Regular Savings Accounts: The Best Currently Available List!

Alex92_2

http://www.savingschampion.co.uk/best-buys/tables/regular-savings/

M&S 6% monthly saver upto £250
First Direct 6% monthly saver up to £300. (as of this morning)

apt

Special Saver, Dunfermline are on to issue 2 of the platinum regular saver paying 4%. Your link to issue 1 is still active, but I suspect that is because people who have already opened one have up to a month to start funding their account. I very much doubt anyone can open a new issue 1 account now.

Alex92_2

May setup HSBC Regular Saver 4%, (3.2% after tax), only issue I can see with it is that I have to setup a main bank account with them (dont have to pay in over £500 a month as I am under 24), but 3.2% of 1500 (yearly average) is only £48PA / £4PCM.

I know "pennies make the pounds" n all that, but for the sack of blemishing my credit rating, I dont know if its worth it for the sake of a mere £48 per year.

This is my only option other than the First Direct 6% account though, which will pay me £86.40 a year £7.20 a month (unless I am mistaken?). Maybe its worth it.

What are your thoughts?

KTF

On average you get about half the headline rate over the term so I wouldn't bother with anything under 6% as you can get 3% instant access from various bank accounts without having shuffle over 250 every month.

innovate

KTF wrote: »

On average you get about half the headline rate over the term so I wouldn't bother with anything under 6% as you can get 3% instant access from various bank accounts without having shuffle over 250 every month.

That only holds if you have the lump sum available. But even then, any Reg Saver that pays over 3% is worth it because you can drip-feed it from your 3% instant access account and make extra money.

If you don't have a lumpsum, then obviously anything higher than 3% beats 3%.

Alex92_2

KTF wrote: »

On average you get about half the headline rate over the term so I wouldn't bother with anything under 6% as you can get 3% instant access from various bank accounts without having shuffle over 250 every month.

True I guess, I wouldnt hesitate at signing up to HSBC if there was a way I could get the 6% without having to pay for an account, or if they offered some kind of £100 cashback to make a current account and then get 4% regular savings on the side.

M&S has a heavy charge and so does HSBC for 6% reg savers, so best bet would be to stick with 6% FD monthly saver, fill up ISA allowence for 13/14 and then work on filling up all of the 3% accounts available (123, Vantage and BoS).

Alex92_2

innovate wrote: »

That only holds if you have the lump sum available. But even then, any Reg Saver that pays over 3% is worth it because you can drip-feed it from your 3% instant access account and make extra money.

If you don't have a lumpsum, then obviously anything higher than 3% beats 3%.

Or I guess it could be worth it if you were saving quite well, say £1600-2000 a month.
Providing you have filled up your ISA at start of the year and cant contribute anymore to that. You could add say £1750 to your 3% account and then £250 to your (in this case) HSBC 4% account.

3.2% is higher than 2.40% (after tax).

I think dripfeeding from savings account to regular account only makes sense if you dont plan on putting anymore money into the savings account. It makes it a lot more complicated if you plan on putting in a considerable amount each month into savings (say £1500 in to savings).

innovate

Alex92 wrote: »

I think dripfeeding from savings account to regular account only makes sense if you dont plan on putting anymore money into the savings account. It makes it a lot more complicated if you plan on putting in a considerable amount each month into savings (say £1500 in to savings).

Can't quite follow you there. I put as much as I can, any time of the month, into my esavers, and I syphon the required money into the Reg Savers in time for the monthly SO

J_i_m

Just applied for a new FD regular since my old one matured this week. Shame it's gone down to 6% but it's better than a poke in the eye.

Alex92_2

innovate wrote: »

Can't quite follow you there. I put as much as I can, any time of the month, into my esavers, and I syphon the required money into the Reg Savers in time for the monthly SO

Ignore that, I think I had been looking at it for too long and started getting confused.

Completely overlooked the fact that, If I pay £250 extra into 3% account each month, it is the exact same as putting £250 into Monthly Saver at 4%. I started to think that for some reason, If I put more money into my 3% account quicker, it would generate more interest, when really it wouldnt. 250 is 250.