The Top Regular Savers Discussion Thread

surreysaver

https://forums.moneysavingexpert.com/discussion/comment/81885452#Comment_81885452

By walking into the shop you agree to the T&Cs. I had a row with the security guard after leaving Lidl once via the 'In' doors after they didn't have in stock what I wanted to buy.

He wanted to search my bag. He didn't search my bag. I won't go in Lidl now. I go in proper supermarkets, even if they are a bit more expensive.

happybagger

https://forums.moneysavingexpert.com/discussion/comment/81885487#Comment_81885487

Going back into a retailer to avail of the offer again is not a grey area, as a separate distinct contract would be formed.

If the terms of the first purchase stated "You agree not to purchase again for a period of 7 days" etc then I agree there would be a breach.

surreysaver

https://forums.moneysavingexpert.com/discussion/comment/81885379#Comment_81885379

I disagree. I think talking about going into supermarkets is outside the scope of this thread!

TheWoodler

I think knocking the Principality multiple account discussion on the head is well overdue. If anyone really seriously thinks staff at any institution don’t monitor social media then they are naïve at best - I’m a civil servant in RL and we monitor social media in our field for illegal or ‘grey area’ activity. We have had very successful prosecutions as a result, so don’t think it can’t happen.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81885542#Comment_81885542

I used the example of "surreptitiously splitting transactions at the self-serve checkouts" rather than leaving and returning for exactly this reason. As you say, such a repeat visit term could exist if the retailer wished, but I don't think any do this in practice because it would be impractical to enforce. Bringing it back to Regular Savers, financial institutions generally do not permit customers to set up multiple online profiles under a separate agreement to circumvent product limits; logging in with a different profile would be the equivalent of the "leaving and returning" scenario.

clairec666

Well, back on topic.

Principality could be stricter on those playing the system. The T&Cs say "If you open more than one of these accounts in the same issue, we may close any additional account and return any money you have paid into it, along with any interest earned." Hardly going to deter people from taking a punt on getting an extra account.

Meanwhile, if anyone wants to steer the topic in a completely different direction, I'm currently whittling down my regular saver accounts because I need to use that money in the near future. I don't like dismantling my carefully curated collection, as I'd got to the point where my maturities were spread throughout the year. Anyone else feel the same? Or would you just cull them all? I'm currently just withdrawing rather than closing (where possible) so as not to drag any interest into this tax year.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81885564#Comment_81885564

I would probably cull the lowest paying ones and refresh others as needed maintain a good spread over the year.

I'm currently in the position where I'm deliberately not renewing a few lower paying ones, which I'll keep in reserve for later in the year when others mature and will likely not be available to renew.

MaxBlax

https://forums.moneysavingexpert.com/discussion/comment/81885564#Comment_81885564

Principality Building Society (PBS) Terms & Conditions

"If you open more than one of these accounts in the same issue, we MAY close any additional account and return any money you have paid into it, along with any interest earned".

Keyword: "May", not "will", suggesting PBS may and also equally may not enforce this T&C.

Section62

Meanwhile, if anyone wants to steer the topic in a completely different direction, I'm currently whittling down my regular saver accounts because I need to use that money in the near future. I don't like dismantling my carefully curated collection, as I'd got to the point where my maturities were spread throughout the year. Anyone else feel the same? Or would you just cull them all? I'm currently just withdrawing rather than closing (where possible) so as not to drag any interest into this tax year.

Yes, I need some free cash to re-fund my flexible cash ISAs before the end of the tax year and the Monmouth and Suffolk building society accounts have drained my free cash dry. I might - or might not - get a cash top-up before April. So have been juggling funding of my RS account collection since December to maximise interest of the accounts which pay the best, whilst retaining funding in the RS accounts where withdrawal/closure is possible without too much much pain.

It feels uncomfortable not to fully fund some of the better RS accounts, but protecting my ISA allowance going forward has to be the priority.

Like you, I will probably aim for withdrawals rather than closures as this would allow for the quickest return to normal if the extra cash arrives in time, or else once we get into the new tax year.

surreysaver

https://forums.moneysavingexpert.com/discussion/comment/81885564#Comment_81885564

When I've needed funds in the past, I've sometimes taken money out of higher paying regular savers which have little time left to run, as this is more profitable than withdrawing from lower rates with longer to run