Regular Savings Accounts: The Best Currently Available List!

chris_the_bee

krish said:

Successfully applied and opened Flex Reg Savers for myself and parents this morning after yesterday's applications (just one each) ended up with that same message about waiting for an email confirmation and trying again later (no emails came). But now, however, the account details of all three new accounts are yet to be recognised by external banks (in our cases both Barclays and Kroo). I'll wait until after 9am to see if it's a business hours thing, but yet another Nationwide fail after yesterday. No such issues with Santander's 5.2% easy access saver the other week, and that must have been a massive stampede.

Welcome to your new account

We’re pleased to let you know that your Flex Regular Saver Issue 2 is now open. We’re sending you a letter with confirmation of your account number in the post.

You can now pay money into your new savings account using the Internet Bank (if you’re registered) or Banking app from any Nationwide instant access savings or current accounts you may have. If you’d like to pay money in from an account you have with another provider, you’ll need your sort code and account number. We’ll send these to you separately – but you can also find them on the Internet Bank or Banking app. Just so you know, if you’re paying in using another building society or bank, it may take up to 24 hours before they can find your new account details to make the payment.

Malchester

I really wonder whether these accounts are worth it. £200 a month into NW reg saver would give approx £96 interest over the year plus £62 interest for the rest held in Santander easy access saver = £158. Full amount in Santander easy access account for a year £124. Is it worth it for £30?

Nick_C

Malchester said:

Is it worth it for £30?

It is for me.  Maybe not for you. 

chris_the_bee

Malchester said:

I really wonder whether these accounts are worth it. £200 a month into NW reg saver would give approx £96 interest over the year plus £62 interest for the rest held in Santander easy access saver = £158. Full amount in Santander easy access account for a year £124. Is it worth it for £30?

Look after the pennies and....

subjecttocontract

I agree, in that situation it's not worth the effort in my opinion. BUT we are all different and some will go for it.

allegro120

Bigwheels1111 said:

krish said:

Successfully applied and opened Flex Reg Savers for myself and parents this morning after yesterday's applications (just one each) ended up with that same message about waiting for an email confirmation and trying again later (no emails came). But now, however, the account details of all three new accounts are yet to be recognised by external banks (in our cases both Barclays and Kroo). I'll wait until after 9am to see if it's a business hours thing, but yet another Nationwide fail after yesterday. No such issues with Santander's 5.2% easy access saver the other week, and that must have been a massive stampede.

I just set up a standing order to Nationwide from my bank and then one in nationwide to pay it.
I do this for all my regular savers.

I used to do it some years ago and once got myself into trouble. Can't remember what bank it was, I think Nationwide, but it doesn't matter because things change over time.... Banks execute SOs on working days only, however some banks pay internal SOs on the day it is set up, so internal SO which fell on weekend was taken out from current account 2 days before SO from another bank arrived. As a result I had to pay overdraft fee. I think these days in the event of overdraft banks send messages so you have a bit of time to resolve it, but at the time they didn't give any warnings.

refluxer

Malchester said:

I really wonder whether these accounts are worth it. £200 a month into NW reg saver would give approx £96 interest over the year plus £62 interest for the rest held in Santander easy access saver = £158. Full amount in Santander easy access account for a year £124. Is it worth it for £30?

According to the MSE RS calculator (results below), you'll be roughly £39 better off by drip-feeding from the 5.2% Santander account into the Nationwide Flex RS so I've opened one, but only because I'm already a NW customer with a current account so it was practically no effort to do so.

Personally, if I was already a NW customer but without a current account then it would have been a tougher call and if I wasn't a NW customer, then I probably wouldn't have bothered (although the current account switching bonus they've recently re-introduced would obviously be worth taking into account).

Drip-feeding the regular saver

After drip-feeding the cash for 12 months, you'd have earned...

£161 in interest
£103 from the regular saver + £58 from the normal savings account

Leaving it in normal savings

If you'd kept the cash in normal savings without drip-feeding it, you'd have earned...
£122 in interest

Thumbs_Up

Nah, it’s not worth it. I only went with the Coventry first saver (1st addition) because it’s £1000 a month @ 5.60% with easy access. First direct because I wanted the easy switch money, currently putting in £300 a month but will most likely drop this down to £50 or whatever the bear minimum is. I mean at the end of the 12 month period what does 100 quid or whatever the sum is, what will it buy you. Having said that if you are a individual with 100 quid spare at the end of the month I can see it’s blessings. 

I haven’t gone with nationwide because I didn’t have a “burner account” also I would like to the keep the banks at arms distance and have them on my side. As aside it will be interesting to see if the banks play hardball with some forum members on here and we will have a stream of threads complaining bitterly about accounts being closed. 

simonsmithsays

Thumbs_Up said:

Nah, it’s not worth it. I only went with the Coventry first saver (1st addition) because it’s £1000 a month @ 5.60% with easy access. First direct because I wanted the easy switch money, currently putting in £300 a month but will most likely drop this down to £50 or whatever the bear minimum is. I mean at the end of the 12 month period what does 100 quid or whatever the sum is, what will it buy you. Having said that if you are a individual with 100 quid spare at the end of the month I can see it’s blessings. 

I haven’t gone with nationwide because I didn’t have a “burner account” also I would like to the keep the banks at arms distance and have them on my side. As aside it will be interesting to see if the banks play hardball with some forum members on here and we will have a stream of threads complaining bitterly about accounts being closed. 

No offence but it'll have taken almost as long for you to write that than it took many of us to apply, fund and set up a standing order.

Multiple that by multiple regular savers (paying over 5.5%) and suddenly you have a sizeable amount of interest each year.

Bridlington1

Malchester said:

I really wonder whether these accounts are worth it. £200 a month into NW reg saver would give approx £96 interest over the year plus £62 interest for the rest held in Santander easy access saver = £158. Full amount in Santander easy access account for a year £124. Is it worth it for £30?

For me it is certainly worth it. It takes very little effort for me to open and fund the Nationwide regular saver and the account is a now valued addition to my collection. If you throw a few other regular savers at a high rate into the mix £30 here and £10 there in extra interest from regular savers soon adds up to a sizable chunk of money.

Plus it's a very nice little hobby I find (yes I am probably quite mad).