The Top Regular Savers Discussion Thread

Kim_13

Thinking ahead…

Am I right in thinking it’s a yes to an 11th payment into Furness 160th?

West Brom Winter Ready is obviously a no as all accounts mature on 31st October irrespective of when opened and I think stated a maximum balance too.

Does anyone know what Dudley’s RS mature into? Wondering what the minimum balance is.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82163081#Comment_82163081

Furness - I've got an 11th payment scheduled on my spreadsheet, but looking back at the T&Cs it isn't clear either way. Projected balance is calculated from 10 payments on the 1st of each month (as per usual) but no mention of a maximum balance.

Progressive - anyone who's had a rainy day saver mature recently, did you check your interest calculations? Mine was lower than expected (about £1) - before I delve into my spreadsheet in great detail I thought I'd see if anyone else had noticed a discrepancy.

[EDIT] - Scrap that - I'd entered the maturity date wrong, so one day less of interest covers most of the discrepancy. It still doesn't quite match to the penny but it'll do for now.

bluehydrangeas

Hello. I currently have a Santander Regular Saver account which pays 8% yearly interest on a maximum monthly deposit of £200. I just wanted to confirm, is it correct that it works differently to most regular savers in that you are supposed to deposit exactly a month after opening the account, each month? For example, if you opened the account on August 10th, would you deposit funds on September 10th, October 10th etc? With other accounts, I've always deposited on the 1st day of every month after the month the account was opened.

masonic

https://forums.moneysavingexpert.com/discussion/comment/82163104#Comment_82163104

Yes, the earliest you can deposit is the day on which you opened the account. There is nothing to stop you delaying, but you cannot bring forward. There are a few others that do this, but it is uncommon. It is indicated on the first page by "per account month" rather than "per calendar month".

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82163081#Comment_82163081

Dudley RS

I've looked at the T&Cs for a couple - Festive & 1225 - and they both state that if you don't give maturity instructions the proceeds will be transferred into the, "default maturity account." Given the RS' are easy access I'd guess it'll be another easy access account.

"At the end of the 1 year term, you can invest in another account with the society or withdraw your money. Prior to your account maturing, we will provide you with details of other accounts available. If you do not tell us what you would like to do with the funds, your funds will be transferred into the default maturity account that is available at the time of maturity, but you may not receive the same interest rate."

trickydicky14

Santander RS

Well I started my RS on the 25th of the month and made my next payment on the 1st this was never returned.

ccluedo

https://forums.moneysavingexpert.com/discussion/comment/82163166#Comment_82163166

Similar here.

thor

Darlington Building Society

It might have already been discussed but I opened a Darlington B.S 12m reg esaver 2 account on October 3rd last year. I have paid 12 x £250 and was expecting the account to mature on the 3rd of this month. However as of this moment it is sitting still as a reg account at the original 5.75%. Looking at the t&cs it says the account will mature 12 months after it was opened but in my case this has clearly not happened. Has anyone else come across this?

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/82163283#Comment_82163283

Issue 2 matured at the end of the anniversary month, so will mature on 31st October. It allows withdrawals so you can access it if you need some funds.

andyhicks88

It may be that you can deposit into the Santander regular Saver at any time but that money won't start earning interesting until the annviversay date. I don't know this, I'm just speculating. I too have been despositing before my anniversary date because I forgot that detail.