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The Top Regular Savers Discussion Thread
Comments
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Took a drive over to Tipton yesterday and opened the Tipton & Coseley 125 year anniversary regular saver @ 7%. Branch was empty when I went in, and despite the roadworks outside making it difficult to hear the information the lady was giving me, all went smoothly. Passbook follows in the post, once they've received the first credit to the account.
Now, do I open the Furness account………….
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Are you one of the lucky people who live in a B, DY, WS or WV postcode?
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Yeah, Birmingham.
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In a helpful written reply to me from Beverley BS, they confirm that both the 1% and the bonus 4.5% interest will be calculated daily, subject to compliance with the T&Cs, and will be paid in two payments on 31 Dec annually but, "due to functionality restrictions the only interest rate that our online portal shows you is the running rate of 1%."
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You mean - one of the unlucky people who live in these areas. Most of them are the pits!
Was given passbook at same time of opening and depositing to the account. Have already made two deposits.
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I work in WS and yes, some parts are the pits!
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It's not the must fund every month that bothers me (I keep Suffolk House Deposit Saver at £10 to keep the bonus rate, and as an account possibly useful in the future, plus Stafford at £25) but the 1% interest in any year a withdrawal is made is the deal breaker. If you wait until January to withdraw you don't lose the bonus interest on the money withdrawn, but then the account is rendered useless for the rest of the year even if you need the capacity. If you can close without losing the bonus, you get 5.5% but lose a facility for the future since it is already not possible to open another.
If there were one penalty free withdrawal per year, I would open a future Issue 3, if indeed it accepts multiple deposits a month. Lower ranking RS like this have money put in them as and when, rather than being routinely filled each month. I like to do things that must be funded each month at the beginning, so that it's done and there's then a window to remember before it's too late if ever I forget. I forgot Stafford one month but luckily for me missing a single payment didn't cause a downgrade and an open ended 4.15% is more attractive to me than need a withdrawal/make a mistake and get 1%. Even a mistake on the Suffolk account would mean still getting 3. something. Though the fact Stafford doubled the maximum from £500 per month to £1,000 has probably cemented its place as one of the lower paying RS.
You'd expect a penalty free withdrawal if Beverley cut the rate also (Dudley Loyalty doesn't allow withdrawals but did temporarily when they cut from 6% to 5.75%.)
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Beverley
What do they mean compounded? The interest cannot compound until it's been paid? It will only compound daily if its paid daily.
Surely they mean calculated daily, and paid annually?
I consider myself to be a male feminist. Is that allowed?1 -
Sorry I wrote the wrong word, I meant calculated.
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Hope all your wheels came back intact!
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