The Top Regular Savers Discussion Thread

Bob2000

https://forums.moneysavingexpert.com/discussion/comment/81881506#Comment_81881506

OK, thank you for the information. Always learning stuff on here:)

Wether I remember it is a different matter!

WillPS

https://forums.moneysavingexpert.com/discussion/comment/81881342#Comment_81881342

I disagree - don't ask, don't get.

It would be far from the first society to advertise clearly that a product can only be opened in branch but in fact allow postal applications, in just the last year my wife and I have opened accounts with such stipulations at Monmouthshire, Hanley and Furness (albeit the final one did eventually become advertised for online/post as well). In each case we would have been entirely happy for them to decline the application and for us to have forfeit a stamp and the cost of however many printed pages, but in each case we were successful.

I think this is quite different to the 'green shirts at Principality' stuff that goes on too, as that is quite clearly taking advantage of a hole in just one of their automated processes which fails to properly police a product condition; this is remotely asking a human to do something, accepting that it would be entirely proper for them to reply with "no".

mhoc

Thanks for the early notices regarding Principality today - much appreciated, no issues opening.

Between OH and myself we have 5 Principalities maturing in March and another 5 in April with little hope of refreshing any of them so with this in mind I've done something a bit off the wall.

A few days ago I closed our Principalities regular saver 36 and then reopened them - agree the 4.85% is below what I would normally aim for but if need be I can close them at any point if money was needed (eg on a shortfall month to feed savers with better interest rates) and the rate is still above my instant access account.

I've also opened the Regular saver 37 today for both of us - again 4.75% is not ideal but who knows how low interest rates will go by February 2027 and maybe 4.75% will be an acceptable bottom line by then.

Bank of England will drop the base rate at least once again this year and maybe as early as April.

Its doubtful if I will find 10 new regular savers to replace the 10 closing in March and April so these Principalities 36 and 37 will do for the time being.

Bridlington1

https://forums.moneysavingexpert.com/discussion/comment/81880957#Comment_81880957

Well I'll be giving people more opportunity to be the first to post as my work days have been lengthened (though I no longer have to work Mondays so it's not all bad).

A less exciting one is that the State Bank of India Regular Saver Account Issue 2 account at 4.5% is NLA and has been replaced by Issue 3 at 4.25%.

All of these changes shall be reflected on p1 of this thread and the archived thread shortly.

allegro120

https://forums.moneysavingexpert.com/discussion/comment/81881453#Comment_81881453

First Direct don't do standing orders at weekends, so I think it will be taken on the 2nd of March.

Bigwheels1111

https://forums.moneysavingexpert.com/discussion/comment/81882032#Comment_81882032

I just edit it to the next month and make a manual payment. Simple.

where_are_we

New Principality 6 month RS Issue 5 - my thoughts! "Probably won't open my Issue 5 until near the end of the month as I normally do with regular savers." Is there any benefit to this policy in terms of overall interest gained? I am of the opposite view and I open a new RS as soon as possible in order to be sure of getting a better interest immediately. There has been cases of new RS`s being pulled. I`d rather not take that risk.

"COP not working immediately" As long as you double check your sort code, account number and reference number given when you open the account online and also against the email which arrives very quickly, there is very little risk. I always override the no cop warning. Never had a problem. Testing a £1 deposit and logging on to check, I`m afraid is extra admin. I don`t even check if the £200 has gone in as I`ll be logging in shortly to give my maturity instructions for next Issue 4 and I will check Issue 5 then.

"Standing orders for March payment"

Because March 1 is a Sunday and a non banking day, for an easy life, I set my SO to start on March 2.

Principality RS 37 @4.75% fixed - Worth opening one with £1 deposit. You do not have to make any more monthly payments. In 6 months time 4.75% might be very competitive and then you can resume monthly payments. You can close anytime with no loss of interest. Also Maturity options might be lucrative.

Many Thanks to Bridlington once again!

allegro120

https://forums.moneysavingexpert.com/discussion/comment/81882175#Comment_81882175

I don't play waiting games, especially for accounts that are definitely worth opening. I can see potential benefits of this strategy when the rates are deemed to go down and historically Principality tend to keep 6M issues on the shelf for approximately 6 months, but prefer not to be lead by assumptions.

I like CoP, it's an improvement in banking system, but managed without it for decades before it was introduced. It's easy with Principality - copy and paste account and reference number can't go wrong. I deposited £200 to issue 5 immediately after opening, CoP failed and funds arrived within couple of hours.

Pkno

When is it worth closing and reopen a RS at same rate? I understand the purpose is to lock in % at the same rate for the next x months incase the rate drop, but if I close an account with 4k in at 6% and I have to put it in EA as I can only put so much in each RS. Am I not losing interest???

Kim_13

Considerations will be

a) Where the money will go if the account is closed now (but in the case of those accounts that only allow access via closure, that becomes moot if you need some of the money.) I recently closed one having emptied it in favour of a higher paying account.

b) How much you have maturing at the original date vs the new date - and whether you have the capacity for this without having to resort to leaving a significant sum at EA rates

c) Pushing interest into the next tax year or not, personal circumstances depending. For some, one will have an advantage over the other.