Regular Savings Accounts: The Best Currently Available List!

GibbsRule_No3.

where_are_we said:

GibbsRule_No3. said:

I set up the Nationwide 8% savings yesterday, transferred £200 from my normal account but hope I have now set up a SO from 2nd February going forward. It would not accept the SO for yesterday 31st January. Decided not to do it from the 1st Feb.

Congatulations on making first deposit on last day of January meaning you can have £400 earning 8% from early February. Maximum deposit of £200 per "calendar month" allowed, so second deposit by SO for 31January would not be allowed and anyway it can take up to 2 "working days" to set up a SO. You would have been marginally better off doing your 2nd deposit manually by FP today 1st February than setting up your SO to start 2nd February. This way your SO`s would start on the 1st of March. When setting up your SO`s make your final payment for 1st January 2025 so that you manage to get in 13 payments. Obviously review your account and payments, if Nationwide reduce the variable interest rate. 

Above strategy gives you the best return and is a guide to best practice.

SO went out overnight, so up and running. Confused by your suggestion of cancelling in January 2025 to get 13 payments. How does that work, I thought I could only save £2400? I was going to stop the SO after the December 2024 had gone out. Thus initial £200 transfer and then 11 SOs.

Bridlington1

GibbsRule_No3. said:

where_are_we said:

GibbsRule_No3. said:

I set up the Nationwide 8% savings yesterday, transferred £200 from my normal account but hope I have now set up a SO from 2nd February going forward. It would not accept the SO for yesterday 31st January. Decided not to do it from the 1st Feb.

Congatulations on making first deposit on last day of January meaning you can have £400 earning 8% from early February. Maximum deposit of £200 per "calendar month" allowed, so second deposit by SO for 31January would not be allowed and anyway it can take up to 2 "working days" to set up a SO. You would have been marginally better off doing your 2nd deposit manually by FP today 1st February than setting up your SO to start 2nd February. This way your SO`s would start on the 1st of March. When setting up your SO`s make your final payment for 1st January 2025 so that you manage to get in 13 payments. Obviously review your account and payments, if Nationwide reduce the variable interest rate. 

Above strategy gives you the best return and is a guide to best practice.

SO went out overnight, so up and running. Confused by your suggestion of cancelling in January 2025 to get 13 payments. How does that work, I thought I could only save £2400? I was going to stop the SO after the December 2024 had gone out. Thus initial £200 transfer and then 11 SOs.

You can save up to £200 per calendar month, there's no maximum balance on the account and there is no maximum number of deposits specified. You can therefore deposit £200/mth into the account each month from Jan 2024 up to and including January 2025, thus making 13 payments.

Section62

adindas said:

Have I missed something here. Is there any logic behind this such as soemone could benefit this "multiple withdrawals" but you only have one day window ??

Flip your comment around - why, if the account allows you to withdraw up to the minimum working balance on one day, would the bank or building society then impose an arbitrary 'one transaction' limit on the account?

Anyone reading the T&C's should be able to work out that you can only withdraw money on one day per year.  Where is the harm in allowing people to make more than one withdrawal on that day?

allegro120 said:

adindas said:

I don't know what the minimum withdrawal amount is at YBS.  If it is 1p then in the scenario above one can attempt the challenge to make 90.000 withdrawals in 24 hours, if it's £1 then it's only 900. If one can do three £1 withdrawals per minute they can complete the mission in 5 hours shift.  Not sure how YBS can possibly benefit from encouraging irrational behaviours of their customers??? 

I would guess that YBS are working on the basis their members wouldn't do something as pointless and damaging to other members as attempting to make 900 or 90000 withdrawals from one account on a single day.  (I.e. most of their members are rational and sensible people)

I imagine someone attempting that number of withdrawals, just because they can, would get one of those polite letters saying they are no longer wanted as a customer.

