The Top Regular Savers Discussion Thread

clivep

https://forums.moneysavingexpert.com/discussion/comment/82047458#Comment_82047458

Skipton

You are correct. Only one or other now allowed for new applications.

edinburgher

https://forums.moneysavingexpert.com/discussion/comment/82047450#Comment_82047450

I'm not sure I understand, probably missing something as I'm melting in the sunshine. In terms of tax and optimising our average savings rate, I'm simply comparing whether RS interest minus any tax beats my cash ISA. If not, I can't see the point of using RS beyond £500/interest a year?

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82047497#Comment_82047497

You're right, I think friolento didn't realise you had the option of putting more into your ISA. If you can, great - compare the RS interest after tax which what you'd get in the ISA, and pick the best option. Otherwise what friolento says makes sense - it's better to get 6% interest and pay tax on it than get 0% interest.

Dadto3Boys

https://forums.moneysavingexpert.com/discussion/comment/82047497#Comment_82047497

I agree - after that £500 of interest you are effectively reducing the rate so that 6% becomes just 3.6%. So would be better (simpler) to out into an ISA assuming it pays more than 3.6% for this example.

edinburgher

Absolutely, thanks to both of you!

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82047419#Comment_82047419

Possibly because a) there haven't been many glitches with opening it (other than a handful of slow closures of existing accounts), b) it's not a small building society so less likely to be withdrawn quickly, and c) no loopholes or tricks required, so no need for green shirts. I think everyone's just opened it quietly and there's not been any need to say much about it. This thread gets much busier if there's problems or delays opening an account, or maturity issues.

Middle_of_the_Road

https://forums.moneysavingexpert.com/discussion/comment/82047419#Comment_82047419

Must be the weather, although I was debating whether to grab this one.

I have their 5% regular saver, so would have to request closure to open this 8% version.

Sure it's a good rate, but as the rate in year 2 drops to 3% it will mean having to close the account at that point.

It would have been simpler if the bonus had been 3% and reverted to 5% after a year. That way I would probably continue funding rather than closing.

pecunianonolet

https://forums.moneysavingexpert.com/discussion/comment/82047539#Comment_82047539

It's a variable rate so no gurantee that it stays at 8%. A year is also a long time and a lot can happen so took it happily and feed from Cahoot.

Middle_of_the_Road

https://forums.moneysavingexpert.com/discussion/comment/82047580#Comment_82047580

Can't see rates falling over the next year, are you saying it could possibly increase from 8% ?

seriously

So as I understand it with the Santander 8%, we can only fund it a month after the opening date. I've opened one for myself and for my wife today. Is it still best practice to maximise the rate to fund again next month onwards from 25th July or would it make no difference if we did it on 1st August?