The Top Regular Savers Discussion Thread

masonic

https://forums.moneysavingexpert.com/discussion/comment/82061717#Comment_82061717

Well obviously that's your choice. But it is not a choice that should be imposed on others. Comparing between rates, including variable rate accounts, is a generally acceptable and reasonable thing to do, and such discussion and commentary should be tolerated here.

thefrank

https://forums.moneysavingexpert.com/discussion/comment/82061726#Comment_82061726

Am not imposing anything (look at my profile pic, do you really think I could do something like that? :-) and as always i have not attacked or insulted anyone (something that in the past happened to me on these columns full of gentlemen). Just writing what I think. If any time I don't go by the flow you (plural) think am imposing my thought that is entirely your problem. I enjoy the discussion, but as I said in the past, if the discussion welcome on here is only going in a certain direction you are allowed to ban me. I do have my life, trust me, and it doesn't depend on Mse. End of trasmission, you all enjoy a fantastic evening

Malchester

I always ask if it is worth it before opening any regular / monthly saver compared to me easy access accounts and taking into account terms and conditions. So I have Santander 8% monthly saver and I have 6.25% Club Lloyds monthly saver because, to me, the difference in rate justifies it, especially as the Club Lloyds account is fixed and both are easy access

masonic

https://forums.moneysavingexpert.com/discussion/comment/82061729#Comment_82061729

Telling another forum member that they should do better research is going to have a different impact on the targeted individual than the reality of the situation, which is that you hold a minority view and disagree with the principle of doing that research.

Bridlington1

https://forums.moneysavingexpert.com/discussion/comment/82061583#Comment_82061583

If I'm unsure of an account though I tend to apply anyway, if I decide later that I don't want it I can always choose not to fund it. Better to grab the account and then decide not to bother than risk it going NLA and deciding that I want it after all.

If I were to hazard a guess (obviously this is only speculation so I can't say anything with certainty) but my hunch would be that Beverley BS shall remain at a reasonably good rate for a few years so may be useful for a while but I can see it slipping behind to a similar rate to their Monthly Saver in the long term (end of the decade and beyond), which now sits at 3.2% with the bonus.

Also with Beverley BS it is an open ended RS, in my experience open ended RSs with a very high or no max balance tend to fall behind other RSs in the end (not always immediately but eventually they tend to). It happened with Darlington BS's open ended RSs a while back (which eventually got converted into EA accounts, it happened with Mansfield BS's 30 Day Notice RSs, it's happened with HEBS's online RS, and Buckinghamshire BS's RS locals etc, especially given that it's a fairly high max deposit.

I've opened this account, I'll probably pay the minimum of £10/mth for the next couple of months in case it comes in handy towards the back end of the year as I've a lot of maturities in late September so may value the capacity at 5.5%, but then I can see myself culling it in 2028 or 2029. As with any regular saver I have it remains under review at all times.

thefrank

https://forums.moneysavingexpert.com/discussion/comment/82061744#Comment_82061744

If the member of this forum thinks that I should owe him an apology for the words I used he can contact me directly and I will be apologising in less than a second. No need for the sheriffs of the thread to step in, especially because they didn't stepped in when the 'insulted' was me. Again, have a lovely evening

clairec666

Surely it's okay to do a rough "back of an envelope" calculation to decide whether an account is worth funding? And if the rates are variable, then of course you can't get an exact figure, so an estimation is the best you can do.

Anyway, allegro120's interest calculation is (in my opinion) perfectly valid. If you're thinking of funding until January then closing if it's no longer competitive. However the strength of this particular account is funding it for much longer and getting 5.5% on much higher balances. So allegro120's calculation, while appropriate in the short term, doesn't reflect what interest could be gained over a longer period of time.

Bridlington1

Ee by gum, who'd've thought a little building society with a single branch in a town on the edge of the Yorkshire Wolds would've caused such a stir.

For my tuppence worth, everyone has different reasons for opening RSs so different calculations work best for different people, feel free to share your workings here and people can make their own minds up, as long as it's to do with regular savers it remains within the scope of this thread so I've no issues with it.

I seldom use interest earned as a metric and just go off the rate of interest I'm getting, if having the RS increases that then I'll grab it regardless of whether the gain is £500 or 5p, it's a hobby at the end of the day and the more accounts I have, the more likely I am to suffer an issue with a bank/building society which I can resolve by making a nice little complaint and getting a bit of money out of them as an apology, I hope to cross the £1k mark this year in money from complaints (oh the life of a humble rate tart).

Regardless though, Beverley BS's most recent offering has become the fourth regular saver to go NLA the day after it was launched since the start of this summer (if you take the meteorological definition) and we're only a week into July, I can't recall a period when we had so many short lived RSs in that sort of timescale.

masonic

A year ago I probably would have snapped up an account like this too, as it does have some value, but I'm not in a position where I'm able to fund any new RS at the moment. In normal times, I operate by weighing hassle and restrictions against extra interest vs doing nothing (even if extra interest cannot be forecast with full accuracy), and it would have been a close call.

Over the coming months there will be a fair bit maturing and seemingly not a lot of good homes for the money being released, so I think the pressure on new issues will continue.

clairec666

Good old Beverley, causing a stir!

My own banking choices are based on my personal circumstances, and other people's opinion's may differ. I'll never tell people which accounts they should or shouldn't open, although I'll happily get into a debate if I feel someone is basing their opinions on incorrect calculations.

https://forums.moneysavingexpert.com/discussion/comment/82061774#Comment_82061774

Monmouthshire maturing with £12500+ is making my spreadsheet a bit wonky at the moment. Fortunately for me I've been unable to fund my Skipton member regular saver for a while, and as unused deposits roll over to the next month, I can deposit a bigger lump sum when Monmouthshire matures.