers have (or had) them:

• Darlington BS
• Buckinghamshire BS
• Ecology BS
• Co-op Credit Union
• Hanley EBS
• Leeds BS
• Loughborough BS
• Mansfield BS
• Melton BS
• NatWest and RBS (Competitive)

N.B. These rates/dividends generally aren't competitive

still have one with Coventry (former Stroud and Swindon RS)