Gers

When you took out your Christmas Regular eSaver 2024 account, we provided you with a factsheet containing important information about it. Unfortunately, the projected interest illustration in the factsheet was incorrect. We’re very sorry about this. On the original factsheet, the projected interest illustration read:   £150 per month saved at 6.00% gross† p.a./AER* would lead to a balance of £1,552.03 at the end of 10 months. We have worked this out assuming you have deposited on the first day the account was available and have subsequently made a £150 deposit on the first day of each month throughout the term the account is held. No withdrawals are made, the interest earned is added to the account and no changes are made to the current interest rate.   The correct projected interest illustration should be:   £150 per month saved at 6.00% gross† p.a./AER* would lead to a balance of £1,540.97 at the end of 10 months. We have worked this out assuming you have deposited on the first day the account was available and have subsequently made a £150 deposit on the first day of each month throughout the term the account is held. No withdrawals are made, the interest earned is added to the account and no changes are made to the current interest rate.   We've now fixed this and you can access the updated factsheet here.    Thanks, YBS Savings Team

flaneurs_lobster

Gers said:

When you took out your Christmas Regular eSaver 2024 account, we provided you with a factsheet containing important information about it. Unfortunately, the projected interest illustration in the factsheet was incorrect. We’re very sorry about this.

Woops, someone calculated 12 months rather than 10 methinks. Unprofessional that it wasn't picked up by YBS prior to publication, they're the third largest BS in the country FGS.

I'm also astonished that no one here picked it up before YBS did.

allegro120

flaneurs_lobster said:

Gers said:

When you took out your Christmas Regular eSaver 2024 account, we provided you with a factsheet containing important information about it. Unfortunately, the projected interest illustration in the factsheet was incorrect. We’re very sorry about this.

Woops, someone calculated 12 months rather than 10 methinks. Unprofessional that it wasn't picked up by YBS prior to publication, they're the third largest BS in the country FGS.

I'm also astonished that no one here picked it up before YBS did.

I never look at that section when applying for RSs, I don't find them useful.

friolento

flaneurs_lobster said:

I'm also astonished that no one here picked it up before YBS did.

It's probably because regular regular saver savers have confidence that a provider's systems are quite reliable, and certainly more reliable than the Marketing and Communications department.

Good on YBS, nonetheless, to come forward with a correction. Spare a thought for the poor sod in YBS Marketing who messed up...it is probably the last time they'd be allowed to make a mistake like this, and I hope YBS will give them another chance

Bazzalona13295

flaneurs_lobster said:

Gers said:

When you took out your Christmas Regular eSaver 2024 account, we provided you with a factsheet containing important information about it. Unfortunately, the projected interest illustration in the factsheet was incorrect. We’re very sorry about this.

Woops, someone calculated 12 months rather than 10 methinks. Unprofessional that it wasn't picked up by YBS prior to publication, they're the third largest BS in the country FGS.

I'm also astonished that no one here picked it up before YBS did.

It is surprising no one picked it up, more on their part tham here though. I don't see myself putting in anywhere near the £150 per month so never checked, I can put 500 in between now and October I've done well.

Bridlington1

friolento said:

flaneurs_lobster said:

I'm also astonished that no one here picked it up before YBS did.

It's probably because regular regular saver savers have confidence that a provider's systems are quite reliable, and certainly more reliable than the Marketing and Communications department.

Good on YBS, nonetheless, to come forward with a correction. Spare a thought for the poor sod in YBS Marketing who messed up...it is probably the last time they'd be allowed to make a mistake like this, and I hope YBS will give them another chance

I wonder if it's the same person who made this error last year with their Christmas 2023 Regular Saver/eSaver?

allegro120

Bridlington1 said:

friolento said:

flaneurs_lobster said:

I'm also astonished that no one here picked it up before YBS did.

It's probably because regular regular saver savers have confidence that a provider's systems are quite reliable, and certainly more reliable than the Marketing and Communications department.

Good on YBS, nonetheless, to come forward with a correction. Spare a thought for the poor sod in YBS Marketing who messed up...it is probably the last time they'd be allowed to make a mistake like this, and I hope YBS will give them another chance

I wonder if it's the same person who made this error last year with their Christmas 2023 Regular Saver/eSaver?

Probably not a person, but the system that calculates everything based on a standard 12 month lifespan of RS accounts.

Somebody will correct me if I'm wrong, but from memory this "how much will I get" section is quite new, I can't recall it appearing in 'summary box' documents some years ago.  Could it be a new regulatory requirement from FCA?