Regular Savings Accounts: The Best Currently Available List!

YorkshireBoy

gocat wrote: »

Looking at the Nat West savings builder. Would this be another good one to add to the first page, to keep money to drip feed into other reg savers.

It doesn't meet the 'section 9' criteria does it?...specifically, it can't directly feed a regular saver.

glider3560

gocat wrote: »

Looking at the Nat West savings builder. Would this be another good one to add to the first page, to keep money to drip feed into other reg savers. 1.5% for up to £5000 if I have read it right, but need to put in £100 each month to maintain getting 1.5% interest.

You have the "grow the balance" by £100 each month to get the bonus. Therefore, if you withdraw money, you need to replace it + £100 in order to keep getting the bonus rate.

EachPenny

gocat wrote: »

Looking at the Nat West savings builder. Would this be another good one to add to the first page, to keep money to drip feed into other reg savers. 1.5% for up to £5000 if I have read it right, but need to put in £100 each month to maintain getting 1.5% interest.

Technically it is borderline whether it meets the inclusion criteria from the top post....

I am only including accounts where the interest rate is 2.5% or better, or 1.5% if there are particularly favourable terms and conditions (e.g. fixed rate, no maturity date, allow payment of £500 or more per month, or have unlimited withdrawals without penalty).

There is no maturity date, and you can deposit more than £500 per month, but the rate paid on anything above the initial £5000 balance is only 1% - so as soon as you exceed a balance of £5000 the average interest rate will fall below 1.5%.

It almost needs a new category - "Accounts with complex T&C's which are ok if you can't find anything better"

karlie88

With regards to the Virgin regular savers, do people opt for annual or monthly interest?

glider3560

karlie88 wrote: »

With regards to the Virgin regular savers, do people opt for annual or monthly interest?

I went for monthly for one simple reason. I was not a taxpayer in the previous tax year. This year it is highly likely I will pay tax. Next tax year it is likely I'll be a higher rate tax payer. As my interest is over the £1,000 allowance, it's better to have as much as possible paid in the non-taxable year.

mgarl10024

karlie88 wrote: »

With regards to the Virgin regular savers, do people opt for annual or monthly interest?

I went for annual as I:
- assumed the amounts paid are the same (2.23% if you are paid monthly, 2.25% if you are paid annually)
- has no immediate need for the interest
- wanted less to calculate (I check interest payments, and it is easier to calculate 1 payment rather than 12).

Westie983

karlie88 wrote: »

With regards to the Virgin regular savers, do people opt for annual or monthly interest?

Annual for all ten of mine, I think it will be nice to have that extra money at maturity especially the first three which will mature before Christmas, which will always be nice

Westie983

steve65e

It's worth noting that the eSavers pay annual interest on 11th March, the branch versions on 31 October.

mhoc

gocat wrote: »

Looking at the Nat West savings builder. Would this be another good one to add to the first page, to keep money to drip feed into other reg savers. 1.5% for up to £5000 if I have read it right, but need to put in £100 each month to maintain getting 1.5% interest.

http://personal.natwest.com/personal/savings/savings-builder.html

So does this mean that you can start off with £5000 but each month do a £100 withdrawal and then put it back in again via standing order on the same day, so each month you get the full 1.5% interest?
would they allow this?
Would you need to have a Nat West current account to open one of these?

ctdctd

mhoc wrote: »

http://personal.natwest.com/personal/savings/savings-builder.html

So does this mean that you can start off with £5000 but each month do a £100 withdrawal and then put it back in again via standing order on the same day, so each month you get the full 1.5% interest?
would they allow this?
Would you need to have a Nat West current account to open one of these?

No, the balance has to increase by at least £100 per month to get the interest.
You get 0.1% if you do not do this.
You do not need a Nat West current account.