The Top Regular Savers Discussion Thread

PloughmansLunch

I’ve never bothered to update my first direct standing order, as one is put in place as part of the opening process (as the RS can’t be funded without one). Mine have slipped 2 or 3 days each time it’s renewed. What started off as being taken on say the 16th of the month is now taken on the 25th.

allegro120

https://forums.moneysavingexpert.com/discussion/comment/81971283#Comment_81971283

FD

You don't need to cancel it, it's set up to end after 12th payment. They will create a new SO when you open another RS.

x44

For the Dudley BS Regular saver 1225 application what email did you use to send the application form in (I'm an exisitng customer)

Was it the enquiries@ one in their contact list?

The_Groat_Counter

https://forums.moneysavingexpert.com/discussion/comment/81971355#Comment_81971355

I'm very pleased Nationwide continues to exist as a mutual, and a large and successful one at that!

Likewise I'm glad to see the Co-operative Bank returning to its mutual roots having been taken over by the Coventry BS. I trust the latter institution is somewhat more financially astute than the Co-op Bank of a decade ago was - though the roots of that calamity lay in the global financial crash, as the Co-op Bank's merger with of the Britannia BS in 2009 was really a rescue by the former of the latter.

It never sat right that the Co-op Bank was owned by American hedge funds!

janusd

https://forums.moneysavingexpert.com/discussion/comment/81971573#Comment_81971573

yes it was - I didn't include the email address in the original post in case there was a rule about not posting email addresses… from my experience, if you apply today, it should be open before the end of the week.

NebulaNova

I've just been looking at regular savers. FD for example - 7%.

On their website, it states 'what would the balance be after 12 months of £300 deposits' - it says £3736.50 after a total deposit of £3600 over the 12 months.

That's £136.50 in interest over a year. This is less than if I was to keep the balance in an easy access savings account that gives 4.2%. So how does the regular savings actually benefit people?

MisterMotivated

😫 Not again! You're not keeping £3,600 in the FD Regular Saver for a year, you're building it up at a rate of £300 per month, so the average balance over the year is around £1,800, that's why the interest is obviously less than an account which has £3,600 in it for a full year.

soulsaver

https://forums.moneysavingexpert.com/discussion/comment/81971698#Comment_81971698

savings@dudleybuildingsociety.co.uk

Copied and pasted from an acknowledged & accepted application.

shirley999

https://forums.moneysavingexpert.com/discussion/comment/81971721#Comment_81971721

Every single day £1 is in First Direct it's earning 7% interest over 4.2% in your easy access account. You don't have the full £3600 in the account from day 1. The average balance over 12 months is circa £1800 and if you calculate 7% of the average balance you'll arrive at the eventual interest paid for the year.

It benefits you because you'll still be earning 4.2% on the part of the £3600 that remains in your easy access account on top of the £136.50, that's an additional circa £75, making over £210 interest in total on the £3600 over the year. Compared with a total of around £150 interest if you just left it all in your easy access account, so a gain of around £60 over the year.

mon3ysav3r

https://forums.moneysavingexpert.com/discussion/comment/81971573#Comment_81971573

By coincidence I have just come off the phone from Dudley about this Regular Saver 1225 because I haven't received the passbook that the joining letter said I would.

I opened it a month ago with zero balance, and then funded with a bank transfer, and I can see it all fine online. Seems there was some breakdown in process as they wait until the account is funded before posting a passbook, but that didn't get triggered for my account for some reason. They answered the phone quickly, were very nice, and are going to post me a passbook now!

I sent the forms in by post because I didn't know they would accept a scanned/printed form via email, useful to know if I open another "postal" account with them.