The Top Regular Savers Discussion Thread

Dizzycap

https://forums.moneysavingexpert.com/discussion/comment/82000145#Comment_82000145

I'm wondering if the extra payment made was allowed because it's an ongoing RS with the interest rate dropping after 12 months, the same for the Milestone RS? Or the system didn't recongise your initial cheque payment so let an extra electronic payment slip through?

Having said that, an exceedingly small proportion of payment systems do fail to pick up on accidently overpaid monthly payments. HSBC is also another which allowed 2 accidental manual overpayments I made to their 6% RS last year because for whatever reason, the SO was late being paid from my HSBC current account; but I didn't want to push it any further - I was however, interested to see if the last 2 months SO's would credit the RS, and they both did making a total of £3,500 held and extra interest was paid on the extra overpaid £500 - Not that I'm advocating by any means, purposefully / accidently overpaying into any RS as some organisations return overpayments with stern email warnings i.e Co-Op, Natwest 😅.

allegro120

https://forums.moneysavingexpert.com/discussion/comment/82000324#Comment_82000324

Most likely the latter. First deposit was a cheque followed by electronic transfer. Looks like a loophole for doubling the allowance🙂.

mhoc

Just wondering now what would happen in this hypothetical situation - you closed your existing Milestone saver and opened a new one with the initial months £500 transferred across from the previous Milestone. If you accidentally also added £500 to the new one would the system pick this one - as its a different method of payment?

On a reflective note - things now have been so quiet for so long we are now pondering about making 13th payments as a means of entertainment :) I have refreshed all the accounts that needed refreshing, I made a list of the maturity months for every saver, updated the calendar with maturity dates and polished the Google charts until they gleam. Every spare penny is now sat in an easy access account in readiness for whatever the next new regular saver is but it seems to be a very very long time coming …

chris_the_bee

https://forums.moneysavingexpert.com/discussion/comment/82001171#Comment_82001171

The majority (if not all) of BS will not let you open a new RS (Milestone Saver) until the old one is closed, so I don't think your transfer idea will work. Also, Mansfield is one of the BS that allows a 13th payment, however, this is because there is no end date to this account, but note the interest rate drops to 3.25% after the first 12 months.

allegro120

https://forums.moneysavingexpert.com/discussion/comment/82001171#Comment_82001171

The RS world is full of surprises, but as chris_the_bee said, I don't think this trick with Milestone will work. However, if you close the old one and open a new one with cheque you might be able to squeeze another £500 by electronic transfer. I'm not adventurous enough to do this. Also I'm not too keen on refreshing. I refreshed Club Lloyds and maybe one or two more LBGs when the rates were going up, recently I refreshed both of my VMs, apart from that I prefer them to run until the end of term or until the rate falls below my EA accounts.

It looks like the recent RS peak is over, but we've been there before, trends tend to come back at least in some capacity.

Dizzycap

https://forums.moneysavingexpert.com/discussion/comment/82001407#Comment_82001407

I'm very much the same with refreshing RS. I've refreshed a couple primarily for a better spread of maturity dates through most months of the year. I try to have at least 2 RS maturing each month, but last year sent than plan awol 😅. It was a case of grab, it while you can.

As there continues to be a strong push towards fixed rate bonds with almost daily increases of competing interest rates which is ultimately pushing up fixed rate interest rates on Cash Isa's, I really don't expect things on either of those fronts to begin calming down, if at all, until the end of next week. Then perhaps, we'll see some new RS on the block. I'd be surprised if Saffron didn't offer another members loyalty RS at a high interest rate; albeit @ only £50 max a month in June, as that's their Members Saving Week; which they're advertising now. That RS works for me with compounding interest along with the corresponding YBS members loyablty RS, usually September.

Strangely, I have no RS maturing in July? I have a couple maturing in August before all Hell lets loose in September & October 😂🤣. Not helped by the fact that one of my 2 year Melton Mowbray RSs is also maturing in September 😏😅. I would dread to think that we've got to wait until July/August before we see any new RSs 🤔😯. Let's hope when we do, we see a half decent interest rate and that Pricipality's 5% 6 month RS hasn't set the interest rate bar, which I think it might have 🤨🤐.

mhoc

Same here - in June I've got Saffron and then Principality triple access maturing in the 2nd week and then not a single thing maturing in July until the 1st of August so thats 6 weeks of nothing maturing!

Was there also a RS drought last July?

June 1st I am not too worried about having enough in the easy access account to cobble together and transfer and meet the standing orders as there is still a surfeit from the May maturities.

July 1st will need more forward planning and probably involve emptying what is left in Stafford and probably doing the same with Leek (both these just get token amounts for the last year or so)

Fixed rate bonds would be fine if you are completely certain you wont need access to the money at all in the next year but life is full of uncertainties - and only if the interest rates were far better than Zopas easy access for 4.75% or Cahoot 5% so really they need to be well over 5% or more (if you are going to exceed your Personal allowance).

Bridlington1

I know it's not good news for those trying to maximise their savings, but the ``RS drought" couldn't've come at a better time for me. As few of you are, I'm currently buying a property and the RS drought's meant I've avoided the complication of opening a load of RSs when I'm trying to get proof of funds sorted and has allowed me to cut back on my forum activities much more sharply when I've needed to.

If it can stay quiet till I've moved and then a load of 8% RS get launched one after the other for a few months that'd be grand.

A heads up, depending how busy I am I may have to delay this month's update of the RS timeline and do 2 month's worth at the end of June, I might not need to do this though but it may happen.

clairec666

I too don't mind the drought too much, as I'm also buying a property, and my accounts are gradually being whittled down. I'd still like to have one maturing per month though, and will be tempted to grab anything over 7% even if I don't particularly need it.

In answer to your question about a July drought @mhoc last July we could get hold of both members and non-members Skipton RSs, before they close that loophole. I can't recall anything else around that time, then there was the mad Monmouthshire rush in August and I've got a glut of accounts maturing around October.

Andystriker

https://forums.moneysavingexpert.com/discussion/comment/82001848#Comment_82001848

https://forums.moneysavingexpert.com/discussion/comment/82001901#Comment_82001901

How spooky would it be if you found you were both neighbour's at your new properties 😀