The Top Regular Savers Discussion Thread

Bob2000

https://forums.moneysavingexpert.com/discussion/comment/82172646#Comment_82172646

All done now. Bit of a faff, just waiting now for the funds to show.

Bob2000

https://forums.moneysavingexpert.com/discussion/comment/82172722#Comment_82172722

Was waiting for months end, to maximise having more or less £400 earning 11 months interest. But forgot that there are 31 days to this month's And the 1st is a Sunday for the next.

Fist payment sent now just waiting for it to land.

masonic

https://forums.moneysavingexpert.com/discussion/comment/82173250#Comment_82173250

The trick here is to wait until month end to open the account. There are some cases where you can open and the term starts when you fund, but most accounts don't work like that.

You could perhaps refresh the account at the end of the month.

Bridlington1

https://forums.moneysavingexpert.com/discussion/comment/82173279#Comment_82173279

Though on the flip side, the account could go NLA in-between launch and the end of the month meaning you go without altogether. There's been plenty of RSs that have gone that way over the years so there is also merit to opening as and when, then if the account allows, refreshing at the end of the month.

In the month of maturity having a series of RSs with spare capacity for funding that month comes in handy, worth bearing in mind that Skipton's 5.75% RS allows you to catch up on unused deposits in later months so depending what your RS funding cut off is, you could open that account now, delay funding till Halloween so that the account matures at the end of the month, then you've a place to dump the funds from the maturing Progressive BS RS for the last fortnight of October 2027 ready to feed November 2027's RSs.

Bridlington1

Scottish BS:

Just had an email to say my Scottish BS RS matures in a fortnight. I closed the account about 3 weeks ago but it's the thought that counts I suppose.

masonic

https://forums.moneysavingexpert.com/discussion/comment/82173299#Comment_82173299

True, there is risk in delaying. I opened and funded mine on 15th September. We now know it would have been safe for me to wait until the end of September, but I didn't risk it. Given that it has already survived 5 weeks, it is perhaps less risky to wait until the end of October. What makes no sense is to open a premier league RS like Progressive's 7% account and delay funding it, if you have a choice.

Good tip about the Skipton account. You never know where easy access rates will be in a year's time, so it could help out towards the end of its term.

Born2Save_3

https://forums.moneysavingexpert.com/discussion/comment/82173005#Comment_82173005

Good point. The SA is actually the account my 2025 RS matured into; so as far as I am aware, it has existed for just over a year now. However, from CS and the good contributions here, probably because it had a zero balance and no activity for 180 days, a marker was placed on the account that prevented me from being able to move money out of the account both online and through the app. But I has no issues receiving RS maturity funds into it and it is the only non-special SA I have with FD. I've had a bonus SA for several years, but this wasn't / can't be used to receive RS maturity funds.

And on a positive note, rarely have these with FD, the new RS has now been created and the £300 I dropped into the CA just after midnight, moved to the new RS. So I applied for a new RS the day before maturity on Friday 16. The new RS was created and first deposit taken today, Monday 19. I think, so far, after maybe 4 years of doing FD RS, this has been the quickest and least problematic and over a weekend.

Born2Save_3

H&R RS Application Pack

Received today in the post. Includes, cover letter, generic 2 page, 4 side savings application form, and an ?A5? reply paid envelope.
The cover letter does not specify the RS, yet I used the 'Send an Application Pack' feature of the RS web page. The cover letter does state that if a transfer from another organisation is to be used to open the account, this can be stated and H&R will make contact to provide details.

dealyboy

https://forums.moneysavingexpert.com/discussion/comment/82173299#Comment_82173299

Skipton BS Member RS tactic

… good idea for @Bob2000 Brid, as long as Bob's been a member for 30 days he can open the 'member' RS.

Slinky

Hanley Economic

Mine (complete with 13th month payments) is due to mature towards the end of the month. It will default to an Easy Access Saver if no other option selected. Has anyone tried emptying their matured account to below the £100 minimum EAS balance? I'd like to keep a nominal amount in the account to retain membership, but was thinking nearer £1 than £100!