The Top Regular Savers Discussion Thread

topyam

https://forums.moneysavingexpert.com/discussion/comment/82045783#Comment_82045783

Yes

Just realised though I don't have a RS with them

So need to see if I can open something to qualify

jaypers

Oh how things change. Few weeks ago I decided to rationalise my RS’s and have it so one was maturing every month going forwards.

So far this June I’ve refreshed Virgin and Skipton and opened Santander and Bucks. My First Direct matures today……disappeared from view yesterday so just waiting for the funds so I can renew that too!

x44

I'm wondering exactly what is the point of some providers making it requirement for a current account to have the RS. In addition to the loss leading Reg Saver it seems to just increase the provider's costs even more by having the admin needed to set up and run a current account for many which will never be used.

I suppose they live in hope that the current account will be used!

One possibility its just yet another hoop to jump through for customers to try and reduce the number of applicants and hence their losses on the Reg Saver product.

About the only other thing I can think of is that they can now claim higher levels of current accounts which I've seen as a metric used by some groups to 'show how wonderful they are'.

gt94sss2

https://forums.moneysavingexpert.com/discussion/comment/82045833#Comment_82045833

If your FD RS has "disappeared", you can apply for a new one now (before the funds for the first one appear)

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82045833#Comment_82045833

My plans have changed somewhat too - I was aiming for "one in one out", and ideally getting maturities spread throughout the year…. somehow have gained 3 accounts, and will have a glut of accounts maturing next June!

Can't turn down a good rate though.

https://forums.moneysavingexpert.com/discussion/comment/82045870#Comment_82045870

Presumably they hope that some people will actually use the current account. I imagine most people here will just open a current account and leave it empty. Same goes for switching bonuses - I've done several and have no intention of using the account. Having said that though, I've made use of one of them for spending abroad as it had 0% exchange fees, then put it straight back in the drawer with my stack of other unused debit cards.

About the only other thing I can think of is that they can now claim higher levels of current accounts which I've seen as a metric used by some groups to 'show how wonderful they are'.

… and a lower percentage of complaints too, as many of them won't actually use the account

jaypers

https://forums.moneysavingexpert.com/discussion/comment/82045877#Comment_82045877

After I posted here I live chatted them. Really quick response and they moved the funds, including interest, straight into my First Account. New RS application sent. First Direct are very helpful and responsive, although as discussed on here many times, I can’t quite get my head around their clunky process for Regular Saver maturities.

The_Groat_Counter

https://forums.moneysavingexpert.com/discussion/comment/82044666#Comment_82044666

Re the new Santander 8% RS, what are the chances it'll be withdrawn before the beginning of next month - can lucrative RS accounts such as these disappear from the market that quickly?

Obviously I appreciate that only Santander have the answer to that question… and maybe they don't even know as it might depend upon the take-up.

jaypers

https://forums.moneysavingexpert.com/discussion/comment/82045919#Comment_82045919

Suspect it’s a loss leader to maybe encourage people NOT to switch accounts away etc. Also market leading headline rate, so I think it may be around for a little while but that’s just my opinion.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82045919#Comment_82045919

Well you've answered your own question already 😁

We can only speculate. From my experience, it tends to be smaller building societies who withdraw accounts quickly, bigger banks tend to stick around for longer.

First Direct have consistently offered their 7% account for quite a while now, and presumably are offering it as a loss leader to pull in current account customers. Santander have chosen to offer a massive market leading rate to knock FD off their perch. From this I would deduce that they'll be offering it long-term, but that's just a guess. I'm surprised that they haven't tied it to the Edge current account to attract some fee-paying customers.

Slinky

Santander closure requested yesterday afternoon, actioned this morning, new account opened and funded.

My RS's are a right mess regarding timing. This is one of 3 opened this month, I've got a massive gap next year between February to May with nothing maturing. Got several maturing in August, November and December. Will need to juggle where funding for these are coming from very carefully in future.