Regular Savings Accounts: The Best Currently Available List!

Rawrzy

I was going to open the club lloyds regular saver but I noticed the money needs to be in the account before the 25th? Does that mean if I open it and deposit money now it's going to count towards the next month instead? I've never seen a regular saver require you to pay in before a certain date.

ColdIron

It's just guidance for SOs and holidays and weekends. You should be fine with a manual initial transfer and SOs on the first thereafter

schiff

Deposit today or on 30th or 31st. And again in November from the 1st. You'll be OK.

allegro120

Rawrzy said:

I was going to open the club lloyds regular saver but I noticed the money needs to be in the account before the 25th? Does that mean if I open it and deposit money now it's going to count towards the next month instead? I've never seen a regular saver require you to pay in before a certain date.

I think this a precautionary measure for standing orders to make sure that SO will always pay before the 1st of the month (e.g. if last few days in February fall on weekend you SO can miss the deadline). You don't have to do SO, you can just transfer or pay into regular saver before the 1st of the month.

Rawrzy

Great, thanks all, that makes sense.

AmityNeon

Rawrzy said:

I was going to open the club lloyds regular saver but I noticed the money needs to be in the account before the 25th? Does that mean if I open it and deposit money now it's going to count towards the next month instead? I've never seen a regular saver require you to pay in before a certain date.

Transfers over weekends and bank holidays will have a deposit date of the next working day (although they will still earn interest from the day funds are actually credited to the account). If the next working day happens to fall in the next month, those deposits will count for the next month's contributions. E.g. Deposits on 29th/30th April 2023 (a weekend) will count towards May's contributions.

Rawrzy

AmityNeon said:

Rawrzy said:

I was going to open the club lloyds regular saver but I noticed the money needs to be in the account before the 25th? Does that mean if I open it and deposit money now it's going to count towards the next month instead? I've never seen a regular saver require you to pay in before a certain date.

Transfers over weekends and bank holidays will have a deposit date of the next working day (although they will still earn interest from the day funds are actually credited to the account). If the next working day happens to fall in the next month, those deposits will count for the next month's contributions. E.g. Deposits on 29th/30th April 2023 (a weekend) will count towards May's contributions.

Yeah, I'm aware of that. The thing with the Lloyds account is they mention the money has to be in the account by the 25th as if its a requirement set by them, not them just warning you about how deposits or standing orders can work. That's why I asked the question really.

AmityNeon

Rawrzy said:

AmityNeon said:

Rawrzy said:

I was going to open the club lloyds regular saver but I noticed the money needs to be in the account before the 25th? Does that mean if I open it and deposit money now it's going to count towards the next month instead? I've never seen a regular saver require you to pay in before a certain date.

Transfers over weekends and bank holidays will have a deposit date of the next working day (although they will still earn interest from the day funds are actually credited to the account). If the next working day happens to fall in the next month, those deposits will count for the next month's contributions. E.g. Deposits on 29th/30th April 2023 (a weekend) will count towards May's contributions.

Yeah, I'm aware of that. The thing with the Lloyds account is they mention the money has to be in the account by the 25th as if its a requirement set by them, not them just warning you about how deposits or standing orders can work. That's why I asked the question really.

It's just a misleading approximation. What they mean is monthly deposits must reach the account by the last working day of the month.

dealyboy

@AmityNeon ... it's good to see you back 

Special_Saver2

Hi Everybody,

I just completed an update for the first page of this thread. Here are the items that I have updated.

- Principality BS First Home Steps Savings Account (Issue 4) updated from issue 3 for new customers and Principality BS First Home Steps Online Savings Account (Issue 3) updated from issue 2 for new customers; both accounts have an interest rate with a single tier and it is 5.25% gross p.a. variable from 26th October 2023 (I also note from MSE forum user "someone" that they received an e-mail saying this change is being applied to their existing account of a previous issue)

- The Cambridge BS Extra Reward Regular Saver (Issue 2) added to the list on page 1 paying 6% fixed on up to £300 per month for 12 months for people who have been members for at least 3 years, no withdrawals allowed before maturity except for account closure with a penalty fee equivalent to 90 days' worth of interest (even if you have held the account for less than 90 days, so you could end up with less money than you deposited in the first place) and you can only hold one regular saver account at a time (so you cannot open both this account and the account below)

- The Cambridge BS Reward Regular Saver (Issue 3) added to the list on page 1 - same details as above except this pays a lower interest rate of 5% to people who have been members for at least a year

I will do the next update in 1-2 weeks' time.

SS2

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For those new to this thread, the first few posts are regularly updated and are on the first page
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1