Regular Savings Accounts: The Best Currently Available List!

friolento

Malchester said:

Thanks. I'm not a great lover of regular savers because of the marginal increase in interest they generate.

A lot depends on your circumstances. If you have £100k that you can afford to stuff into a Fixed Term account, you might not want to get involved with Regular Savers. But if you don't have the ready cash in one go, and/or if you want more flexibility and granularity, Regular Savers can provide you with a lot more than just a marginal increase in interest. Albeit not all available for new applicants, I have quite a few which generate more than a marginal increase over and above what I could get elsewhere. Cambridge BS, FS, Club Lloyds, Mmth BS (x 2), Natwest, RBS, Nationwide, Principality BS, Saffron BS, Skipton, Tipton all have Regular Savers paying 6% and above. I am shifting £2,725 a month in there from regular income that I don't need immediately but I want access within a year. I get a several hundred pounds more from the RSs, compared with what I would get if I kept the money in a 5.2% account. To me, several hundred on 12 x £2,725 is more than marginal. I fully appreciate it might be marginal to you.

allegro120

friolento said:

Malchester said:

Thanks. I'm not a great lover of regular savers because of the marginal increase in interest they generate.

A lot depends on your circumstances. If you have £100k that you can afford to stuff into a Fixed Term account, you might not want to get involved with Regular Savers. But if you don't have the ready cash in one go, and/or if you want more flexibility and granularity, Regular Savers can provide you with a lot more than just a marginal increase in interest. Albeit not all available for new applicants, I have quite a few which generate more than a marginal increase over and above what I could get elsewhere. Cambridge BS, FS, Club Lloyds, Mmth BS (x 2), Natwest, RBS, Nationwide, Principality BS, Saffron BS, Skipton, Tipton all have Regular Savers paying 6% and above. I am shifting £2,725 a month in there from regular income that I don't need immediately but I want access within a year. I get a several hundred pounds more from the RSs, compared with what I would get if I kept the money in a 5.2% account. To me, several hundred on 12 x £2,725 is more than marginal. I fully appreciate it might be marginal to you.

I shifted £5,300 this month so far and it will be £6,300 when I receive my login ID from HEBS.  Running RSs makes a notable difference for my budget. I have some money in fixed and notice accounts, but most of my funds are in EAs and RSs - so far this proved to be a better strategy for me.  Saying that, my fixed pot has significantly increased this year.  

friolento

allegro120 said:

friolento said:

Malchester said:

Thanks. I'm not a great lover of regular savers because of the marginal increase in interest they generate.

A lot depends on your circumstances. If you have £100k that you can afford to stuff into a Fixed Term account, you might not want to get involved with Regular Savers. But if you don't have the ready cash in one go, and/or if you want more flexibility and granularity, Regular Savers can provide you with a lot more than just a marginal increase in interest. Albeit not all available for new applicants, I have quite a few which generate more than a marginal increase over and above what I could get elsewhere. Cambridge BS, FS, Club Lloyds, Mmth BS (x 2), Natwest, RBS, Nationwide, Principality BS, Saffron BS, Skipton, Tipton all have Regular Savers paying 6% and above. I am shifting £2,725 a month in there from regular income that I don't need immediately but I want access within a year. I get a several hundred pounds more from the RSs, compared with what I would get if I kept the money in a 5.2% account. To me, several hundred on 12 x £2,725 is more than marginal. I fully appreciate it might be marginal to you.

I shifted £5,300 this month so far and it will be £6,300 when I receive my login ID from HEBS.  Running RSs makes a notable difference for my budget. I have some money in fixed and notice accounts, but most of my funds are in EAs and RSs - so far this proved to be a better strategy for me.  Saying that, my fixed pot has significantly increased this year.  

Like for you, RSs make a notable difference to my budget, and to the bottom line interest I am left with at the end of a tax year after paying the tax due. My total going monthly into RSs is much like yours when I add in the 5.5%+ RS accounts, and the multiples I am not meant to have  . Many RSs are still a brilliant account to have, I didn't hesitate to open the latest HEBS.

