Regular Savings Accounts: The Best Currently Available List!

friolento

Angelica123 said:

By my calculation, as a higher tax rate earner who will already have used up my PSA allowance 2024/2025 on reg savers, I need any new reg savers to be over 7.5% interest to be worth the tax on interest. Of course that will change if ISA rates continue to drop. 

I take it you are recommending those who have bust their PSA should put money into a good ISA unless you can get an RS with at least ISA rate + 40% (or ISA rate + 20% for BR tax payers). What’s your recommendation for those who have maxed their ISA allowance for the year?

Angelica123

friolento said:

Angelica123 said:

By my calculation, as a higher tax rate earner who will already have used up my PSA allowance 2024/2025 on reg savers, I need any new reg savers to be over 7.5% interest to be worth the tax on interest. Of course that will change if ISA rates continue to drop. 

I take it you are recommending those who have bust their PSA should put money into a good ISA unless you can get an RS with at least ISA rate + 40% (or ISA rate + 20% for BR tax payers). What’s your recommendation for those who have maxed their ISA allowance for the year?

I wasn't necessarily offering any recommendations but just commenting on my own situation where it suddenly makes sense to move away from regular savers and max out my ISA (despite my ISA rate being a lower interest rate). I guess in the situation you describe the choice would be between a guaranteed interest in the highest interest rate account (and accept taxations) or the uncertain return (but tax free) of premium bonds. 

RosieRooBear

@Bridlington1, I definitely find your posts helpful and informative, and you’re usually the first one to let us all know about new accounts. I’m a lot older then you and have a mix of fixed saving accounts and around 10 RS’s (mainly the ones that you have pointed out).

I commend your excellent work in making your money work hard and it’s a massive credit to someone so young to do so. I’ve taught my two daughters to do the same; save, spend wisely and not get into debt (just a few years older than you), and it’s to be applauded.

Please keep your updates coming, thank you 😊 

surreysaver

friolento said:

Angelica123 said:

By my calculation, as a higher tax rate earner who will already have used up my PSA allowance 2024/2025 on reg savers, I need any new reg savers to be over 7.5% interest to be worth the tax on interest. Of course that will change if ISA rates continue to drop. 

I take it you are recommending those who have bust their PSA should put money into a good ISA unless you can get an RS with at least ISA rate + 40% (or ISA rate + 20% for BR tax payers). What’s your recommendation for those who have maxed their ISA allowance for the year?

It doesn't really matter if you've bust the PSA, you should just get the highest rate you can. If you haven't bust the PSA, you'd need a rate of 1.66666 for higher rate tax payers, or 1.25 for basic, of a non-ISA account to match an ISA. So a normal savings account paying 7%, would be equivalent to an ISA paying 4.2% for a higher rate tax payer 

BestSeagull

Has anyone funded their Furness Christmas saver yet?  I just received an email with my account number so was going to do my usual £1 transfer, followed by the remaining £499.

The email says- " You need to transfer your funds in one single deposit, any subsequent deposits will be returned. Please allow up to 3 days for the payment to show on your account."

But the t&c say  "You can make as many payments as you like each month subject to the maximum limit."

I suspect it's the email that's wrong as it also makes mention of iSAs but I just wanted to see if anyone had managed to make more than one transfer in without having anything returned?

Bridlington1

BestSeagull said:

Has anyone funded their Furness Christmas saver yet?  I just received an email with my account number so was going to do my usual £1 transfer, followed by the remaining £499.

The email says- " You need to transfer your funds in one single deposit, any subsequent deposits will be returned. Please allow up to 3 days for the payment to show on your account."

But the t&c say  "You can make as many payments as you like each month subject to the maximum limit."

I suspect it's the email that's wrong as it also makes mention of iSAs but I just wanted to see if anyone had managed to make more than one transfer in without having anything returned?

I had the same email. I think your suspicions are correct and that the email is the one with the errors in it, as has been the case with some of the other account opening emails I've had from other banks/building societies in the past.

