Regular Savings Accounts: The Best Currently Available List!

teddysmum

I too am wary about SOs failing, as a number of banks have had problems recently, so I do manual transfers a couple of weeks before the 20th of the month SO date and the latter is between current and savings accounts with the same institution.

adindas

Read this,
If you are doing it by daisy chain of SO. It might cost you a fortune ...
http://www.telegraph.co.uk/finance/personalfinance/bank-accounts/11577641/My-scheme-to-earn-extra-interest-on-current-accounts-failed-heres-why.html

Most of my high interest current accounts are funded using Individual Faster Payment FPO/FPI. Few of them using SO, I normally provide slack of 3 days as one I set it up I do not need to worry anymore about Weekend, Long weekend Bank Holiday, IT server failure, etc

johnmoney05 wrote: »

I had one occasion which I set up a SO to go into my nationwide current account for the regular saver account, but it counted the SO went in after the payment to the regular saver, so I was overdrawn for the account! And I was charged for the OD fee. Since then, I only use faster payment to make sure I see the money in the account the day before the SO going out.

teddysmum wrote: »

I too am wary about SOs failing, as a number of banks have had problems recently, so I do manual transfers a couple of weeks before the 20th of the month SO date and the latter is between current and savings accounts with the same institution.

Ken68

Letter received today....Ipswich BS Smart Save will close to new customers from 1st. October 2016 and existing account holders will have their interest cut by 0.25% to 3.25% including 3% conditional bonus.... and withdrawals will increase to two per anniversary year.

colsten

adindas wrote: »

Read this,
If you are doing it by daisy chain of SO. It might cost you a fortune

As long as the outgoing SO amount is smaller than your total balance in the account, the risk of anything going wrong with properly set up SOs is minute. And if something does go wrong, it will at worst cost a few pennies in lost interest.

I have been doing literally all my monthly deposits by SO for years. The only payments I do manually are those OUT of my Halifax accounts. The payments IN to them also happens by SO. I have never once had any problem to date and am confident that I won't have any in future.

Jimmithecat

Ken68 wrote: »

Letter received today....Ipswich BS Smart Save will close to new customers from 1st. October 2016 and existing account holders will have their interest cut by 0.25% to 3.25% including 3% conditional bonus.... and withdrawals will increase to two per anniversary year.

You beat me to it - I was just going to post this - still a great deal with the reduced interest rate:j

glider3560

Jimmithecat wrote: »

You beat me to it - I was just going to post this - still a great deal with the reduced interest rate:j

Same here!

I withdraw all but £50 about a week before the anniversary date. That means, for the next anniversary year, you get £50 at 0.5% and the remainder at 3.25%. A very good deal.

Kim_13

Jimmithecat wrote: »

You beat me to it - I was just going to post this - still a great deal with the reduced interest rate:j

Very. Just went onto their website with the intention of opening one before it closes, but wrong postcode

ASavvyBuyer

adindas wrote: »

Read this,
If you are doing it by daisy chain of SO. It might cost you a fortune ...
http://www.telegraph.co.uk/finance/personalfinance/bank-accounts/11577641/My-scheme-to-earn-extra-interest-on-current-accounts-failed-heres-why.html

That article says that the Tesco current account has a monthly funding requirement. Has that changed? Can't find anything in the T&C's that says it now does.

ASavvyBuyer

adindas wrote: »

Read this,
If you are doing it by daisy chain of SO. It might cost you a fortune ...
http://www.telegraph.co.uk/finance/personalfinance/bank-accounts/11577641/My-scheme-to-earn-extra-interest-on-current-accounts-failed-heres-why.html

That article implies that the Tesco current account has a monthly funding requirement. Has that changed? Can't find anything in the T&C's that says it now does.

[Deleted User]

ASavvyBuyer wrote: »

That article implies that the Tesco current account has a monthly funding requirement. Has that changed? Can't find anything in the T&C's that says it now does.

The monthly funding requirement for the Tesco Bank current account was removed some time ago, certainly before October 2015 when I opened my first one.