The options for choosing accounts are governed by your available funds at any time, and on when you want/need to spend your money. There's no single approach that fits all - approach needs to be tailored to anyone's savings and investments. circumstances. Invariably, Regular Savings account will be a good choice for many people

surreysaver

With the Cambridge Extra Reward Regular Saver, I realise you cannot manage it online, but could someone advise me please whether the account is viewable online alongside your other accounts?

wmb194

surreysaver said:

With the Cambridge Extra Reward Regular Saver, I realise you cannot manage it online, but could someone advise me please whether the account is viewable online alongside your other accounts?

Yes, in browser based online banking and in the app.

alibean121

First direct have somehow still managed to surprise/disappoint me from what was a low base. Their RS maturity process is genuinely unacceptable.

My account matured yesterday and since Monday it disappeared from the account view, I decided today to message them. They have relevant options in the robot chat and say you can hit to speak to a human to get instant access to the money. I decide to do that, why not. Person says please message again tomorrow. Great, thanks.

This is a shocking suggestion but, if the account takes 5 days to close, why not start the process 5 days earlier and have it done on maturity date? I can’t imagine what they could possibly be doing with this time. 

kaMelo

It's not unacceptable, It's just how they do things. HSBC are the same.

If you already had a savings account the process is usually quicker and if your desperate for the funds then a call will usually release the funds immediately.

allegro120

alibean121 said:

First direct have somehow still managed to surprise/disappoint me from what was a low base. Their RS maturity process is genuinely unacceptable.

My account matured yesterday and since Monday it disappeared from the account view, I decided today to message them. They have relevant options in the robot chat and say you can hit to speak to a human to get instant access to the money. I decide to do that, why not. Person says please message again tomorrow. Great, thanks.

This is a shocking suggestion but, if the account takes 5 days to close, why not start the process 5 days earlier and have it done on maturity date? I can’t imagine what they could possibly be doing with this time. 

That's a normal process for FD RS, account disappears from the view for a day or two.  Every time they send a letter or e-mail to remind about this few weeks prior to maturity.

The best way to contact them is phone call.

alibean121

kaMelo said:

It's not unacceptable, It's just how they do things. HSBC are the same.

If you already had a savings account the process is usually quicker and if your desperate for the funds then a call will usually release the funds immediately.

HSBC are not the same, I had a RS mature with them a couple of weeks ago and got my interest and access to my money on maturity date. I was able to just move it myself into my current account no drama.

I really do not see why whatever they're doing in the background could not have taken place 5 days earlier to be ready at maturity not 5 days after maturity... This does not feel like a big ask given the last transaction will have been a full month prior. I do have a savings account open already. I have contacted them, they've said I can get the money if I contact them again tomorrow.

alibean121

allegro120 said:

alibean121 said:

First direct have somehow still managed to surprise/disappoint me from what was a low base. Their RS maturity process is genuinely unacceptable.

My account matured yesterday and since Monday it disappeared from the account view, I decided today to message them. They have relevant options in the robot chat and say you can hit to speak to a human to get instant access to the money. I decide to do that, why not. Person says please message again tomorrow. Great, thanks.

This is a shocking suggestion but, if the account takes 5 days to close, why not start the process 5 days earlier and have it done on maturity date? I can’t imagine what they could possibly be doing with this time. 

That's a normal process for FD RS, account disappears from the view for a day or two.  Every time they send a letter or e-mail to remind about this few weeks prior to maturity.

The best way to contact them is phone call.

Thanks I do know they take a while with it. I've never dealt with First Direct before but have used HSBC my whole life as my main bank. I'm shocked by how much worse the technology and service is at FD as I'd always heard very good things. I am genuinely curious what they're up to with this time - I'm into building societies and some of the ones I've dealt with have been one man and a calculator type jobs, but they manage to pay out funds next working day. Anyways, never mind. I suppose I'm a rare RS veteran that has never dealt with FD before, I don't think I'll be repeating it anytime soon unless they up their rate again as they're not now even beating my ISA given tax position.