The Top Regular Savers Discussion Thread

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.

Joseph1215

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

I read your comment that it was ONLY ONE payment a month just a few minutes after sending £10 to try it out. Rang to see if the same day would be all right, but NO. Never met this condition before. You'd think they'd want money. . .

JB50MSE

https://forums.moneysavingexpert.com/discussion/comment/82061365#Comment_82061365

Beverley BS RS Issue 2: I've now sent a secure message to Beverley BS to ask whether this means the 4.5% bonus is added/paid as SIMPLE interest on 31 Dec annually, or does the whole 1% plus 4.5% accrue daily so COMPOUND interest of 5.5% is added/paid on 31 Dec. It looked as if compound interest accrued when I read the T&Cs but now Hattie627 has pointed out "shows as 1%", I realize this important point is not entirely clear (well, not clear enough for me, anyway).

friolento

https://forums.moneysavingexpert.com/discussion/comment/82061473#Comment_82061473

You get both, the interest on December 31, and the bonus on Jan 1.

allegro120

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

Beverley iss2

Brilliant! They've made the right decision for me. I was thinking about this last night and again this morning and if I can't make imminent decision I probably don't need it.

The conditions are awkward, which would've been ok if the rate was more attractive. If it was 7% I would've opened this account last night. For me, 5.5% doesn't really compensate for awkwardness this account brings, it's only 0.5% above my feeder account. According to MSE RS calculator, if I fund this account £500 p/m and close it in January I would gain £4, not a great loss.