Regular Savings Accounts: The Best Currently Available List!

Kim_13

I have the 6.2% and have only once paid in more than £25 thus far - nothing from Tipton about downgrading it.

allegro120

HHUK said:

allegro120 said:

This is a bit strange. According to t&c one of them (5.75%) requires £50 p/m, but the other one (6.2%) needs only £25 p/m.

Two Tipton Regular Savers  are visible in the app:

Fix Reg Sav 6.20% OCT 24 opened by postal application and cheque in September 2023, and
Reg Saver (Issue 2) OCT 24 (App) also opened in September 2023 

Both are receiving the 6.20% rate.

Must confess to not finding the transaction histories easy to follow, and can't remember exactly how I managed to end up with the two accounts.

Both of the letters I received in the post state that the minimum monthly payment into each account is £50. I agree it is a bit strange, and I need to clarify with them, although I originally posted mainly to highlight that Tipton had notified me in advance by letter of the consequences of failing to pay in at least £50 a month.

Thanks for the heads up.

I didn't know you could open 2 "oct 24".  I have "Fixed rate Regular Saver until 31.10.24 (App)", didn't download t&c pdf when applied, but copied some features that are important for me.  One of them says "You must pay in between a minimum deposit of £25 and a maximum deposit of £250 per month into the account."

Bridlington1

Bridlington1 said:

allegro120 said:

Bridlington1 said:

SFindlay said:

Bridlington1 said:

For those with the NLA Tipton & Coseley regular savers that were available last year. The terms state that if you miss 3 deposits the account will convert into an EA maturity saver. Just a heads up on the timescales involved:

I missed the deposits for December, January and February. The regular savers converted into easy access maturity savers in line with he Ts&Cs on Friday afternoon (1/3/24), the change of account type didn't result in them paying the accrued interest upon account conversion.

I've found you can't make withdrawals/closure using the transfers section in the app despite them saying it should be possible and they won't let you make withdrawals/closure over the phone so I had to send them a message in the app to get the funds out of the account. I sent them a message yesterday morning requesting that one account is closed and the balance on the other is withdrawn to £100, they actioned this later that day, with the funds arriving in my nominated account earlier today.

Good to know as I'm doing the same, missed Jan, Feb and March. You say they didn't pay accrued interest when account changed to easy access but was it paid when you reduced balance to £100 and closed the other? 

They paid interest on the account that I closed upon closure. They haven't paid the interest on the one that I just reduced to £100 though so if you wanted to unlock the interest you'd need to close the account.

Did they pay interest accrued before conversion at the original rate? 

I'll double check the figures when I get home but on first glance it seems like they've paid the original rate of 5.75% in the period before the account was closed.

I've just done the relevant number crunching and can confirm the interest rate applied on the account balance between 30/12/23 (last interest date) and the day the account was converted into an EA maturity saver was indeed 5.75% as advertised.

WillPS

I've had an awful realisation in the last few weeks that I am going to be way over the PSA for 24/25 as things stand; I didn't realised the allowance halved when I started paying the higher tax rate. Moving forward my strategy will be to for my wife to do most of the regular savers as she has the full £1000 PSA and also a large chunk of personal allowance thereafter.

Now I just need to decide how to mitigate the 24/25 PSA.

I hold the following:

• RBS Digital Reg Saver (£3k-ish held currently)
  
• Natwest Digital Reg Saver (£3k-ish held currently)
  
• Nationwide Flexclusive Regular Saver (8% version)
• Monmouthshire Exclusive Regular Saver (8%)
• Mansfield BS Kick Start Regular Saver 7th Issue (6.1%)

It's not a certainty, but I'm also mindful that there could be another payment from Nationwide if as expected they run their Fairer Share scheme and I'm eligible for it.

I have ~£200 of PSA available in 23/24, so if I act quickly I could close some of the fixed term ones and get the interest counted this tax year, and adjust the Digital Regular Savers to fill the gap. Alternatively I could draw down one or both Digital Regular Savers and keep the rolling cycle of higher rate regular savers.

My gut instinct is that 7% will likely be the max achievable on new accounts for the next financial year. I guess the other thing I need to consider is how likely that 6.17% rate on first £5k will be held by Natwest Group. My gut is that they'll seek to keep the headline rate competitive but might curtail it by dropping the max monthly deposit to £50 again... 

