Regular Savings Accounts: The Best Currently Available List!

LZC

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?

There’s a value for my time but I’m not sure what else I’d be earning £30 for 60 seconds’ work.  

Plus I suspect the easy access rate will likely be lowered before the Nationwide one (it’s easier to retain a regular saver as a loss leader than an easy access). 
 

subjecttocontract

Bridlington1 said:

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).

There you go, proof of ever it was needed........some are mad, some are probably mad and then there is the rest of us who don't know......all different !

Rudyson

Another reason it could be worth opening is that it may help you qualify for a bonus payout if Nationwide repeat what they did this year

Thumbs_Up

simonsmithsays said:

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.

I don’t take offence, I have been ridiculed many times on here, it’s a public forum and people should be free to speak their minds despite this new-fangled world we live in.

To answer your point we all have our own unique circumstances, and we as individuals choose our own paths. The path I have chosen is to keep large sums of money in bonds and more pertinently ladder bonds! If you get excited earning 5.5% on £50, £100, £150, £300 paid in a month then that’s great, it works for you!

I have very large sums of money in bonds, one matures next month admittedly a puny 4.46% some are maturing early next year 4.91% and 500% and of course I have NS&I 6.03%  which will mature later in the year, all paying out monthly interest.

So in short their is no right and no wrong, it's what works for you.   

 

Bazzalona13295

Bridlington1 said:

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).

Glad someone else has a 'quite mad' interest in this sort of thing. Not just me then.

surreysaver

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?

The amount its taken me to read and respond to your comment was about as long as it took to open and fund the Nationwide account.
Get £30 more for that than this!

pookey

Wheres_My_Cashback said:

allegro120 said:

adindas said:

What method other people use to get the second Nationwide Flex RS 8%?

I tried it today this is what I get ...

You are only allowed one of these. If one manages to open two they will close one of them.

If they've tightened up their checks that is?

I remember not too far back of having 5 Flex direct current accounts paying 5%? for a year when only 1 was permitted. It was quite common amongst MSE readers to have a few ;-)
It only took them 10 months to notice before notifying of closure of 4 so I was quite happy with my extra 40 months of interest.

Damn it, missed out on this 

dingling68

Bazzalona13295 said:

Bridlington1 said:

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).

Glad someone else has a 'quite mad' interest in this sort of thing. Not just me then.

I too am part of the regular saver / interest rate chasing hobby club ... 

zagfles

refluxer said:

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

The calculator is wrong for Nationwide as it doesn't account for the way they use calendar months. If you open the NW regular saver at the end of the month and then make 12 further deposits at the start of the following months you'd get almost £120 in interest, not £103.

The total interest you'd get from drip feeding £2600 from the Santander acc at 5.2% into the NW reg saver at 8% opened on 30 Sept would be £177, compared to £135 if you just left it in the Santander account, so £42 gain. Or £84 for a couple. 

Takes about 10 mins to open an account, less for the second one as you've been through the process, maybe another 10 to set up SOs etc. Even adding wasted time when it fails, an hour at the very most, for 2 accounts. 

Never had a job paying £84 an hour, would equate to an annual full time salary of over £160k. But clearly not enough for some people to get out of bed for

trickydicky14

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?

Yup it is, MSE and all that.