The Top Regular Savers Discussion Thread

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/82100667#Comment_82100667

In which case I would simply action a change of nominated account to one that does allow different references to be saved as separate payees, if payment from nominated is required - assuming you hold one such account of course.

Did it not invite you to enter a different nominated account when opening Issue 2? (I’m yet to open one, having entered NatWest when opening Issue 1.)

Thankfully they don’t have ‘you may only update your nominated online once every 6 months’ like Ecology.

fonesaver

https://forums.moneysavingexpert.com/discussion/comment/82100658#Comment_82100658

Manchester BS have to come from ONE nominated account. I phoned them and queried this. Why this rule? They are part of Newcastle BS that does not have this rule! I'm in the process of switching my nominated account from RBS to Nationwide. Note you can't do this straight away you need to wait for a letter with an authorisation code.

mon3ysav3r

>Did it not invite you to enter a different nominated account when opening Issue 2?

Sorry I can't remember if it was possible to have a different nominated account than issue 1 with either BS

fonesaver

https://forums.moneysavingexpert.com/discussion/comment/82100703#Comment_82100703

With Manchester BS you can't as you can only have ONE nominated account

What_time_is_it

Earl Shilton Building Society Regular Saver (online)

Apologies if this has been covered already. I’m an existing ESBS customer with an existing Regular Saver account (passbook axcount opening in branch at 6%). Can I open a new online Regular Saver in addition to the one I already have?

Thanks

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/82100718#Comment_82100718

No, they amended the terms to forbid this a few hours after the account launched.

What_time_is_it

https://forums.moneysavingexpert.com/discussion/comment/82100737#Comment_82100737

Thanks. I hadn’t picked up on that. That is really helpful.

I might close my existing one and open the new one. Not sure though as ESBS seem to be a bit of a pain tbh!

Slinky

Sorry this is pretty basic maths but I've just fried my brains updating a spreadsheet with all my savings estimates for interest and can't get my head around the following.

Can somebody please guestimate what Furness 160th anniversary interest will be on £160 x 10 months at 6.75%

Also Newcastle Monument £500 x 24 months at 5.4%. Do they compound after the first year?

@Bridlington1 I hate to ask, as you do so much already, but on your wonderful records for the new accounts, would it be possible to add a line for estimated total interest for a 'perfect' payment record of the maximum contributions? Would other people also find this useful?

cc123mm456

@Slinky

The MSE tool will calculate it for you: https://www.moneysavingexpert.com/savings/regular-savings-calculator/

These are the results for those 2 options mentioned (excluding any tax):

After saving £160 a month for 10 months, you'll have a total of £1,649 including £49 in interest

After saving £500 a month for 2 years and 0 months, you'll have a total of £12,682 including £682 in interest

It will also calculate a drip feed value, if you input the interest rate of the feeder account.

Slinky

https://forums.moneysavingexpert.com/discussion/comment/82100796#Comment_82100796

Thanks, I wasn't aware of this.