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The Top Regular Savers Discussion Thread
Comments
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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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That matches my understanding. Ts&Cs don't appear to be different in this regard.
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Also Manchester BS has got still issue 1 open, £500 a month, only a bit less interests (5.40%) but no restrictions of any kind, can be closed and all interest will be paid, plus withdrawals allowed without loosing interest.
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Just beware with Manchester BS if you go to close the account a message appears somewhere on the screen warning you that if it's your only account it'll disable your online banking (they're like Aldermore, Newcastle etc in that respect), therefore if you are thinking of ``refreshing" the account or would like to make it easier to apply for new accounts in the future I'd keep an account with £1 with them to keep hold of online banking access.
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Manchester BS is offering a cash account that can be opened with just £1 since the day they put on the market their first regular saver so it is easy to avoid to be locked out
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