Regular Savings Accounts: The Best Currently Available List!

wheelz

Do I understand it correctly that I need to make sure to have £2000 in the TSB current account to get the 5% interest. In practice do you move your additional £500 each month either to a savings account at TSB or to another account? There is no reason why you would have more than £2000 in the tsb current account.

CLAPTON

wheelz wrote: »

Do I understand it correctly that I need to make sure to have £2000 in the TSB current account to get the 5% interest. In practice do you move your additional £500 each month either to a savings account at TSB or to another account? There is no reason why you would have more than £2000 in the tsb current account.

no, you get 5% on the money UP TO 2,000

so for 3,000 you get 5% on 2,000 only
on 1500 you get 5% on 1500

Eco_Miser

wheelz wrote: »

Do I understand it correctly that I need to make sure to have £2000 in the TSB current account to get the 5% interest.

No, you get 5% on whatever you have or £2000, whichever is smaller; so to maximise you interest, you should have £2000 there, but it's not needed to get the interest rate.

wheelz wrote: »

In practice do you move your additional £500 each month either to a savings account at TSB or to another account?

£500+ in, £250 to Regular saver, everything else (including the interest) over £2000 to the next account in the chain.

wheelz wrote: »

There is no reason why you would have more than £2000 in the tsb current account.

It's still a safe place to keep cash, even though it earns no extra interest, and you might like to keep up to £100 there to fund your contactless card spending for a 5% cashback.

wheelz

Eco_Miser wrote: »

No, you get 5% on whatever you have or £2000, whichever is smaller; so to maximise you interest, you should have £2000 there, but it's not needed to get the interest rate.£500+ in, £250 to Regular saver, everything else (including the interest) over £2000 to the next account in the chain.It's still a safe place to keep cash, even though it earns no extra interest, and you might like to keep up to £100 there to fund your contactless card spending for a 5% cashback.

Brilliant, thanks for the advice. :j

darkidoe

wheelz wrote: »

Do I understand it correctly that I need to make sure to have £2000 in the TSB current account to get the 5% interest. In practice do you move your additional £500 each month either to a savings account at TSB or to another account? There is no reason why you would have more than £2000 in the tsb current account.

I use TSB as my main spending account/cash withdrawal account. £500 in, £250 goes to Regular saver, other £250 for monthly expense. All above £2000

Frogletina

I know it's more work, but as soon as they dip under £2000, I top my tsb contactless cards up.

I have accounts with various interest rates, and it does take a while to get used to juggling them all to get the most out of them.

Currently I have one savings account at 2% which will be almost nil at the end of the month - but luckily I have a regular saver which ends next month, the proceeds of which will top that up and the next account down the chain. This will enable me to feed my other regular savers for another two months, at which point two more regular savers end.

Hopefully I will be able to keep all of my regular savers going. I may need to dip into my Santander account for a little while until my fixed isa ends - the next problem is where to put the proceeds of that!

frogletina

Ashen

I've recently set up a Leeds BS Regular Saver with a cheque for my initial payment.

Would anyone be able to confirm that I can pay by standing order from a different bank with this type of account - presumably starting next month after on a similar day of the month? I got a 'passbook' in the post and a paying in form, but little other information. Thanks for any help

Steve_xx

Ashen wrote: »

I've recently set up a Leeds BS Regular Saver with a cheque for my initial payment.

Would anyone be able to confirm that I can pay by standing order from a different bank with this type of account - presumably starting next month after on a similar day of the month? I got a 'passbook' in the post and a paying in form, but little other information. Thanks for any help

Yes you can pay from any bank account into the Leeds BS Regular Saver.

Special_Saver2

Hi Everybody,

I have updated the first page of this thread.

I have removed the Vernon BS account as the drop in interest rate means it no longer meets the criteria listed in the first post to be good enough for inclusion on the list. Likewise the new Penrith BS is not good enough either. Thanks to patientperson for both of the posts about these accounts.

I cannot find anything else that has changed.

I will do another update next weekend.

SS2

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For those new to this thread, the first few posts are constantly updated and are here: http://forums.moneysavingexpert.com/...=608697&page=1

patientperson wrote: »

New account. 2 year term. 2% variable rate interest.

http://www.penrithbuildingsociety.co.uk/savings/#pop3

patientperson wrote: »

The interest rate on this account has been reduced from 2.15% to 1.65%. This occurred sometime since January 2016. The details of the account appear to be the same as SS has previously recorded.

http://www.thevernon.co.uk/savings/regular_saver_reward_account

Vortigern

Ashen wrote: »

I've recently set up a Leeds BS Regular Saver with a cheque for my initial payment.

Would anyone be able to confirm that I can pay by standing order from a different bank with this type of account - presumably starting next month after on a similar day of the month? I got a 'passbook' in the post and a paying in form, but little other information. Thanks for any help

On the inside front cover of your passbook you'll see a sort code, an 8-digit account number and and a reference, which is your LeedsBS account number. You can use these details to set up a standing order from any bank into your LBS account. You must put your LBS account in the reference field on your standing order.