Regular Savings Accounts: The Best Currently Available List!

Mee

Not received a letter yet, but thanks for the update. I opened one recently and was really impressed with the speed with which they dealt with my application.

I have to admit I was swayed by the interest rate and I hadn't read all the terms and condition especially the following:

HHow is the bonus calculated and when is it paid?
The bonus is variable and calculated daily on each receipt, not as a
percentage of the total balance. The bonus is paid on the account
anniversary and resets to zero after each anniversary, ready for your next year’s payments

patientperson

Letter dated 09-09-2016.

Rate reduced from 2.25% to 2.00% effective 20-09-2016.

The rate is 0.50 % + a bonus of 1.5% provided 11 equal payments received and only 1 withdrawal made annually.

patientperson

Letter dated 01-09-2016.

Rate is reduced from 2.25 to 2.00% effective 19-09-2016.

Regular Savings (Issue 3) is a closed issue.

Westie983

colsten wrote: »

You realise you can start new ones with FD and Nationwide as soon as the existing ones have matured?

Yes I know, but I'm not sure FD and Nationwide will keep the rate the same as they are now 6% and 5% respectively, but I will stand corrected, if so FD matures 21st September so Im hoping to open a new one on the 22nd, fingers crossed.

My prediction will be for Nationwide the rate will drop on 30th November just before the maturity date of the Nationwide RS, on the 1st lets see what happens.

Westie983

I do have a question about anyone who has opened a Buckinghamshire RS.

They said that you can change the amount you fund the account once a year only, I remember entering a sort code and account number on the application form, so will they set up a SO from that account or do I set it up? and whats to stop me setting it up for more then the opening credit?

I opened it up with £50 so I thought they would set up a SO for this amount but nothing showing on my account.

If I have to set up the SO, I will stick with sending cheques, but again whats to stop me funding it with £100 next month.

I cant check the T&C's as they are not online anymore as the account has been pulled.

Im slightly confused, how they control the funding amounts.

Westie983

schiff wrote: »

I've started the First Direct 1st account, the Bonus Saver and, a few days later, the Regular Saver. I've made my first £300 transfer (from the current account) to start off the Regular Saver.

After trying to set up a Standing Order (I failed) I finally called First Direct and was told that, having started off the Regular Saver from the current account, it will be automatic for the remaining 11 payments. So I need to regularly feed the current account for that purpose.

I know that some of you keep a minimum sum in the current account (eg £1) so how do you time your depositing Standing Order to ensure the automatic transfers don't miss out, because if they do you finish up overdrawn?

My next payment as it happens is on Saturday October 8th!

Faster payment hit the account in seconds, so when the SO is due, I sent the money the night before, so your next SO will be the 10th October, so you can send the money on the 9th by faster payment

The funds will be there for the 10th, it gets taken in the early morning on the day the SO is due, if you miss the funding, it does try to take it again at 3pm, I forgot to send the payment one month, and I sent it the same day, but as always banks recommend you to fund the account the day before the DD are due as they could be sent anytime from midnight.

schiff

Westie983 wrote: »

Faster payment hit the account in seconds, so when the SO is due, I sent the money the night before, so your next SO will be the 10th October, so you can send the money on the 9th by faster payment

The funds will be there for the 10th, it gets taken in the early morning on the day the SO is due, if you miss the funding, it does try to take it again at 3pm, I forgot to send the payment one month, and I sent it the same day, but as always banks recommend you to fund the account the day before the DD are due as they could be sent anytime from midnight.

Thank you. I've had mixed results with faster payments initiated on a Sunday, so I will do it on a Saturday if it falls that way.

Eco_Miser

schiff wrote: »

Thank you. I've had mixed results with faster payments initiated on a Sunday, so I will do it on a Saturday if it falls that way.

In that case it may be better to do it on Friday, since both Saturday and Sunday transactions get dated on the following Monday (or Tuesday if the Monday is a bank holiday). Not that I've ever had a faster payment not arrive in seconds, whatever the day.

patientperson

Westie983 wrote: »

I do have a question about anyone who has opened a Buckinghamshire RS.

They said that you can change the amount you fund the account once a year only, I remember entering a sort code and account number on the application form, so will they set up a SO from that account or do I set it up? and whats to stop me setting it up for more then the opening credit?

I opened it up with £50 so I thought they would set up a SO for this amount but nothing showing on my account.

If I have to set up the SO, I will stick with sending cheques, but again whats to stop me funding it with £100 next month.

I cant check the T&C's as they are not online anymore as the account has been pulled.

Im slightly confused, how they control the funding amounts.

I have a 'Simple Regular Saver' since 2013.

Monthly payment Min £10 / Max £250. The monthly payment is to be paid on the same day of the month and the monthly amount can be changed once per year. The new amount will apply until the end of the calendar year.

It is your task to set up a STO but you are permitted to fund by either cash or cheque per month which may be difficult to tick the 'same day of the month' box.

ctdctd

This is the original open ended Regular Saver closed to new investors.

Letter received today - interest reduced from 3.1% to 2.1% from 1st October 2016.

Bah