We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
The Top Regular Savers Discussion Thread
Comments
-
Monmouthshire BS and the potential £18k (plus interest) that many will have at maturity:
One option to consider is to delay when you fund your other August/September regular savers (depending when you opened them) and use your maturing Monmouthshire BS proceeds to fund that month's RSs.
E.g. if your account matures on 21/8/26, instead of pulling funds from a 5.25% RS to fund a 5.5% RS on 1st August you could wait till 21st August and then fund the 5.5% RS then with the money from the maturing Monmouthshire BS RS.
This might go some way to alleviating the potential fallout of £18k suddenly needing a home in August.
Everyone's figures will be different, perhaps someone can come up with a spreadsheet to illustrate different scenarios?
Regardless I've sort of got out of this one and am likely to have the opposite problem, with a property purchase getting closer to completion I'm probably just going to use the contents of the maturing Monmouthshire BS RSs to pay for that and end up with a shortage of funds to feed my September RSs.
4 -
Who might be the next to offer 8%?
Well, First Direct and Cooperative have been used to being top dogs for a while. I don't know how much difference it makes being 1st on moneyfactscompare instead of 5th or 6th. But clearly offering a loss-leader regular saver is part of their strategy for attracting customers, so we'll see how they respond.
Similarly, Nationwide have always been near the top with 6.5% but have now been bumped down the list a bit.
All also offer a generous switch bonus, so may possibly use this to entice new customers and leave their RS rates untouched.
We haven't seen anything decent from Coventry / HSBC / Yorkshire for a while, who used to be some of my top-paying accounts not so long ago, so it would be nice to see something new from them.
Fairly soon Monmouthshire are going to have a mass exodus of savings from the 6% and particularly the 7% regular savers they offered last summer. I hope they offer something good as a replacement.
2 -
HSBC are in that much of a tangle with their ISA cashback debacle I'm not sure they dare make another 'best in class' offer.
1 -
Monmouthshire maturity…
I'm doing that for September - I delayed funding mine so they mature 10th and 12th September (if I've remembered correctly that it matures a year after your first deposit, not date of opening?) so I'll delay funding some of my lower paying accounts until after maturity. I doubt my own spreadsheet and personal circumstances will match anyone else, but it seemed to be the best strategy for me.
Hope your property purchase goes well. I exchanged contracts this week, with completion next week. I've had to sacrifice some of my regular savers, but it's worth it. Everything had worked out really well with some fixed rate ISA maturities too.
2 -
Already doing that, only £12K plus interest for me (and the last Principality 6 Monther that was worth opening.) Notebook with what is being funded when and from what account at the ready. The Skipton Member Easy Access isn’t a bad holding account for the few days between August and September’s payments, so very glad they offered a version with a higher maximum this year.
0 -
The Monmouthshire BS RSs do indeed mature 1 year after first deposit as opposed to opening date, mine are due to mature at the end of August.
It's been a busy property purchase for me, there's been some delays with searches etc that should be resolved soon and my conveyancer is likely never going to forget checking my bank statements (they're still going through them), meanwhile I'm pulling my deposit into one account, then going to send my conveyancer statements showing the deposits into them and that'll be that.
I've had to be very strategic with the RSs I pluck off though, I've been targeting RSs that either mature soon, or can be refreshed easily with custom pdf statements generatable. Manchester BS, Monmouthshire BS RS Issue 8, Skipton Members RS, Harpenden BS 18-30 RS, Furness BS Summer 2027 RS either have been or are soon to be refreshed.
Once everything's sorted it'll be a case of review the RSs from there.
2 -
My anti money laundering proof of funds check seemed to go through without a hitch - I was worried that moving a few thousand pounds between multiple accounts each month might cause some concern, but apparently not. I soon learned which banks are better at providing statements and which ones are a right pain in the &%£$.
1 -
Monmouthshire Maturities and the next 8% Offer
By my count it's £6k in a maturing Regular Saver 8 at the end of this month, then £6k in a Branch Exclusive Regular Saver 1 and £12k in an App Exclusive Regular Saver 1 in early August. Hopefully another issue of the Regular Saver 8 will still be available to open in the app in a couple of weeks time.
In terms of other maturing accounts I would love Principality, Virgin Money or Darlington to put out decent rate accounts - ideally just before my current ones mature - and hopefully ones that are at least above 5% if not at the highs of 8% or more!
0 -
You don't even need another issue of the Regular Saver 8 to be available, once the old one matures you can open a new one. I've recently refreshed mine, closure request submitted 6am, account closed a few hours later and a new one opened via the app by noon the same day before the funds had even landed in my nominated account.
For those not using the app it's worth noting the status of the closure request changes to something along the lines of ``processed" in online banking even before the balance etc updates to reflect the closure.
4 -
Lloyds RS: well, this is a new one for me. Friend tried to open one of these new lucrative RS accounts. Only has one active product with Lloyds - a "Classic Account" current account. No other accounts ever held with Lloyds and no accounts ever held with either Halifax or BoS.
Usual rigmarole of applying for the 8% account which appears as available to apply for through online banking. When confirming application greeted with the below screen. Tried a few times with same result.
Contacted them via online chat. Problem logged with a reference number and told that they'll "look into it".
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.3K Banking & Borrowing
- 254.7K Reduce Debt & Boost Income
- 455.9K Spending & Discounts
- 248K Work, Benefits & Business
- 605.2K Mortgages, Homes & Bills
- 178.9K Life & Family
- 263K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards