Regular Savings Accounts: The Best Currently Available List!

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).

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.