The Top Regular Savers Discussion Thread

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.

Born2Save_3

ESBS Monthly Saver Online

I saw this mentioned previously, but not sure if there was a clear answer.

The website 'Summary Information' states in Additional Information : 'Are happy to make at least 1 payment per month (minimum £1)'

What are the consequences if you don't ? I can't see any, but haven't looked that hard.

Has it been / will it be enforced ? May be meaningless if there are no consequences.

Is there some grace period of missed months / days ? (Say like Stafford BS)

Does this apply to the passbook version ? If so can anyone comment if they have missed any monthly payments ?

Thanks

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/82100811#Comment_82100811

Moneyfacts says it would be closed, but I haven't seen that anywhere else.

What_time_is_it

Beverley Regular Saver

What date is interest paid? 1 year after opening, or 1 year after first deposit?

KneadtheDough

https://forums.moneysavingexpert.com/discussion/comment/82100825#Comment_82100825

Beverley Regular Saver Issue 3

Account opening, it seems from the product summary sheet:

"On maturity this account will transfer into the Instant Access savings account, this will happen

One year from the account opening date."

"Interest is accrued daily and added to the account on the date of maturity at close of business that day.
"***Condition Bonus - Each month a deposit between £10 - £500 must be received into the account, the account should see no withdrawals in the one year term and the account must remain open until the one year term has completed in order to receive the bonus payment."