The Top Regular Savers Discussion Thread

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.

snookerloopy96

I'm nowhere near as savvy as some on here but I can't see a reason NOT to have jumped on the Beverley RS.

Naturally there are RS that you are allowed to miss payments with, but you can fund this one for a tenner a month.

I just fund the highest earners first and work my way down, once Monmouth 7%er matures I may be able to bung a bit more in Beverley RS.

Just another option to me.

Bridlington1

https://forums.moneysavingexpert.com/discussion/comment/82061863#Comment_82061863

To play devil's advocate I'd say it depends on the circumstances. If you've not got as much money to put in RSs and find you're only funding accounts paying 6.5%+ then you're unlikely to end up funding Beverley at 5.5% so it'd just be £10 earning 1% or £10/mth earning 1% less than you'd be getting elsewhere.

Also the bonus element makes it less suitable as an place to plonk funds in temporarily if you have lots of funds from maturing RSs as if you need to empty it you lose the bonus for that year and there's a gamble that comes in that if rates elsewhere but Beverley BS keep their rate unchanged, then your money's stuck unless you wish to lose the bonus.

For a lot of people it's a useful account to have though, I've opened it speculatively to add to my ``dripping tray" RSs that remain there in case I have a surplus of funds from maturing RSs, even these ones get a cull every now and then e.g. YBS's Loyalty RS, Mansfield RS 30 account, Coventry FHS etc have all been given the chop from my collection for falling too low.

Regardless it's gone if you didn't apply then I'm afraid you've missed the boat.

snookerloopy96

https://forums.moneysavingexpert.com/discussion/comment/82061884#Comment_82061884

No I take all those points, if it was say a minimum £25, 50, 100 per month I would definitely have given it more thought.

A tenner though shouldn't be a hindrance.

I got my account opened in time, they didn't hang about pulling it did they.

Bridlington1

https://forums.moneysavingexpert.com/discussion/comment/82061890#Comment_82061890

Beverley BS didn't hang about last time either, not quite this quick but they still went soon so I didn't expect this one to last long, especially given they're only a little building society and the summer holidays are fast approaching.

Chaykin

We may need a "league table" of "How many RS you missed out on?".

Slightly miffed that I missed out on Teachers BS account(s) and this Beverley BS account now too. But managed to bag Bucks BS.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82061923#Comment_82061923

Don't feel too bad, I somehow missed out on Virgin's 10% regular saver a couple of years ago 😪

Slinky

Just checking the Monmouth T&Cs for withdrawal, seeing that my RS matures start of next month. It says:

If a payment is to another bank or building society, we’ll check you’re the account holder by asking to see original bank statements or cards.
You can’t take money out of your account using Direct Debit, Standing Order, or BACS.

I cant remember whether I had to supply a bank statement on opening. Can anyone confirm how they've withdrawn money from MBS previously? Are we looking at having to request a cheque?