The Top Regular Savers Discussion Thread

dcs34

Skipton BS
So for those with the Regular Issue 1 and Member Regular Issue 4, which are due to mature in July, it's not worth closing the existing accounts to renew as you'll only be able to open one of the new accounts (whereas the older issues had a 'loophole' where both account types could be held simultaneously provided they were opened in the right order).

Kim_13

dcs34 said:

Skipton BS
So for those with the Regular Issue 1 and Member Regular Issue 4, which are due to mature in July, it's not worth closing the existing accounts to renew as you'll only be able to open one of the new accounts (whereas the older issues had a 'loophole' where both account types could be held simultaneously provided they were opened in the right order).

Correct.

If you only had a Regular 1 and are eligible for the Member Regular Issue 5, it's a harder call - £50p/m higher deposit limit and 0.5% increase in rate, but where would the remainder of the funds go? If they will fund higher paying regulars, then great.

If the Regular 1 was a person's only account and is closed to get the Member Issue 5, I do wonder whether Skipton will eventually downgrade it as technically their membership becomes 11/11/25 or later onwards (from an Easy Access to empty the Regular into, with membership earlier than 10/11/25 ending with Regular Issue 1.)

ChewyyBacca

Kim_13 said:

ChewyyBacca said:

My one & only Market Harborough BS Reg Saver is maturing on 30 Nov. I never got around to opening 2nd regular saver

1. Once my reg saver account matures, will the online profile cease to exist like other building societies?

2. The account matures on Sunday, will the maturity proceeds be credited on 1 Dec, Monday, into nominated account?
3. How do I check if I have updated nominated account? Cant it see anywhere online.

I plan to leave £1 in (or whatever the minimum is for the Easy Access it becomes; this is in the terms for the version launched today but I assume it was the same for the maturing account.) That's assuming they don't waive the branch requirement in the maturity options. 

It'll be odd if they don't do anything, considering they've already been in touch to say options upcoming (which they didn't have to do.)

Kim_13 I thought they will send maturity proceeds to Nominated account. From what you are saying, they will likely convert RS into EA acct. 
What do you mean by ''assuming they don't waive the branch requirement in the maturity options. ''

Kim_13

ChewyyBacca said:

Kim_13 said:

ChewyyBacca said:

My one & only Market Harborough BS Reg Saver is maturing on 30 Nov. I never got around to opening 2nd regular saver

1. Once my reg saver account matures, will the online profile cease to exist like other building societies?

2. The account matures on Sunday, will the maturity proceeds be credited on 1 Dec, Monday, into nominated account?
3. How do I check if I have updated nominated account? Cant it see anywhere online.

I plan to leave £1 in (or whatever the minimum is for the Easy Access it becomes; this is in the terms for the version launched today but I assume it was the same for the maturing account.) That's assuming they don't waive the branch requirement in the maturity options. 

It'll be odd if they don't do anything, considering they've already been in touch to say options upcoming (which they didn't have to do.)

Kim_13 I thought they will send maturity proceeds to Nominated account. From what you are saying, they will likely convert RS into EA acct. 
What do you mean by ''assuming they don't waive the branch requirement in the maturity options. ''

Text from an email received from them on 4th November: 

"Great news, your Fixed Term account matures soon. We will contact you shortly by Secure Message before the maturity date with your options, please keep a look out for this.

Preparing for your maturity

When your maturity notification arrives, we will ask you to provide your instruction using our Online Service.

As you are already registered for our Online Service you are in the best position to do this, it’s simple and straightforward. 

Next steps

Before receiving your maturity notification make sure you can log in, go to mhbs.co.uk and click on the “Online Service” button at the top of the page, enter your customer number (quoted above) and your password, then follow the remaining steps. 

Once logged in if you haven’t used it recently, please feel free to have a look around and familiarise yourself with its fantastic features.

When you’ve received your maturity notification

Your maturity notification will usually arrive around 14 days before your maturity date, you'll receive a text and an email to let you know you have a secure message to read.

You’ll benefit from being able to quickly log in, read the message, and see the best products we have on offer, including any exclusive maturity products and easily transfer some or all of your maturing account.  Alternatively, you’ll be able to instruct us to transfer some or all of your balance to your bank on maturity if you wish to do so; full instructions will be included."

From this we can safely conclude that they won't simply spit the proceeds out to the nominated account, and that some user intervention will be required. No bank/building society would - it's in their interests for a proportion of customers to forget, then they get to hold onto the funds in return for a miniscule amount of interest. If options are not submitted in time, the saver will need to login and request a withdrawal.

I mean that they could decide to offer the new 5.8% fixed account as a maturity option, even though opening it would otherwise require a branch visit. It wouldn't be the first time a maturity produced a loophole, and it could be considered exclusive given that it would be the only chance to open one without a branch visit. Speculation on my part of course, but mentioning possible exclusive products would be an odd thing to do if there weren't going to be any. 

s71hj

My Halifax regular saver has matured today and I've opened another. Given that I fully paid into the matured one already this month am I also able to fund the new one or do I have to wait until next month. 

Stargunner

s71hj said:

My Halifax regular saver has matured today and I've opened another. Given that I fully paid into the matured one already this month am I also able to fund the new one or do I have to wait until next month. 

It is a different RS, so you can pay into it this month.

Janie2008

Stargunner said:

s71hj said:

My Halifax regular saver has matured today and I've opened another. Given that I fully paid into the matured one already this month am I also able to fund the new one or do I have to wait until next month. 

It is a different RS, so you can pay into it this month.

It wouldn't let me, said I'd paid the maximum already. It would have been alright if I'd closed it myself and opened another one. 

dibbles212

Nationwide 

My Flex regular saver matured today and it changed to an instant saver. When I try to apply for another one it says I can't as I already have one, which I don't. Do I have to wait until tomorrow to apply?

s71hj

dibbles212 said:

Nationwide 

My Flex regular saver matured today and it changed to an instant saver. When I try to apply for another one it says I can't as I already have one, which I don't. Do I have to wait until tomorrow to apply?

From memory I think so. 

s71hj

Janie2008 said:

Stargunner said:

s71hj said:

My Halifax regular saver has matured today and I've opened another. Given that I fully paid into the matured one already this month am I also able to fund the new one or do I have to wait until next month. 

It is a different RS, so you can pay into it this month.

It wouldn't let me, said I'd paid the maximum already. It would have been alright if I'd closed it myself and opened another one. 

I have managed to, and I've set up 11 standing orders from the 1st December. I'm now wondering could I in fact have set up 12 standing orders?