Regular Savings Accounts: The Best Currently Available List!

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.

EachPenny

mhoc wrote: »

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?

As per ctdctd's post it has to be a drip feed of £100 per month. So the only circumstances where the account is really of value is if you've already got the better paying account options fully funded and have money left over in accounts paying less than 1.5%.

Assuming you meet the T&C's the first £5000 in the account will earn 1.5%, so this beats most other instant access accounts which are in the range 0.5% (or less) to 1.05%. If you pay in a further £100 the following month this will only earn 1%, but is still better than most instant access accounts. You can look on it as the equivalent of earning just under 1.5% on £5100.

My plan is to continue adding the £100 monthly payments until my 1.05% account is drained. Then take everything out of the Savings Builder account and waiting a month before putting the original £5000 back in. Obviously that assumes by then the 1.5% is still an attractive rate compared to elsewhere.

Make sure you fully understand the T&C's as they are not very straightforward.

Yorkshire_Pud

schiff wrote: »

I wonder if this could be useful? Updated.

Online Accounts:

Regular E-Saver, matures 20/10/17
Regular E-Saver Issue 2, matures 20/12/17
Regular E-Saver Issue 3, matures 20/2/18
Matchday Regular E-Saver, matures 20/3/18
Regular E-Saver Issue 4, matures 20/4/18
Regular E-Saver Issue 5, matures 20/6/18

Store based Accounts:

Regular Saver, matures 1/12/17, interest credited on 31/10/17 and at maturity.
Regular Saver 2, matures 1/2/18, interest credited on 31/10/17 and at maturity.
Matchday Saver Issue 1, matures 1/3/18.
Regular Saver 3, matures 1/4/18.
Regular Saver 4, matures 1/6/18

I have a couple of online Virgin savers and have the opportunity to visit a store this week. Will I need to bring ID and proof of address as if I was a new customer or will having online accounts serve this purpose please?