Regular Savings Accounts: The Best Currently Available List!

Wheres_My_Cashback

fun4everyone said:

subjecttocontract said:

If you are opening a few regular savers you might want to priorities those paying a fixed interest as rates generally are expected to fall soon. E.g. Halifax, BoS, TSB, FD, West Brom etc.....

Thanks yeah.  Have most of these open already.  FD only got approved for the current account today.  No details or online banking yet, that one will have to wait.  Halifax I was waiting until the 1st?

The vast majority are PCM, apart from HSBC/FD/SAN/COV*

Halifax open/fund 28/3 latest

Coop/Monmouthshire, it doesn't matter when you open as the clock doesn't start until the first funding date which should be late in the month to maximise.

ColdIron

fun4everyone said:

ColdIron said:

fun4everyone said:

subjecttocontract said:

If you are opening a few regular savers you might want to priorities those paying a fixed interest as rates generally are expected to fall soon. E.g. Halifax, BoS, TSB, FD, West Brom etc.....

Halifax I was waiting until the 1st?

Worst time to open it, do it towards the end of March

Yes, this I now understand and will be aiming for the end of month opening. 

My understanding of this from above posts is its because of allowing payments per calender month.  So open and first payment end of March, next payment 1st April

That's right, so your first month (ish) you have £500 earning interest instead of £250, £750 in the second instead of £500 etc. In essence you have an extra £250 earning 5.50% for a year. And you can make a 13th payment

fun4everyone

Wheres_My_Cashback said:

The vast majority are PCM, apart from HSBC/FD/SAN/COV*

Halifax open/fund 28/3 latest

Coop/Monmouthshire, it doesn't matter when you open as the clock doesn't start until the first funding date which should be late in the month to maximise.

ty, ill just go open coop now.

allegro120

ColdIron said:

fun4everyone said:

subjecttocontract said:

If you are opening a few regular savers you might want to priorities those paying a fixed interest as rates generally are expected to fall soon. E.g. Halifax, BoS, TSB, FD, West Brom etc.....

Halifax I was waiting until the 1st?

Worst time to open it, do it towards the end of March

I tend to open them as soon as they are launched.  One of the reasons is that some of them don't stay on the shelves for very long (best example is 7% MonBS turned NLA in one or two days after launch). What is the benefit of waiting until the end of month? If another out of the blue 7% RS became available today what will I gain by keeping £250 (or whatever the allowance might be) in 5.2% EA for an extra 10 days?

jameseonline

Wheres_My_Cashback said:

fun4everyone said:

subjecttocontract said:

If you are opening a few regular savers you might want to priorities those paying a fixed interest as rates generally are expected to fall soon. E.g. Halifax, BoS, TSB, FD, West Brom etc.....

Thanks yeah.  Have most of these open already.  FD only got approved for the current account today.  No details or online banking yet, that one will have to wait.  Halifax I was waiting until the 1st?

The vast majority are PCM, apart from HSBC/FD/SAN/COV*

Halifax open/fund 28/3 latest

Coop/Monmouthshire, it doesn't matter when you open as the clock doesn't start until the first funding date which should be late in the month to maximise.

HSBC & Santander & Coventry (standard regular) only at 5% though so really not worth having,

Also HSBC & Coventry have restrictions/penalties should you wish to get the money early etc.

Where as First Direct is 7% & Coventry Loyalty is 6.75%.

Minimum rate for me is 5.25% for accounts, but that's only because I've exhausted other current options & aim to close in future because I want better accounts, eg Club Lloyds, TSB, Santander Edge Saver, Skipton (opened a rubbish savings account for £1 so hopefully next year I'll get a decent regular etc)

PowerSavingMode

Wheres_My_Cashback said:

The vast majority are PCM, apart from HSBC/FD/SAN/COV*

I've always just put in the funds for Santander and Coventry (and HSBC when it was open (recently matured and closed)) near the beginning of the month regardless of when I opened the accounts — I've never had anything returned, but does that mean I have been wasting 'lost interest' — i.e., if I opened the HSBC originally on the 28th of the month, but have been paying in the monthly top-ups (SO was always the 28th, say) around the 1st of the month, would I not have been paid the interest each month for those 27 days prior to the 28th?

saverbynature

I have a Halifax Regular Saver which matured on Friday and the total value including interest has been transferred to an Instant Saver account they set up for that purpose. Halifax aren't automatically closing Regular Saver accounts on maturity now as they used to but one of their customer service team told me I can't start paying in for the next 12 months until 1st April as I already paid into the saver that's just matured on March 1st. Has anyone attempted to transfer the first payment for a new Halifax Regular Saver in the same month as the last payment for the previous one matured and was it accepted? Or if it isn't acceptable can you get round it by closing the original account and then applying for a new one? 

The reason I'm doubting what I was told is that the same agent also told me that as funds from maturing savers aren't processed until the next working day after maturity my funds wouldn't be transferred to the everyday/instant saver account until Monday as Saturday and Sunday are not considered working days by Halifax. But Halifax sent me an online message in the early hours of this morning with a statement showing the transfer took place on Friday!

allegro120

saverbynature said:

I have a Halifax Regular Saver which matured on Friday and the total value including interest has been transferred to an Instant Saver account they set up for that purpose. Halifax aren't automatically closing Regular Saver accounts on maturity now as they used to but one of their customer service team told me I can't start paying in for the next 12 months until 1st April as I already paid into the saver that's just matured on March 1st. Has anyone attempted to transfer the first payment for a new Halifax Regular Saver in the same month as the last payment for the previous one matured and was it accepted? Or if it isn't acceptable can you get round it by closing the original account and then applying for a new one? 

The reason I'm doubting what I was told is that the same agent also told me that as funds from maturing savers aren't processed until the next working day after maturity my funds wouldn't be transferred to the everyday/instant saver account until Monday as Saturday and Sunday are not considered working days by Halifax. But Halifax sent me an online message in the early hours of this morning with a statement showing the transfer took place on Friday!

You can close the existing RS and immediately open new RS.  I've done it last year to get a better rate.  I can't be bothered this time round because by today's standard 5.5% is not that great for RS, so I will stick to my 1st of the month routine.

ColdIron

I had this problem a few days ago as I made my last payment 01/03/2024

Don't close the RS

The way to solve it is to use the 'renew' option on the regular saver, I suggest you choose the Everyday account

Then open a new RS, it will have a new account number so you can pay into it

When I did this I ended up with 2 Everyday savers, one from the renew action and another that just magically appeared. You can then close these leaving your Instant Saver account

liamcov

Has the new Gatehouse account launched? Can you hold both regular saver accounts?