Regular Savings Accounts: The Best Currently Available List!

guitarman001

Was tempted to use Club Lloyds but you need two direct debits and that knocks out a whole lot of cash (where am I going to get two £1 DDs per month... and even then that's £24 a year which eats into the rate).

I need to do something because money is spilling over now. Think it's going to have to be a general savings account with low interest or risk more in P2P.

glider3560

guitarman001 wrote: »

Was tempted to use Club Lloyds but you need two direct debits and that knocks out a whole lot of cash (where am I going to get two £1 DDs per month... and even then that's £24 a year which eats into the rate).

I need to do something because money is spilling over now. Think it's going to have to be a general savings account with low interest or risk more in P2P.

You can credit Tesco savings accounts by monthly direct debit....

guitarman001

Serious? So if I had two tesco savings accounts (for the sake of argument) those would count as direct debit? What about other savings accounts? Or even just monthly standing orders to another bank account?

Basically I want to put in way more than the usual max £250 or so per month to these regular savers. I need a product where I can throw in larger amounts with no max (like Santander 123's £20k). There just isn't a product that fits.

Steve_xx

guitarman001 wrote: »

Serious? So if I had two tesco savings accounts (for the sake of argument) those would count as direct debit? What about other savings accounts? Or even just monthly standing orders to another bank account?

Basically I want to put in way more than the usual max £250 or so per month to these regular savers. I need a product where I can throw in larger amounts with no max (like Santander 123's £20k). There just isn't a product that fits.

Yes if you have two Tesco accounts you can pull monies from any other account that you have that demand direct debit mandates. In effect, you are setting up direct debits from yourself to yourself. It only works with Tesco's accounts.

guitarman001

How did you find out about this? I would never have guessed!

B_G_B

guitarman001 wrote: »

How did you find out about this? I would never have guessed!

Have a little light bedtime reading.
https://forums.moneysavingexpert.com/discussion/4168667

colsten

Almost 3 years ago.

Eco_Miser

guitarman001 wrote: »

Serious? So if I had two tesco savings accounts (for the sake of argument) those would count as direct debit? What about other savings accounts? Or even just monthly standing orders to another bank account?

Some other savings accounts had such a facility, but I think they've all gone now. There's a thread somewhere on this board, but it's not been updated recently.
Standing Orders are not Direct Debits.

guitarman001 wrote: »

Basically I want to put in way more than the usual max £250 or so per month to these regular savers. I need a product where I can throw in larger amounts with no max (like Santander 123's £20k). There just isn't a product that fits.

You can only put the maximum in each account, but you can open Regular Saver accounts with as many banks as will have you.

Kazza242

Nottingham Building Society will be launching issue 4 of their popular Special Saver (regular savings) account on Monday 3rd August 2015. It will pay 4.00% and will mature on 31 October 2016.

You can pay in between £1 - £400 into the account per calendar month. You have the flexibility to miss as many monthly payments as you like. No withdrawals permitted until the account matures.

You must open the account in branch.

(Anyone wishing to open issue 3 have until Saturday 1st August as it will be withdrawn after that date.)

alanq

I see that MoneyFacts lists Penrith BS Regular Saver 300 as one of the best.

3% interest variable
Branch Operated
Max £300 pm for 3 years

http://moneyfacts.co.uk/news/savings/6-of-the-best-regular-savings-accounts/

This did get a mention here last October but perhaps at that time there were more attractive deals.

Kazza242 wrote: »

Penrith Building Society have launched a new regular saver, called Regular Saver 300. It pays 3.00% and is a three year bond....