Regular Savings Accounts: The Best Currently Available List!

Frogletina

Westie983 wrote: »

You sound like me, I think all of my regular savers add up to £3700.. like you its recycled money.

I have Santander maturing next week, followed by Kent, and then Lloyds, and I have Leeds sitting at 2%, so I should be okay to recycle some more when they mature.

Till my next balance transfer comes up in June.

I have tried to stagger the maturities of my RS to one each month.

Apart from Virgin they will all mature in March, with a few in December but its a good way to put away and forget how quickly it adds up when you get the maturity letter.

Westie983

I've got the Santander one maturing next week too and my next is Lloyds. I don't have the Kent or Leeds one - but I do have 15 in total.

Yes, it would be good to have one a month.

frogletina

mgarl10024

Westie983 wrote: »

like you its recycled money.

I've often wondered about the costs of it all. To produce a regular saver, the bank needs to design the account; update their systems with rules about what can be paid in and when; produce the advertising; produce the legal terms and conditions; train its branch staff; train customer services; spend time dealing with problems; spend time dealing with complaints; etc. etc.

Same with the current accounts to be fair, but at least they're hoping to cross sell to a customer they know far more about, and regular savers must cause more hassle given the regular scheduled movement of money and variable restrictions.

Instead if they offered a simple 2% savings account, I'd snap that up over a 2% regular saver if I was using recycled money that was just sitting there, and if this account lasted far longer than 12mths then it'd reduce the churn and the costs. I'd also wager complaints would be fewer.

I guess someone smarter than me with more data has concluded that the higher advertised interest rates with small payment amounts on regular savers help customer retention for minimal cost, and so few comparatively of their customers take them that it is more profitable to have the other majority in 0.05% accounts.

[Deleted User]

I currently have 5 regular savers, 4 at 5% and 1 at 4%. The funding for these is £1450 a month. I'm going to lose three of these when they mature, only the Nationwide & First Direct have at present the same rate.
Santander rate for example is reduced to 2.5% which by their own figures means you'd make £32.16 annually. Of course that assumes you don't already have the money sitting elsewhere earning nothing. The worse I have is 0.96% in a Tesco savings account. Which means my actual "profit" should I open another regular saver at the end of the current term would be less than £20 for one year's investment and because of other investments I'd lose £4 of that in tax. Now, £16 is £16 I hear you say and I'm not one to turn down free money however I can no longer get enthused about the whole thing. Let's be honest, it's a pittance and it's not going to make any difference to my life. It was fun for a time seeing my money doing cartwheels going from account to account but to be honest I'm getting bored with the whole thing now.

As a previous poster recently said, if someone offered a plain and simple 2% savings account, they'd snap that up. Well they do. Atom.

Westie983

I have been sorting out my YBAB categories and I have now listed them in order of maturity.. I am on the look out for the next one...

Santander (5%)
Kent (3%)
LLoyds (4%)
HSBC (6%)
Buckinghamshire (1.75%)
Leeds (2.3%)
First Direct (6%)
Virgin (2.25%)
Leeds (2.3%)
Natwest (1.5%)
Nationwide (5%)
Virgin x 6 (2.25%)

I understand what others have said about the 2% accounts, I have two Tesco accounts at 3% and 3 BOS at 3% (although they are not all full as I use this to fund the RS)

Just need to pick up one as one matures, so I can keep the cycle going

:-)

JusinScot

More info on this please
HSBC 6%

jimclark1967

JusinScot wrote: »

More info on this please
HSBC 6%

https://www.hsbc.co.uk/1/2/savings-accounts/regular-savings-accounts

It's now 5% for new customers with an HSBC Advance (or Premier) account.

Frogletina

Westie983 wrote: »

I have been sorting out my YBAB categories and I have now listed them in order of maturity.. I am on the look out for the next one...

Santander (5%)
Kent (3%)
LLoyds (4%)
HSBC (6%)
Buckinghamshire (1.75%)
Leeds (2.3%)
First Direct (6%)
Virgin (2.25%)
Leeds (2.3%)
Natwest (1.5%)
Nationwide (5%)
Virgin x 6 (2.25%)

I understand what others have said about the 2% accounts, I have two Tesco accounts at 3% and 3 BOS at 3% (although they are not all full as I use this to fund the RS)

Just need to pick up one as one matures, so I can keep the cycle going

:-)

That's interesting. I have mine shown as accounts on Ynab in the order that they are paid. The interest gets paid into my 'interest for the year' category which I label each financial year so that I know how much I have earned (I will have to pay tax on some of this as I have exceeded the personal savings allowance). I'm wondering when my tax code will change to take this into account.

I need to find new regular savers for the months April, May, October and January. I might carry on with the 2% ones that I have as they are the only ones in their month but would prefer higher ones of course for the missing months. I doubt if there will be new ones at a higher rate in April and May unless Virgin introduce more.

frogletina

Frogletina

jimclark1967 wrote: »

https://www.hsbc.co.uk/1/2/savings-accounts/regular-savings-accounts

It's now 5% for new customers with an HSBC Advance (or Premier) account.

I've not been able to get the HSBC current account so far. I tried to get an appointment at the branch some time ago but as my regular income was not £1750 I was refused an appointment.

frogletina

schiff

Deleted_User wrote: »

Which means my actual "profit" should I open another regular saver at the end of the current term would be less than £20 for one year's investment and because of other investments I'd lose £4 of that in tax. Now, £16 is £16 I hear you say and I'm not one to turn down free money however I can no longer get enthused about the whole thing. Let's be honest, it's a pittance and it's not going to make any difference to my life. It was fun for a time seeing my money doing cartwheels going from account to account but to be honest I'm getting bored with the whole thing now.

You forget that some people have nothing else to do but muck about with their money Be grateful you have a life.

Stompa

My Santander Regular eSaver has matured today, and been converted to an Everyday Saver account. There's no sign of any interest though. Is there normally a delay for this to appear? (or perhaps I'm just being impatient, and it'll be there by the end of the day!)