Regular Savings Accounts: The Best Currently Available List!

surreysaver

vermania said:

vermania said:

I have had the very same problem with the Bank of Scotland renewal. Nothing has worked trying to move money around (short of closing the account which I have not done) so I will just wait until renewal on 2 April. Lloyds and Halifax renewed without any problems. In my vain attempts, one thing I did notice though is the Bank of Scotland account accepted new money yesterday as if it were April's contribution - so potentially there is a few days extra interest on weekends or bank holidays, but maybe not if they calculate interest based on the working day the transaction is logged against. Any willing volunteers to test that and earn/lose a few pennies?!

Having renewed Club Lloyds on Saturday (30 March) and added £400 then, I have found this morning (1 April) when trying to add £400 an error which tells me the payment exceeds the monthly limit. Really been pushing the boundaries of LBG's arcane rules this weekend!

Should have opened it last Thursday. That was the last working day of March. The T&Cs actually say to make your payments by 25th of each month to avoid this issue 

Speculator

allegro120 said:

Speculator said:

Anyone know if TSB internal standing orders leave tomorrow or 2nd April?

I have one dated to leave 1st April.

It was few years ago since I used internal SO to fund TSB RS, but if my memory is not failing TSB's SOs don't get processed at weekends. You will know the real answer tomorrow, let us know the result. 

Wasn't processed today so will be tomorrow.

jameseonline

Bridlington1 said:

With it being the start of the new tax year soon, some may be wanting to ``refresh" regular savers for tax purposes in the near future. I therefore thought now may be a good time to post a more up to date version of the list of both currently available and NLA regular savers that I posted a few times last year

Thanks for the updated list👍, must have taken time to type etc

Baileys_Babe

@Bridlington1 for creating and sharing the list, I have already found it useful.

WillPS

With a bit of a heavy heart - I've decided I'm closing down most of my motley collection of regular savers ahead of the tax year. Moving forward my strategy will be to use up most of my £500 PSA with Natwest and RBS Digital Regular Saver interest, leaving a bit of room presuming a Nationwide 'Fairer Share' will be paid. If that doesn't materialse, I should be able to use up the rest of it with a few more monthly deposits. Same goes for a moderate drop in the interest rate Natwest/RBS offer, but since this has been strong for a long while now I'm optimistic that it'll remain so. 

Sucks a little effectively declining higher interest rates but it should free up more funds which my wife can then continue playing the regular saver game with.

friolento

I am also reducing my RS portfolio / contributions as I am shifting £2,880 into my SIPP and £20k into an ISA on or shortly after the 6th.

KuchKuch

RE: Saffron Building Society The Members’ Month Loyalty Saver

Anybody else find that their deposits from yesterday for this account is being marked as received today? I did a faster payments from my Halifax Current Account direct to my Saffron account at 4:30am yesterday (01/04/2024) and it’s being marked as being deposited on 02/04/2024. Didn’t have this problem in January.

Bridlington1

My regular savers are also being cut back quite significantly and it seems my collection has reached its peak early this year for a while. This month I've paid less than £5k into regular savers for the first time since November 2022, a figure that I expect to fall further by next month.

I'm finishing uni next month and I've not had to worry about paying tax on savings interest during the last 3 years so this has very much expanded my regular saver collection but I'll be needing to access most of my savings in the next month or two for a property purchase (if all goes well) and if I'm successful in finding a decent job I'll be in danger of paying tax on savings interest for the fist time in the next tax year so ISAs will become more important in my savings affairs. Moreover my savings focus will inevitably shift more towards pensions and investments once the property purchase completes at the expense of reducing the total amount available for cash savings.

At the moment I'm currently trying to get a large chunk of my savings interest paid this tax year so will be closing/have already closed many of my regular savers before the end of the tax year. Virtually all of the ones paying 6% or below that are currently available are getting ``refreshed" this week. Since historically Principality's savings accounts have consistently disappeared from moneyfacts before they've been pulled I'm going to hold off reopening the Principality FHS until the last minute so I can push the maturity date until as late as I can. Leeds HDS will be getting closed later today so that I can re-open it with the interest paid to an external account as I can't see myself using the account much in the near future but want to hang on to it just in case it comes in useful. 

My Monmouthshire Coronation RS was due to mature in a few weeks anyway so £600 of the balance has been transferred to my other two MBS regular savers before it gets closed in a couple of days, Nationwide Start to Save Issue 2 is also getting the chop later in the week. HEBS will be getting closed after much consideration as although it is open ended and can be managed online, the £250 minimum monthly deposit does seem a tad steep for an account that will only be kept speculatively and closing it would unlock nearly £50 in accrued interest. The Mansfield 30 day notice regular savers have also been closed as will the two 6.1% ones by the end of the tax year, partly since three of them are branch/post only and partially as I can't see the online one being competitive enough to warrant funding anytime soon.

Despite this culling though I still expect to be left with over 30 regular savers by next month, however for the first time accounts on minimum balances and funding will make up the majority of my collection. I'll be reopening the ones that are still available if they can be opened with £1 and require no further funding (after 6th April) partly to have them on the off chance they come in useful later and by reopening after the start of the next tax year it gives me control over which tax year the interest is paid. Plus I haven't the heart to get rid of them all entirely and the cost of maintaining regular savers at 5.25%+ with £1 balances speculatively is very low.

gwapenut

@Bridlington1
Thanks for your useful list of all regular savers. I've copied them into a spreadsheet and filtered by currently available, and also tied to apply what I think is a useful metric, namely MONTHLY_LIMIT * 12 / 2   (ie approx average balance) multiplied by the (interest rate minus 5% for a variable regsav or 4.5% for a fixed regsav) to give a very rough idea of net gain over a normal account if interest rates stayed the same. I then sort by net gain ... I can't be bothered opening a RS for less than a certain amount per year. I also filter for easy access with notice if necessary but without penalties.

For me, only Club Lloyds, Skipton and CoOp bank stand out. I'll be renewing my Club loyds regsav in the new tax year, which gives me the option of early closure of full term, depending on which tax year I want the interest to count towards.

fun4everyone

Are gatehouse slow at crediting standing orders in?  Had one leave my current account to go into gatehouse at around 1am this morning along with a slew of others.  All the others got credited already (including the ones with a similar system to gatehouse, you send it to their account and the reference is your account number) - but gatehouse hasnt been