Regular Savings Accounts: The Best Currently Available List!

qbadger

"If your account reaches £600.00, you cannot pay anymore money in."

Not sure how Principality would treat the month 12 contribution, which together with the expected interest payment on 01 January could take the account balance above £600. 

t1redmonkey

qbadger said:

"If your account reaches £600.00, you cannot pay anymore money in."

Not sure how Principality would treat the month 12 contribution, which together with the expected interest payment on 01 January could take the account balance above £600. 

It wouldn't go above £600 at the time you'd be making the 12th payment, even with the added interest.

where_are_we

Thanks Kazza242 and Bridlington1 for link to new Principality RS @ 6%. If you are already a Principality customer, it is very quick and easy to open. You can only make 12 payments of £50 - so no 13th payment possible. Deposit £50 today to name - Principality Building Society, Business account, sort code 20-18-23 account number (Removed by Forum Team) with your new RS account number as reference. You will get confirmation of payee come up. Then set up 11 standing orders for £50 starting 1/5/24 and ending 3/3/25 (1/3/25 is a Saturday).

Kim_13

qbadger said:

"If your account reaches £600.00, you cannot pay anymore money in."

Not sure how Principality would treat the month 12 contribution, which together with the expected interest payment on 01 January could take the account balance above £600. 

I had a moan to that effect on their feedback pop up - but the section that states what the balance could be after 12 months as £619.50 implies that you could. I guess if you paid £40 in in month 12 you maybe wouldn’t then be able to add another £10 as the balance would already be over £600 before the payment arrived with them.

Hopefully they update the page to clarify.

Stargunner

Section62 said:

Stargunner said:

Bridlington1 said:

Kazza242 said:

According to Moneyfacts, Principality Building Society are launching a new account called, 1 Year Triple Access Regular Saver, paying 6.00%.

Pay in £1 - £50 per month.  The maximum investment is £600.

It permits 3 penalty-free withdrawals during the term of the account.  The account matures after one year.

It will be available to open online and in branch.

The account should appear amongst the list of accounts on the Principality BS webpage once launched, here.

Now on their website:
https://www.principality.co.uk/savings-accounts/everyday-savings-accounts/1-Year-Triple-Access-Regular-Saver

I already have 2 x Principality Reg savers, but I will pass on this one, as due to the low deposit limits I cant see the point in opening one to earn £3 more in a year than just keeping the money in a 5.0% ea account.

The question is for how long will we still be getting 5% in those EA accounts?

When interest rates drop, variable regular savers will also drop. Even if EA rates dropped to 4% and this remained at 6%, it would still not be of any interest to me due to the small monthly deposit limits.

Bridlington1

Stargunner said:

Section62 said:

Stargunner said:

Bridlington1 said:

Kazza242 said:

According to Moneyfacts, Principality Building Society are launching a new account called, 1 Year Triple Access Regular Saver, paying 6.00%.

Pay in £1 - £50 per month.  The maximum investment is £600.

It permits 3 penalty-free withdrawals during the term of the account.  The account matures after one year.

It will be available to open online and in branch.

The account should appear amongst the list of accounts on the Principality BS webpage once launched, here.

Now on their website:
https://www.principality.co.uk/savings-accounts/everyday-savings-accounts/1-Year-Triple-Access-Regular-Saver

I already have 2 x Principality Reg savers, but I will pass on this one, as due to the low deposit limits I cant see the point in opening one to earn £3 more in a year than just keeping the money in a 5.0% ea account.

The question is for how long will we still be getting 5% in those EA accounts?

When interest rates drop, variable regular savers will also drop. Even if EA rates dropped to 4% and this remained at 6%, it would still not be of any interest to me due to the small monthly deposit limits.

Though as you've alluded to, there's no guarantee that this account's rate will drop by the same amount as other variable rate accounts (or if it will drop at all). Personally I go after every penny of interest, 6% on £50/mth gives me more interest than if I'd left the money in an EA account so I'll drip-feed the funds across to it. I actually quite enjoy it all, though I appreciate others have differing opinions on what constitutes ``worth the effort".

