The Top Regular Savers Discussion Thread

Joseph1215

https://forums.moneysavingexpert.com/discussion/comment/82100832#Comment_82100832

Beverley

Interest is paid on each 31st December, then finally on closure.

Born2Save_3

https://forums.moneysavingexpert.com/discussion/comment/82100888#Comment_82100888

Everyones priorities differ. For me having the account or several, far outweighs most other issues. I don't really think about other issues. And more often than not some solution or compromise can be worked out. But if the account is NLA when you come to apply, the issues are moot.

Hal17

Can I ask if anyone has an issue with the log-in for Beverley BS. I have received an email this afternoon informing me to log-in to obtain the account details, but the log-in fails telling me the details are incorrect or the ID has been suspended.

I did have access once I received the activation code. I guess I will need to call them tomorrow.

Bridlington1

https://forums.moneysavingexpert.com/discussion/comment/82100771#Comment_82100771

Good evening @Slinky,

Thanks for the suggestion.

For the time being though I'm afraid I shan't be adding a line to the listings on p1 of this thread for estimated interest. The main reasons being that there's a balance I'm trying to strike between making the listings as concise as possible whilst giving all the core information. If I started including projected interest over the term then this would risk making the listings lengthier than they should be, when projected interest is a number you could calculate yourself from the other information in the listing.

If I begin to add too much detail to the listings, it would also defeat the point of having a summary in the first place as it would risk becoming as lengthy as the summary boxes for the RSs.

There's also the fact that the calculating the figure in the first place presents several issues, firstly it would only be accurate if the interest rate didn't change throughout the term, if it did then the figure would be inaccurate. Secondly some people pay in by SO, some don't and make manual payments even if 1st of the month was a non-working day so the figure varies depending on which of those approaches you're using. Thirdly there's the question of accounting for when in the month the account was opened, as for most accounts operating on a calendar month basis the optimum time is towards the end of the month, but there's no guarantee the account'd be available to open at that point. Fourthly how would I account for open ended accounts?

There's also the time element of it, I've only so much time I can devote to this forum for I do have work, and family/friends who I have commitments to outside of the forum, and making a calculation for every RS on offer would take a not insignificant amount of time.

For the reasons above I'll have to say that I shan't add a line to the listings on p1 of this thread for estimated interest and instead am leaving it up to individuals to make their own calculations. Hopefully though this gives an insight into the thoughts behind my decision and that I do consider any suggestion before accepting or dismissing them.

masonic

Providers (must?) give an illustrated interest figure in their summary information that will usually be based on paying the maximum into the account on the 1st of each month. It won't cover 13th payments and other tricks, but gives a guide to the approximate amount you could receive. But it is questionable whether such a figure should be given much weight in making comparisons.

allegro120

https://forums.moneysavingexpert.com/discussion/comment/82100447#Comment_82100447

ESBS

I also received email today. Logged in and account was already showing. It was just before 5pm so I will fund it tomorrow (not sure when their cut off time is).

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82100986#Comment_82100986

The estimated balance calculation is, as you mention, based on opening and funding on the 1st of each month. I think what @Slinky wanted to know was the maximum possible interest with optimal funding strategy etc.

It's difficult to calculate exactly, what with different length months, whether you can fund on non-working days, etc.

As a rough guide, use the provider's "expected balance" as a starting point. Accounts like First Direct which work on a "monthiversary" basis will be pretty close to that value. For all other accounts, my crude calculations suggest that opening as late as possible in the month then funding on the 1st for each subsequent month could gain you 14-15%. For accounts which don't process your deposits on a non-working day, bring your estimate down a touch as you won't always be able to fund on the 1st each month. But it'll differ from year to year.

As for 13th payments, you'll clearly get more interest overall compared to the standard 12, but you'll have deposited more too, so it's harder to make a direct comparison.

Slinky

Thanks Bridlington for considering my suggestion.

When I mentioned perfect, what I meant was a maximum contribution record, not the strategy of wringing out every last groat and farthing!

Without knowing until mentioned above about the Regular Savings Calculator, (which seems to be buried somewhere not obvious on the website!), I made rough calculations for 12 months by multiplying total contribution, by percentage interest rate, and dividing by 2, which will do me for now until I can run everything through the RSC.

allegro120

https://forums.moneysavingexpert.com/discussion/comment/82100986#Comment_82100986

They probably must because this piece of information is always present in “key facts”. I always skip this section. It doesn’t help with making a decision whether to apply for an account or not and I don’t like counting money that I have not yet earned😀

Joseph1215

https://forums.moneysavingexpert.com/discussion/comment/82100957#Comment_82100957

I got locked out yesterday using a mobile phone. No room on the screen for the code boxes. I tried on a laptap this morning and it was fine. Only seems to happen with Beverley, although they use the same portal as a lot of others.