The Top Regular Savers Discussion Thread

Dizzycap

First Direct RS

If anyone has a maturing FD RS the RS now presently disappears a day before its maturity date which is when you can apply for a new RS as owing to a huge interest and backlog of applications, it's taking FD 3-5 days to actually open a new RS - text received this morning to confirm backlog.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81875761#Comment_81875761

I've used that strategy successfully for 2 years now to reduce the wait time before my next one. I'll be doing the same in May and hopefully will get a similar outcome. IME there is always a backlog of applications.

Bridlington1

https://forums.moneysavingexpert.com/discussion/comment/81875735#Comment_81875735

I've already discussed the matter at length with you back in November, and my position remains unchanged since then, which is that it is one thing to have a separate thread with the list of how many regular savers people have on page 1 and in which post how many regular savers they have and nothing else, but it is an entirely different matter to then invite people to discuss their regular savers strategy on there without any clear limits of the scope of that thread.

The former I have no issues with and would support, the latter I oppose, as I have made clear on a number of occasions in the past.

If you were to have a stripped back version of the being nosey thread in which people just post how many regular savers they have, possibly with a few other details to fill your table (e.g. minimum interest rate, total balances etc), and left any discussion about regular saver strategy in the main RS discussion thread then you wouldn't have all the ``mine is bigger" and the boasting on this thread, for people would still be posting their figures in the being nosey thread.

It would also avoid the risk of us ending up with two often overlapping discussion threads, for discussion about regular saver strategy would remain in this thread, thus keeping this thread as the sole regular saver discussion thread. To my mind that would be a fair compromise.

Newly_retired

Why do I use Regular Savings accounts?

I have money to save. I am a tax payer and have used my ISA allowance. RS offer good rates, higher than Easy Access accounts.

Personally I do not open every RS available. I have around 15 .( i say ‘around’ as several have just matured or are about to mature)

I have chosen for now not to open any app only accounts, though I could if I wanted to and might one day. I have chosen not to open any branch / post only accounts, though I might consider making the journey to a branch if it was not too inconvenient and if I felt the rate was worth it.
I haven’t set a % barrier. I might open a slightly lower rate if Fixed, as at the moment I don’t foresee interest rates rising; they are more likely to fall over the next 12 months, is my guess.

I try to minimise effort to maintain these accounts which are funded partly from surplus income, partly from other savings, but I keep clear records as I realise that without my hand on the tiller, my finances would be in chaos. If I die suddenly then it doesn’t matter as my Executors can retrieve the money in due course, but if I became temporarily incapacitated, my main current account could quickly become overdrawn when my Standing Orders go out, and other accounts might start incurring fees, get closed or other complications. My children have PoA, but it would be a faff for them.

I hope that helps, MaxBlax.

snookerloopy96

I think I'm going to buy a dictionary, one or two of these words are new to me!

Dizzycap

https://forums.moneysavingexpert.com/discussion/comment/81875770#Comment_81875770

Personally, I've never experienced a backlog / delay issue with a FD RS February application. It usually matures & disappears on the maturity date, I apply instantly for new RS and it's opened within 24, but not this year 😜

clairec666

It's a public forum, and talk about "territory" and "what belongs in which thread" seems a bit strange to me.

I'm certainly not trying to tread on anyone's toes if I post on the other thread, or any other smaller threads which pop up from time to time. This thread remains the go-to place for up-to-date news. I quite like it when I log in and see 3 pages of new comments, which is a good sign that there's a decent new account available. For that reason I'm happy for multiple RS chat threads to exist, though I accept that not everyone may share my view.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81875787#Comment_81875787

The sequence I have observed with the FD RS for several years (as long as I can remember) is that it disappears the day before the anniversary date (at which point you can reapply). It then returns briefly the next day with interest added (you can then no longer apply until the maturity process is complete, which can be a few more days). I always keep check in the lead up to maturity and get my application in as soon as I see it missing.

I believe this behaviour was first described by @Fingerbobs in the old RS thread back in 2020:

https://forums.moneysavingexpert.com/discussion/comment/77282670#Comment_77282670

Are you saying this happened to you two days before the anniversary this time?

Slinky

https://forums.moneysavingexpert.com/discussion/comment/81875426#Comment_81875426

I'm getting 4.45% with Zopa pots and 4.5% with Ulster Bank. There's a point at which the admin isn't worth the extra for me. Your view may be different.

gt94sss2

https://forums.moneysavingexpert.com/discussion/comment/81875275#Comment_81875275

If you manage to login to PBS, they are now showing the following message

Service update

We’re currently experiencing intermittent delays with One‑Time Passcodes via text message. Some customers may be receiving text message verification codes slower than usual.
Our team is monitoring the issue and working with our text message provider to restore normal service. We apologise for any inconvenience this may have caused.

Its just a shame that PBS don't put the message somewhere you can see it before you login