The Top Regular Savers Discussion Thread

charlie12525

https://forums.moneysavingexpert.com/discussion/comment/82084884#Comment_82084884

Your screenshot says the Reg Saver can be opened online. On their website it says opening is via…

Branch or Agency, or via the App

Any idea why your screenshot differs from what I can see?

Bob2000

Open and fund another Monbs RS Issue 8 question.

Hello.

I have the Monmouthshire issue8 regular saver, which is due to mature on 31th its fully funded (£6000.)

Was going to open a second one if still available but don't have excess cash to fund it to the max. The main reason is that l have also been fully funding the ManchesterBS 2 year regular saver 5.40%(£5500) and the identical NewcastleBS Monument RS (£5000).

Would l be better off interest- wise to just keep carrying on with those two. They both have lower % but are more or less halfway through their term?

Going forward, the Monbs cash will be deposited into these 2 RS accounts. I haven't the funds to fully commit to all 3???

janusd

https://forums.moneysavingexpert.com/discussion/comment/82084577#Comment_82084577

from memory, there are a couple of existing 13th payments threads - though I doubt they've been updated for a while…

https://forums.moneysavingexpert.com/discussion/comment/82084624#Comment_82084624

as a rough general rule, that's fine - but there are exceptions to it, eg Principality have max balances, but (very often) allow/ignore 13th payments…. hence the above threads.

flaneurs_lobster

MonBS - ManBS - NewcastleBS

Money deposited in an account earning 6% APR will always earn more interest than the same amount deposited at 5.4.

I'm not familiar with the Man/Newcastle terms, there may be other reasons for continuing to fund them but as of today your money earns more at MonBS.

Bob2000

https://forums.moneysavingexpert.com/discussion/comment/82085041#Comment_82085041

I was thinking along the lines that the Manchester and Newcastle money will have already built up interest over the last few months so that and the potential next 12 months would give me more interest than just starting afresh with the Monbs account. Do l make sense?

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82085014#Comment_82085014

I'd open a new Monmouthshire and fully fund it, 6% beats 5.4% so it's the best place for your money for the next year. An added benefit compared to Manchester/Newcastle is that when it matures you won't have such a huge lump sum to distribute elsewhere, so are less likely to have to stick it in a lower-paying easy access account.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82085014#Comment_82085014

Monmouthshire I8

You're only allowed one of a particular issue at a time so you'd need to close your existing account early and then open a new I8. If people do have two of an issue that was due to a system error.

Stargunner

https://forums.moneysavingexpert.com/discussion/comment/82085048#Comment_82085048

any money deposited in an account paying 6% interest will always earn more interest than the same amount deposited in an account paying 5.4% interest.

roked

https://forums.moneysavingexpert.com/discussion/comment/82085048#Comment_82085048

I get it because it is a 2 year account. No one can know if there will be another mon 6% available in 12 months time but it is very likely there will be one somewhere. In the end you are talking about fresh funds, so you might as well still do at 6% (or 8% given the highest ones available at the moment) for 12 months and worse case fund the 5.4% one again if nothing else is available then

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82085048#Comment_82085048

I know what you're thinking, but the money already in the Man/New accounts (or added going forward) will continue to earn at 5.4%. Clearly it will generate more money overall since more cash is deposited but it's still earning at a lesser rate than the MonBS,

My point about "other reasons" to continue might be (eg) a minimum monthly funding requirement or perhaps the rate is fixed, as I said I'm not familiar with the products.