Tricky decision.

chris_the_bee

WillPS said:

I've had an awful realisation in the last few weeks that I am going to be way over the PSA for 24/25 as things stand; I didn't realised the allowance halved when I started paying the higher tax rate. Moving forward my strategy will be to for my wife to do most of the regular savers as she has the full £1000 PSA and also a large chunk of personal allowance thereafter.

Now I just need to decide how to mitigate the 24/25 PSA.

I hold the following:

• RBS Digital Reg Saver (£3k-ish held currently)
  
• Natwest Digital Reg Saver (£3k-ish held currently)
  
• Nationwide Flexclusive Regular Saver (8% version)
• Monmouthshire Exclusive Regular Saver (8%)
• Mansfield BS Kick Start Regular Saver 7th Issue (6.1%)

It's not a certainty, but I'm also mindful that there could be another payment from Nationwide if as expected they run their Fairer Share scheme and I'm eligible for it.

I have ~£200 of PSA available in 23/24, so if I act quickly I could close some of the fixed term ones and get the interest counted this tax year, and adjust the Digital Regular Savers to fill the gap. Alternatively I could draw down one or both Digital Regular Savers and keep the rolling cycle of higher rate regular savers.

My gut instinct is that 7% will likely be the max achievable on new accounts for the next financial year. I guess the other thing I need to consider is how likely that 6.17% rate on first £5k will be held by Natwest Group. My gut is that they'll seek to keep the headline rate competitive but might curtail it by dropping the max monthly deposit to £50 again... 

Tricky decision.

The Nationwide Fairer Share payment may or may not be taxed as income, but not as interest.

CuparLad

Re: the Nationwide Fairer Share Payment

The payment is taxable savings income. This means that it is treated in the same way as any interest you may earn on your savings account or current account. We are not required to deduct any tax from the payment, but we will report it to HM Revenue & Customs (HMRC).You may be liable to income tax on the payment, depending on whether the total amount of interest you have received in the tax year is more than your Personal Savings Allowance.

https://www.nationwide.co.uk/about-us/fairer-share/terms-and-conditions/

schiff

This just defeats me! Interest surely involves a sum of capital and an interest rate for a period of time.
Should I receive it I won't be returning it as interest.

mattojgb

CuparLad said:

Re: the Nationwide Fairer Share Payment

The payment is taxable savings income. This means that it is treated in the same way as any interest you may earn on your savings account or current account. We are not required to deduct any tax from the payment, but we will report it to HM Revenue & Customs (HMRC).You may be liable to income tax on the payment, depending on whether the total amount of interest you have received in the tax year is more than your Personal Savings Allowance.

https://www.nationwide.co.uk/about-us/fairer-share/terms-and-conditions/

You didn't need to even have any savings to qualify for the payment.

I was thinking I'd kept my interest earnings below the threshold, but this would take me over.

kaMelo

mattojgb said:

CuparLad said:

Re: the Nationwide Fairer Share Payment

The payment is taxable savings income. This means that it is treated in the same way as any interest you may earn on your savings account or current account. We are not required to deduct any tax from the payment, but we will report it to HM Revenue & Customs (HMRC).You may be liable to income tax on the payment, depending on whether the total amount of interest you have received in the tax year is more than your Personal Savings Allowance.

https://www.nationwide.co.uk/about-us/fairer-share/terms-and-conditions/

You didn't need to even have any savings to qualify for the payment.

I was thinking I'd kept my interest earnings below the threshold, but this would take me over.

Does it really matter? Surely maximising interest is more beneficial irrespective of any tax liability.

friolento

kaMelo said:

mattojgb said:

CuparLad said:

Re: the Nationwide Fairer Share Payment

The payment is taxable savings income. This means that it is treated in the same way as any interest you may earn on your savings account or current account. We are not required to deduct any tax from the payment, but we will report it to HM Revenue & Customs (HMRC).You may be liable to income tax on the payment, depending on whether the total amount of interest you have received in the tax year is more than your Personal Savings Allowance.

https://www.nationwide.co.uk/about-us/fairer-share/terms-and-conditions/

You didn't need to even have any savings to qualify for the payment.

I was thinking I'd kept my interest earnings below the threshold, but this would take me over.

Does it really matter? Surely maximising interest is more beneficial irrespective of any tax liability.

It may well matter for those who get catapulted into Higher Rate tax by this payment. Suddenly their tax free amount drops from £1,000 to £500, and they get to pay 40% tax on anything above £500.