The Top Regular Savers Discussion Thread

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/82064109#Comment_82064109

I had a phone call once for paying in about £100 in cash and then sending it out to a Regular Saver.

Sure, that something isn't cash is less likely to attract suspicion, but then £12,500 is far more likely to attract it than £100. Only the bank accounts directly paid into by Monmouthshire will know (or should if they think it through) that the funds have come from a maturing account. If you normally use several current accounts to feed regular savers as I do, the others would know only that you had suddenly started transferring four figures in and then out again.

chris_the_bee

https://forums.moneysavingexpert.com/discussion/comment/82064005#Comment_82064005

This is how it worked for the Regular Saver Issue 1.

1% Interest is accrued daily and added once a year on 31st December at close of business.

Each month a deposit between £10 - £500 must be received into the
account, the account should see no withdrawals in the year and the account must remain
open at 31st December in order to receive the 4.5% Condition Bonus payment, which is added on 1st January.

The date of crediting of the conditional bonus does not seem to be mentioned in their T's&C's.

chris_the_bee

https://forums.moneysavingexpert.com/discussion/comment/82063938#Comment_82063938

My welcome letter received today 16.18hrs differs.

"The running rate is the only rate that our online platform can show you sadly.

Both interest payments will be applied to the account on 31st December. There are no withdrawals allowed from this product without forfeiting the bonus until 31st December.

In January you will be able to make a withdrawal and still be eligible for the bonus at the end of the same year".

Chaykin

"at the end of the next year" and "at the end of the same year" makes a big difference. 😉

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/82064222#Comment_82064222

Yeah, with chris_the_bee's letter it would be a slam dunk complaint if a withdrawal was made in January and the bonus not paid in December.

jameseonline

https://forums.moneysavingexpert.com/discussion/comment/82049824#Comment_82049824

I don't understand why they've done that other than to confuse tbh, if the rate drops after 1 year, you ditch the account right?, I say confuse because if you scroll down further it mentions reviewing savings options etc.

jameseonline

https://forums.moneysavingexpert.com/discussion/comment/82053071#Comment_82053071

This is probably going to seem really obvious but can you not use another bank to fund Bucks?

jameseonline

https://forums.moneysavingexpert.com/discussion/comment/82053316#Comment_82053316

I use Virgin to manually fund Regulars every month (saved payee) also use Virgin as nominated account for withdrawals eg from Saffron easy access & just moving money in general, only real issue I have is when they do maintenance during early hours which I swear never really used to be a thing because I used to do my monthly payments from 12am onwards

jameseonline

https://forums.moneysavingexpert.com/discussion/comment/82054165#Comment_82054165

Very easy to close online with Principality a few clicks & you'll be done, then wait upto a day to get funds if done on a working day

Joseph1215

It seems straightforward - any interest owing is paid on 31st Dec 2026. You can then make withdrawals throughout Jan 2027 (I don't know if only one allowed or several), then, to keep Dec 2027's bonus, you can't make any more withdrawals until Jan 2028, and so on.

So they pay interest every year in December and you can take out money every year in January. A withdrawal in any other month loses you the next December's bonus.