I also prefer to hedge my bets a bit so to speak. If I had the choice between putting savings into a top paying EA account and putting them in a regular saver at the same rate which offers some penalty free withdrawals/early closure online I typically favour funding the regular saver as I can empty the regular saver into the EA account at any time in the future if I wish but can't transfer a lump sum larger than the max deposit from the EA account to the regular saver so I gain some flexibility depending on how the savings landscape evolves.

Section62

Stargunner said:

Section62 said:

Stargunner said:

Bridlington1 said:

Kazza242 said:

According to Moneyfacts, Principality Building Society are launching a new account called, 1 Year Triple Access Regular Saver, paying 6.00%.

Pay in £1 - £50 per month.  The maximum investment is £600.

It permits 3 penalty-free withdrawals during the term of the account.  The account matures after one year.

It will be available to open online and in branch.

The account should appear amongst the list of accounts on the Principality BS webpage once launched, here.

Now on their website:
https://www.principality.co.uk/savings-accounts/everyday-savings-accounts/1-Year-Triple-Access-Regular-Saver

I already have 2 x Principality Reg savers, but I will pass on this one, as due to the low deposit limits I cant see the point in opening one to earn £3 more in a year than just keeping the money in a 5.0% ea account.

The question is for how long will we still be getting 5% in those EA accounts?

When interest rates drop, variable regular savers will also drop. Even if EA rates dropped to 4% and this remained at 6%, it would still not be of any interest to me due to the small monthly deposit limits.

Maybe, maybe not.  As you've already noted, the amount of interest involved on accounts with small balances is not a great deal, and there is a cost associated with reducing the interest rate on existing accounts (account holders with over £100 in the account will have to be contacted). My personal observation over the years is that banks/building societies tend to keep regular saver rates unchanged (i.e. treating them similarly to fixed-rate accounts) even where the T&C's state the rate is variable.  The monthly deposit limit means they don't have to worry about being swamped with deposits if the rate bubbles up to the highest on offer/still accepting deposits, so the imperative to reduce the rate isn't as great.

I do appreciate not everyone will see the benefit of a 6%-£50/month account, but from a MSE perspective it will pay a bit more than an easy access account at 5%, and for anyone who is already with Principality it doesn't take a great deal of effort to open and fund the account.  Principality are one of the slicker BS/banks when it comes to account admin, and they let members have more than one RS account at a time.

Kim_13

Principality

Don’t provide a bank account with a sort code beginning with a 0 as your linked account - they will omit the 0. I first had the problem with the First Steps account and assumed that I must have mistyped it, but as other accounts became available I never funded it beyond the £1 so it’s just sat there as my oldest account with them in case they should one day require membership of a year to access a particular account. 

Knowing this, this time I was very careful to check what I entered, but again my linked account shows with a five digit sort code with the 0 omitted - this one showing as authorised. I don’t have one but I suspect they will also do the same with an account number beginning with 0. I hope I can just withdraw the proceeds by cheque or by entering the details of another account on maturity. I’m not a fan of managing my accounts by phone and don’t see why I should have to when the error is not of my making.

Bridlington1

Kim_13 said:

Principality

Don’t provide a bank account with a sort code beginning with a 0 as your linked account - they will omit the 0. I first had the problem with the First Steps account and assumed that I must have mistyped it, but as other accounts became available I never funded it beyond the £1 so it’s just sat there as my oldest account with them in case they should one day require membership of a year to access a particular account. 

Knowing this, this time I was very careful to check what I entered, but again my linked account shows with a five digit sort code with the 0 omitted - this one showing as authorised. I don’t have one but I suspect they will also do the same with an account number beginning with 0. I hope I can just withdraw the proceeds by cheque or by entering the details of another account on maturity. I’m not a fan of managing my accounts by phone and don’t see why I should have to when the error is not of my making.

It's just a limitation on the way their systems display things, they still know about the zero. I've been using a Nationwide account (sort cade begins with 07) as my linked account for PBS for around 2 years and the linked account shows a 5-digit sort code. I have never had any issues making withdrawals from PBS to it and have done so on a number of occasions.

CuparLad

Not sure if anyone else has received this secure message from PBS this morning, but there was apparently a faux pas in their application process for the new RS which didn't ask for nominated account details. They now appear to be asking manually via secure message to update the account