Whilst I've only made the one deposit into the Christmas RS by cheque, Furness have allowed me to make multiple monthly deposits into their 4.75% RS in the past if that is anything to go by and there doesn't seem to be any difference between the Ts&Cs of the two accounts with regards to how often you can deposit into the account so you should be fine to send a £1 tester payment before sending the other £499.

PloughmansLunch

BestSeagull said:

Has anyone funded their Furness Christmas saver yet?  I just received an email with my account number so was going to do my usual £1 transfer, followed by the remaining £499.

The email says- " You need to transfer your funds in one single deposit, any subsequent deposits will be returned. Please allow up to 3 days for the payment to show on your account."

But the t&c say  "You can make as many payments as you like each month subject to the maximum limit."

I suspect it's the email that's wrong as it also makes mention of iSAs but I just wanted to see if anyone had managed to make more than one transfer in without having anything returned?

Yes, I sent off a £500 cheque earlier in the week which was cashed yesterday, and had a passbook stamped with January’s max deposit arrive in the post today. Being new to Furness I assume I can use the same sort code and account details as per the eSavings with my account ref rather than post my passbook back and forth each month?

surreysaver

surreysaver said:

Bazzalona13295 said:

Bridlington1 said:

Bigwheels1111 said:

Please no more regular savers. I’m getting addicted to them.
I'm up to 8 now or is it nine.

If you think you're getting addicted to regular savers, how would you describe me? I'm currently on 42 and am looking forward to adding YBS's Christmas RS to my collection, taking my total to 43 or possibly higher if I open another RS in the meantime.

Are there even 42 in existence 😀

Some of the ones people will have will no longer be available to open. I'll count how many I've got when I get home. Think its fewer than 42 though 

I've only got 26.  Planning on opening the new Yorkshire one next week, and Club Lloyds I need to open after my last one matured a few weeks ago 

Bridlington1

PloughmansLunch said:

BestSeagull said:

Has anyone funded their Furness Christmas saver yet?  I just received an email with my account number so was going to do my usual £1 transfer, followed by the remaining £499.

The email says- " You need to transfer your funds in one single deposit, any subsequent deposits will be returned. Please allow up to 3 days for the payment to show on your account."

But the t&c say  "You can make as many payments as you like each month subject to the maximum limit."

I suspect it's the email that's wrong as it also makes mention of iSAs but I just wanted to see if anyone had managed to make more than one transfer in without having anything returned?

Yes, I sent off a £500 cheque earlier in the week which was cashed yesterday, and had a passbook stamped with January’s max deposit arrive in the post today. Being new to Furness I assume I can use the same sort code and account details as per the eSavings with my account ref rather than post my passbook back and forth each month?

Your account details should be on the inside back cover of your passbook and you can use them to fund the account by faster payment each month with your 9-digit Furness BS account number as the reference. There's no need to post your passbook back and forth each month, I normally send my passbooks in for updating if I open another account, though this is for completeness more than anything else and isn't necessary.

One thing I will add though is that when it comes to withdrawals from the account by faster payment I've found Furness are one of those ones that debit the funds from your account on the day of withdrawal but then the payment arrives in your nominated account the next day so something to factor in later on.

Hattie627

Furness Building Society Christmas RS

(apologies if boring/irrelevant to any of the 700 million or so potential worldwide English language readers who may be looking at this forum, but please you have my permission, if you really feel you need anyone's permission!, to just skip to next post, but at least I've given a clue what the post is about)

I've opened this account by post with £500 by cheque (apologies, again, if anyone happens to interpret this as me boasting about the size of some part of my body, believe me I wish every part of my body was smaller after Christmas overindulgence) and received the passbook, which records my account as open on 12 January with said opening deposit. I have registered for online access with Furness (involves receiving username by email) but, on logging in, it says that I have no accounts to view by the online portal. I'm wondering if this particular account cannot be viewed online or if the system just hasn't caught up.

Has anyone any experience with Furness' online system?

Apologies again.