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The Top Regular Savers Discussion Thread
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I managed to open Santander 8% Monthly Saver after asking CS to close the existing 5% Monthly Saver. I understand that the next payment based on the opening date not calender month. So if the account are open on July 3 (say), the next payment must be on July 3 or after ? Is my understanding correct ?
This Santander Monthly account does not have the typical Bank AC number. Is it still possible to set up a Standing or sort of Automatic payment rather than manual payment ?
Thank you for the head up !
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Correct. Santander operate on an account month rather than a calendar month, so your month begins when you opened the account.
You cannot (or are not supposed to) set up a standing order from an external account, only from a Santander account.
I consider myself to be a male feminist. Is that allowed?1 -
Just opened the 8% Santander account and noted the comments about the funding dates. I'll probably deal with the funding of mine by a standing order from our main current account into my santander sole current account, and then a further SO bouncing that on a couple of days later. That removes the possibility of me c0ck1ng things up by doing the transfer on the 1st without even thinking about it!
That helps cover the gap which Principality will be creating then!
🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
Beverley BS Regular Saver Issue 2 has been launched at 5.5% (includes conditional 4.5% bonus)
To get the conditional bonus you must deposit each month a deposit between £10 – £500 must be received into the account, the account should see no withdrawals in the year and the account must remain open at 31st December.
Online opening only.
Unlimited withdrawals permitted and you can miss payments, but if you do the bonus is forfeited for the year.
No maturity date, nothing in Ts&Cs to prevent those who have issue 1 from opening the account.
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It's got the same nasty terms as Issue 1: "the account must remain open at 31st December in order to receive the bonus payment" and "if any withdrawals take place the conditional bonus will be lost" and "the account must remain open at 31st December in order to receive the bonus payment"
Bonus payment is 4.5% interest. Basic interest is just 1%.
I did rush into Issue 1 but before making the same hasty decision about Issue 2, I'll wait until Jan 1 this time.5 -
Nice and quick to open - 500 a month of issue 2 is a nice increase from 150 a month of issue 1 (or have I been paying in the wrong amount!)
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Indeed. My main concern is it's variable - I don't mind sticking to the other conditions, but if they reduce the interest rate and I cannot withdraw without losing the bonus. I've opened it nonetheless
I consider myself to be a male feminist. Is that allowed?1 -
From my understanding of the general terms if they reduce the rate you can close without penalty and still get the bonus, to me the bigger danger, especially with it being open-ended, would be if rates elsewhere increased at any point and Beverley BS failed to keep up.
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Yes, that has also occurred to me. But the fact you can withdraw at the end of the year sort of gives you a deadline with which to make a decision. Depending upon how high the theoretical interest rates would be, it could well be worthwhile closing and losing the bonus, much like it was with fixed rate accounts when interest rates leaped from ~1 to ~5%
I consider myself to be a male feminist. Is that allowed?0 -
Beverley
My understanding of issue 1 was that the optimal window to withdraw was 1st January for a while to get the bonus, but once any withdrawal is made, there is little point in funding for the rest of the year, is this the same but for £500?
If you want to be rich, never, ever have kids
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