Regular Savings Accounts: The Best Currently Available List!

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.

refluxer

zagfles said:

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. 

Yes, I figured that it would earn a bit more due to that but decided that stating 'roughly £39' was easier than doing the maths Kudos for working it out !

trickydicky14

I love regular savers as a side dish, this is a bit rough but just looking at my top 6 R.S which are Nationwide, YBS, Monmouth x2, Skipton and F.D. I would have a return of £1,129 from Santander and £1,408 if drip feeding into the above accounts. That gives me around £279 extra and that’s without any tricks like 13 payments and the like. I think that’s worth it to me. Add a couple of Current account switches during the year and you have around £500 for not much work.

subjecttocontract

Yes I'm a reg saver fan as well but you do have to keep an eye on things now. With easy access accounts above 5% it's really only a few top players that make it worth the effort.

Hattie627

trickydicky14 said:

I love regular savers as a side dish, this is a bit rough but just looking at my top 6 R.S which are Nationwide, YBS, Monmouth x2, Skipton and F.D. I would have a return of £1,129 from Santander and £1,408 if drip feeding into the above accounts. That gives me around £279 extra and that’s without any tricks like 13 payments and the like. I think that’s worth it to me. Add a couple of Current account switches during the year and you have around £500 for not much work.

If you have the time and ability to absorb all the details (becomes easier over time), keeping a portfolio of top of the range RS accounts going is well worth it. £279 would cover my car insurance for a year. £500 would cover my annual car tax plus annual MOT and service (with maybe a bit left over).