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The Top Regular Savers Discussion Thread
Comments
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Re Suffolk. Thank you, very useful.
Is the signed form a letter from you or is there a form somewhere?
And do they send a cheque or can they transfer to another account with them?
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I have already sent my initial deposit earlier today using 1008 and its already credited, you are good to use that
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🤣 That should definitely do the trick, but you never know.
I hadn't intended going on with Santander RS which matured in May, but the 8% couldn't be resisted by me either. At least I now have something filling in July's gap for next year.0 -
You could put £10 in their EA postal account @ 1.6%!
Out of curiosity, what are these low-interest accounts for? Who would invest £500,000 at 1.6%? Just easy access? They all seem to have them.0 -
For the Suffolk branch/post accounts the maturity instruction form is included in the maturity pack.
They say the form has to be completed rather than sending your own letter of instruction.
The form (this time) offered the options of a) open the current issue of their RS account; b) Transfer to an existing SBS account; c) withdraw full balance to nominated account (or get a cheque)
If you've already opened the current RS issue then the default product is the Everyday Saver. There isn't an option for this on the form, but you can make the request by asking in branch or including a letter.
For online RS accounts it is worth noting there is no long-term easy access maturity product. If you don't give instructions in time the RS matures into an "Online Maturity Holding Account". If you then don't give closing instructions within the following 30 days this account will be closed automatically and the balance returned to you. You can't make partial withdrawals from this account either.
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Principality…….in the same boat with 2 of the last good 6 monthly ones maturing next month. Got a Christmas Reg Saver maturing later in the year and as others have said, nothing else worth opening. I like Principality and if nothing good is launched I’ll likely just open an EA and stick £1 in it to stay a customer. Shame.
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I used 10001008 yesterday to fund the Regular Saver, Festive Regular Saver, and Loyalty Regular Saver 3 and all payments were received into my accounts correctly.
(I assume DBS won't use the same account number for a passbook account and an online account; so there shouldn't be multiple accounts with the same account number, meaning each reference can be uniquely traced to a customer regardless of account type. So from my experience this isn't a distinction that seems to matter too much, though YMMV).
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You’d be surprised by how many people use these accounts. Most people aren’t particularly savvy, allowing providers to make significant profits.
Suffolk
I opened a new 5% RS prior to maturity. That was the best option available to keep continuous membership.
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I like Principality and if nothing good is launched I’ll likely just open an EA and stick £1 in it to stay a customer.
Each of those accounts will mature into an easy access account if you don't pick anything else. So no need to open a new account, just let the oldest one roll over to the maturity EA and leave £1 in it.
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I ask for certificates of interest from all of them as soon as the tax year changes. I requested by message for Suffolk and they sent them right away, no problem.
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