Regular Savings Accounts: The Best Currently Available List!

[Deleted User]

patientperson wrote: »

Only for existing members and a selective range of residential post codes.

http://www.monbs.com/first-home-bonus-saver-summary/

Good Rate .. 4.5% including 4% bonus - Max £500 per month (£1000 pm for a joint application) BUT do not get too excited just yet.

The bonus only becomes payable if the savers take out a mortgage with the Monmouthshire BS.

Still for some it can be a great help for some.

No use for me. Not an existing memeber. live about as far away from Monmouthshire as it's possible to be without falling into the North Sea.

And taking out a mortgage just to get access to a 4.5% RS, even at £500 a month...they have to be joking, those nice folk at MBS

Wheres_My_Cashback

mhoc wrote: »

also this new one which at least gives you 1.27% for a year, fully flexible

https://www.postoffice.co.uk/savings-accounts/online-saver

My experience of a previous PO saver is that funds are not moved until the day after the request. Not a good solution in my book.

adindas

Speculator wrote: »

The 123 is useful for depositing matured regular saver cheques over £5k that don't allow you to withdraw the balance via BACS.

My £5 monthly fee is offset via utility cashback.

Any particular reason ??
Is it because the date you start earning interest based on is when you are handing the cheque, not when the cheque is cleared ??

If that is the reason then Lloyds, TSB is also doing the same thing

adindas

Neil_Jones wrote: »

What is/was the effective rate of the 123 account after its fee? Something like 1.2% IIRC?

Not sure actually how long the 123 account is worth holding onto, its looking increasingly better to Lite it and shift the excess out, surely?

Given the opportunity to put all of the money into flexible regular saver earning higher interest (e.g Virgin Money) then no brainier. I have been arguing this case since Santander dropping their Santander 123 interest while increasing the fee.

After maximizing RS, you could still easily find flexible online saver paying interest effectively the same with Santander 123 (if you count the fee). For many people you will be better of to lite it, keep earning cashback with lower fee of £1 (instead of £5). So the money could still be moved to flexible online saver earn interest of 1.25% if needed.

The only exception is that if you have maxed out all of the flexible Regular savers and online eSaver. But keep in mind you could put more than 100k in online eSaver. Much higher than Santander 123.

Neil_Jones

I asked because I considered whether it was worth Liteing my 123 account and shifting the excess to my Bank of Cyprus account, I was lucky to get an account in the two days or so when it was offering 1.3%, a rate I now have until next August. Last month I earned £5.73 in cashback and £15 interest on my 123 account.

I suppose looking at it like that it might be good to Lite my 123 and use my 1.3% account as a secondary feeder account to feed the 123 for the standing orders to Virgin's Regular Savers, the Santander one and the direct debits...

adindas

Neil_Jones wrote: »

I asked because I considered whether it was worth Liteing my 123 account and shifting the excess to my Bank of Cyprus account, I was lucky to get an account in the two days or so when it was offering 1.3%, a rate I now have until next August. Last month I earned £5.73 in cashback and £15 interest on my 123 account.

I suppose looking at it like that it might be good to Lite my 123 and use my 1.3% account as a secondary feeder account to feed the 123 for the standing orders to Virgin's Regular Savers, the Santander one and the direct debits...

If you have flexible saver earning 1.3% it is very easy to see that you will be better off to lite it and just pay £1. You receive exactly the same amount of cash back but with lower fee.

soulsaver

mhoc wrote: »

also this new one which at least gives you 1.27% for a year, fully flexible

https://www.postoffice.co.uk/savings-accounts/online-saver

1.27% aer variable for a year...

bigadaj

karlie88 wrote: »

Depends on how much cashback you earn. It does work out to be around 1.2% (assuming max balance with no cashback from DDs).

I lited mine and have shifted funds across to various RSs paying 2% or more.

I'd like to personally thank Richard Branson for helping with this process over the past year...

Don't forget Santander's 5% reg saver.

Though Branson only has a third of Virgin money, the power of branding eh.

Wheres_My_Cashback

Deleted_User wrote: »

When does interest get added? The original info said annual interest got credited on 11 March, and sure enough interest was credited on 11/03/17. Will closing interest be added on maturity? Or do we have to wait until 10/03/18 when it will be added to the maturity account, unless it is closed before then. Original info lacked detail.

In addition to the details I posted before, Virgin have responded...

I can confirm all interest accrued will be added upon transfer to the new account on 20 October 2017.

Mee

EachPenny wrote: »

Personally I'm favouring Tesco as it is truly instant access - ideal for feeding those greedy RS accounts - whereas Ford has a 24 hour delay, so requires a bit more planning.

Each to their own! I find with Tesco [Internet Saver], which I favour in many ways, there is a delay when setting up a new payee for payment which then doesn't allow me to make a same day payment.