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The Top Regular Savers Discussion Thread
Comments
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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(other than a handful of slow closures of existing accounts), b) it's not a small building society so less likely to be withdrawn quickly, and c) no loopholes or tricks required, so no need for green shirts.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.
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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.
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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.
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Can't see rates falling over the next year, are you saying it could possibly increase from 8% ?
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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?
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That wasn’t your original Q, was it?
It’s a relatively easy calculation how the RS rate minus tax compares with your cash ISA rate. You then have to factor in that you can only add small monthly amounts to an RS, as opposed to an up to £20k lump sum for ISAs. You can use the MSE Regular Saver calculator to simplify the calculations.
FWIW, I always move the annual max into one or more ISAs on April 6 or next working day, as I still have a substantial sum of cash to move into tax shelters. A lot of the remainder goes in RSs (and also some into SIPP and PBs). Your and your wife’s circumstances are not the same as mine, so you should not be guided by my approach.
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You can fund it today, and then on July 25th at the earliest.
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You might want to go back in and check the 'Chat' - my closure request stalled because - as I've just spotted- I didn't reply in very short order to a chat message asking where I wanted the interest from the closed RS to be sent.
Just spent a frustrating 25 minutes with the so-called Smart Sandi getting it to acknowledge my request to close my RS.
£6000 in 20231 -
Santander. Keep funding on the 25th for maximum interest. That's why I'm keeping my fingers crossed it's still around on the first (I think it will be) and opening it then.
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Whether you open it on 25th and keep funding on 25th of each month - or - open it on the 1st and keep funding on 1st of each month - you will still get the same interest with this account. The opening date for maximising interest doesn't matter with "monthiversary" accounts like this one or Zopa.
But I get it that it may be for convenience of funding this one at the same time as other ones.
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