The Top Regular Savers Discussion Thread

avocado1988

Thanks for another great find on Beverley! This is the first one where I'm confused on what to do - it's that conditional bonus that is scary especially because no withdrawals are allowed should the rate drops and even if closing the account if no withdrawal is allowed, then the bonus rate is gone! From my understanding, if we were to open to this in January (if it is still around), then this bypasses the conditional bonus if we were to withdraw after January?

Bridlington1

https://forums.moneysavingexpert.com/discussion/comment/82060654#Comment_82060654

From my understanding if you close the account early due to a rate drop you'd still get the bonus.

Alternatively there's nothing to stop you opening with £10 and not funding further till January if you wanted to hold it speculatively till you decide what to do with it.

KneadtheDough

https://forums.moneysavingexpert.com/discussion/comment/82060660#Comment_82060660

This is an important clause in the terms for Beverley BS Regular Saver Issue 2:

"Each month the account must receive one payment between £10-£500 and also have no withdrawals in the year to be eligible for the Conditional Bonus."

nomorekids

https://forums.moneysavingexpert.com/discussion/comment/82060660#Comment_82060660

Arn't you meant to deposit minimum of £10 each month for the bonus? ie a tenner each month until end of December 2026 if you are thinking of minimal funding to start with and then between £10-£500 for the whole of 2027 for the conditional bonus. Anything put in during 2026 should stay for 2027 as well, withdraw and you are down to 1% for the rest of the year. It is a confusing account for sure, just looking up what I did for issue 1 and remember my understanding at the time. Review each January whether to carry on or withdraw, in which case further decide to fund with a tenner for the rest of the year as blown the conditional bonus for that year or simply close

avocado1988

https://forums.moneysavingexpert.com/discussion/comment/82060660#Comment_82060660

Thanks! So I suppose we could fund the maximum amount allowed until the point we find out that the rate drops/will be dropping and then close the account - and still be able to gain the 5.5%

Bridlington1

https://forums.moneysavingexpert.com/discussion/comment/82060682#Comment_82060682

Indeed it is, although the General Ts&Cs state:

I recall this cropping up when Issue 1 was around and Beverley BS's position then was that if interest rates are reduced, you'd be able to close the account early and still get the bonus provided you'd paid in the required monthly amount and had made no withdrawals as the loss of the bonus would be considered a loss of interest in this instance.

https://forums.moneysavingexpert.com/discussion/comment/82060683#Comment_82060683

You are, but what I'm saying is that if you know the account's not going to be high enough for you to warrant funding in 2026, you could open the account with £10 and then not fund further so that the account remains open and you can decide whether to start fully funding it and get the bonus in 2027.

Alternatively you can review each January as you describe.

In my case I know I'm going to be purging accounts below 6% and possibly a bit higher than that in the near future so this account becomes purely a speculative one to open in case it comes in useful in 2027 onwards.

georged123

I already have a Santander 5% regular saver, do I need to close that to get the 8% or can I do both?

allegro120

https://forums.moneysavingexpert.com/discussion/comment/82060775#Comment_82060775

You have to close your 5%. Can't have both.

ThePirates

https://forums.moneysavingexpert.com/discussion/comment/82060775#Comment_82060775

You need to close the 5% one first

Anagran

https://forums.moneysavingexpert.com/discussion/comment/82060775#Comment_82060775

You need to close the 5% one first before you can open the 8% one. I did this in the app and it was pretty quick and straightforward.