The Top Regular Savers Discussion Thread

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82061189#Comment_82061189

I'm somehow quite grateful. Almost thought I might have to apply for this one.

brucefan_2

https://forums.moneysavingexpert.com/discussion/comment/82061189#Comment_82061189

I just managed to get in before it was pulled then.

The whole onboarding process was very smooth and very quick.

This is going to be my replacement for the rolling 6 month Principality RS, replacements for which are quite disappointing %-wise.

A big thankyou to whoever it was up-thread who pointed it out.

fabsaver

https://forums.moneysavingexpert.com/discussion/comment/82061189#Comment_82061189

Well that's made the decision for me. Despite reading all the account information several times I wasn't much closer to understanding how it works in practice. I decided against Issue 1 (for similar reasons) but the increased monthly limit for this one made it slightly more interesting.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82061189#Comment_82061189

Presumably Beverley are getting sufficient applications for this account, despite the slightly finickity T&Cs. Otherwise they would have reviewed and changed things after issue 1.

Had the T&Cs been a little less awkward, and the rate been a bit higher, they might have had a mad rush for applications and ended up with a massive backlog like Buckinghamshire.

I like to support small building societies, but this one was below my threshold, and admittedly I was a bit bamboozled by the T&Cs too.

JB50MSE

Beverley BS RS Issue 2.

I read the T&Cs twice and applied early this morning, and was approved and received all my account details within 3 hours. I like very much that this is an ONGOING RS (not just 12 or 24 months), which are few and far between. Noted that interest is variable.

I finally got through to Beverley by phone after 9.30am to check:

(a) (an inconvenience) Whether one payment really means ONCE ONLY payment in per month. Yes it does, so personally I will have to adjust my SO to Beverley every now and again, rather than topping up a £10+ SO with another payment as and when, and

(b) (a serious drawback) Do the T&Cs really mean that whenever I close the RS or withdraw funds, even if I've paid in and complied with all T&Cs for x years, I will ALWAYS lose interest accrued between 1 Jan and 31 Dec of the year of withdrawal/closure. Yes, it does, which seems unreasonable to savers. No-one wants to save money, and ALWAYS have to pay a penalty to withdraw. My only penalty-free option would be to close the RS on 1 January any future year, as identified by others on this forum, even if I would prefer to keep this RS going.

But the friendly staff member said that Beverley had amended the T&Cs post issue, on issue 1, to allow one withdrawal without penalty once per year during January, so that savers could continue saving with the interest including bonus paid on 31 Dec that same year. I said I would prefer one withdrawal p.a. anytime without penalty because a personal requirement for funds might arise anytime in the year, not only in January. One penalty-free withdrawal anytime pa might even suit Beverley BS more (it can't help any Building Society if a significant number of savers all close their RS on Jan 1st). No guarantees, of course, but I do hope Beverley BS will amend the T&Cs for issue 2.

fabsaver

https://forums.moneysavingexpert.com/discussion/comment/82061290#Comment_82061290

One penalty free withdrawal each January would definitely have made this account more appealing. I don't recall any discussion on this forum regarding a post issue change to the T&C for Issue 1. It's strange that they didn't stick to the same terms for Issue 2. I wonder if the staff member was mistaken about that.

Bob2000

Suffolk building society. Online regular saver (31•8•2027)

Does this account allow miss payments or even allow a minimum amount and no further funding?

Thanks.

Hattie627

https://forums.moneysavingexpert.com/discussion/comment/82061342#Comment_82061342

Yes to both.

What is my minimum opening and operating balance?

£10. You must fund your account within 14 days of application. Once this regular saver is no longer available to open, you will have 7 days to fund your account. If you miss a monthly deposit, your account will remain open until maturity, and you can continue to save monthly.

Hattie627

Beverley BS Regular Saver Issue 2

£500 sent by FP this morning now showing in my account. Interest rate shows as 1% (same as Issue 1)

Bob2000

https://forums.moneysavingexpert.com/discussion/comment/82061359#Comment_82061359

Ok, thank you for replying. l was sure when l applied it said you could miss a payment but wasn't 100% on leaving just a token amount in the RS.